Pursuit

The need for workforce development is urgent. The devastation of the pandemic has caused disproportionate unemployment among minorities, women, part-time workers, and those without a college degree.

At the same time, the pandemic has accelerated the demand for hiring high-paying software engineering roles. Without intervention, these economic shifts will continue the trends of growing inequality and a lack of opportunity for the two-thirds of Americans who don’t have college degrees. 

Pursuit is solving for this by empowering low-income, high-potential adults to access life-changing careers in software engineering. We work closely with our Fellows, employer partners, and our funders to align on training, job placement, and career support. 

Pursuit’s model is proven, ready to scale, and adaptable across industries and regions. We’ve brought hundreds of low income New Yorkers into the middle class at nearly 300 leading companies, and are setting the stage for a national expansion. With the help of the Elevate Prize, we could show that transformation is possible on a national scale. We want to inspire thousands of companies to hire non-traditional talent, and reach millions more low-income individuals through recruitment.

I emigrated to Queens from Taiwan as a kid. In New York, my mom struggled to find work at first. Like countless other people, she wanted better for herself and her family. Our lives transformed once she was able to get training and transition to a career as a social worker. 

This is the type of transformation that we are creating every day at Pursuit. One of our Fellows is a mother of two who went from living at a shelter to earning close to 6 figures. Another is a college dropout who was working overnight shifts at a convenience store and is now at a venture-backed startup, building apps and earning enough to fully support his newborn daughter.

With the support of the Elevate Prize, we will multiply these transformations. Pursuit’s first cohort launched in 2014 with 23 Fellows. Seven years later, we are on our way to reaching nearly a thousand people, creating an estimated $1BN in lifetime earnings, and preparing to expand nationally. We’ve empowered hundreds of low-income individuals to get high-paying software engineering jobs, and helped industries become more inclusive and representative of society. Together, we will amplify the potential of underserved communities across the U.S.

We believe access to good careers is one of the most urgent issues of today. Across the US, 53 million are stuck in low-wage positions or struggling to find work. The pandemic and the pace of technological innovation are only widening the gap between the working class and future-proof opportunities.

Almost all industries now have a greater need for engineering as operations continue to move online. In the US, developer jobs are predicted to grow by 22% year over year. Technology is creating more jobs and wealth than ever before, but these opportunities aren’t reaching everyone, including women, minorities, and adults without college degrees. 

Pursuit transforms the lives of adults with the most need and potential by training them to become software developers, launch careers, and become leaders in the industry. We do this through a two-part, four-year Fellowship that begins with rigorous, year-long training that equips our Fellows with the technical, professional, and leadership skills to land their first full-time tech job. Then, three more years of professional development, mentorship, and networking that empowers them to thrive in their careers long-term. The Fellowship is further supported by hiring partnerships with leading companies, and our innovative Bond financing model.

To help finance the long-term transformation of our Fellows and supplement our philanthropic support, we developed the Pursuit Bond, an income share agreement that allows Pursuit to leverage social impact investments sustainably.

Pursuit secures funding from impact investors who are committed to our mission, and Fellows don’t pay anything up front. Instead, Fellows pay a percentage of their gross earnings for four years if they get high-paying jobs after the training program. This enables Pursuit to repay its social impact investors. If for any reason a Fellow loses their job, or if their salary falls below the minimum threshold, ISA payments pause. With this model, we’re able to deliver our high-quality programs to many more people than would be possible with donations alone. 

The Bond also makes us accountable for the success of our Fellows; Pursuit can only pay back impact investors if Fellows do well. To help ensure success, Pursuit has created three innovative hiring partnership models that all-but guarantee high-paying tech jobs with mission-aligned employers, even for Fellows without college degrees. For 2021 so far, Pursuit has secured over 100 allocated software engineering roles for our Fellows.

We see potential in more than just diplomas and resumes. And we know that by empowering our Fellows, they have the power to bring change home to their families, to their neighborhoods, and to the tech industry itself. 

By creating a talent pipeline of low-income, high potential engineers who are women, underrepresented minorities, and immigrants, Pursuit can change the face of tech, and set out to give talent the opportunity it deserves. Having diversity in perspectives is critical in an industry as ubiquitous as software engineering, as it shapes the lives of everyone in society.

By increasing our hiring partnerships, we can inspire companies to change the way they think about talent on a wider scale. This allows for talented individuals to succeed in well-paying careers they would otherwise have been excluded from due to a lack of a college degree.

When a Fellow gets hired for their first developer job, they are increasing their lifetime earnings by approximately $2,000,000. They will be able to accumulate generational wealth for the first time, and their children will be able to have a brighter future. When this effect is scaled up, it has the potential to completely transform low-income communities.