The Future of Education Will Be Outcomes-Driven
By Yichen Feng
I’m proud to announce that Lumos Capital Group has invested in Ironhack, a leading global technology workforce training platform. Along with my colleagues, we see this partnership as a major step towards an outcomes-driven future for education.
Today, there is an increasing focus by learners and employers on skills-based learning that can bridge the education to employment gap (often referred to as the “skills gap”). Universities in particular are under scrutiny to produce “employable” graduates who are prepared and equipped to join the workforce, with the skills to work in a digital, technologically-driven economy. And due to the pandemic, this need has increased dramatically. The world needs more pathways to sustainable employment and modalities that support remote learning options for maximum student flexibility; we also need more institutions that are accountable for the outcomes they deliver.
Of course, employability and related outcomes have not always factored into program design and course creation. This has been evident over the last decade as neither expensive degree programs nor massive open online courses (MOOCs) have provided sufficient skilled workers to meet the demands of our fast changing economies. This is a global issue, as countries aspiring to become knowledge economies have a burgeoning population of middle-income earners demanding relevant, competitive skills and experience. The Overton window has shifted such that shorter, employment-focused programs that deliver in-demand technology skills are not only sensible, but desirable.
In this context, we’re excited to lead a growth investment in Ironhack, joining forces with friends at Endeavor Catalyst, as well as existing investors Brighteye Ventures and Creas.
How does Ironhack serve student outcomes? Since the company’s founding, co-founders Gonzalo Manrique and Ariel Quiñones have doggedly pursued their vision to deliver student outcomes at scale. The company has now trained over 8,000 students in Web Development, UX/UI Design, Data Analytics and Cybersecurity. Ironhack differentiates itself with audited outcomes and 40% female-identifying graduates (in an industry where women make up ~20% of the tech workforce). In 2020, during the COVID-19 pandemic, over one-third of Ironhack’s students were unemployed at the time of enrollment. With in-person, hybrid, and completely online options, students can choose the modality that best suits their skills-training needs, whether part time or full time.
What we’ve learned through conversations with students and hiring partners is that not only does Ironhack adjust its skills-based curriculum to job market needs in real-time, the community of students, alumni, and teachers come together to form a support system for what is often the most difficult intensive learning journey of a student’s life. The grit, dedication, and self-belief to transform yourself and reinvent what could be possible for your future are the best measures of an education’s transformational value.
I’m excited about the impact Ironhack has already had and even more optimistic about its future. We are thrilled to partner with this team to continue to drive outcomes for students and the broader workforce development industry, and be a model for the future of education.