Startups are eyeing would-be college students who are taking a gap year during the COVID-19 pandemic.
According to research, some freshman-aged students are taking the time off school to look for internships and paid work. They are doing so during the pandemic as taking college courses in a classroom is not possible. With that, “some Silicon Valley-based companies are taking advantage of the influx of potential new hires,” as reported by Fox Business.
Venture firm Contrary Capital offers to invest $100,000 to five entrepreneur teams taking a gap year to start a company.
— ET HRWorld (@ETHrWorld) August 18, 2020
Bloomberg reported that this month, “venture firm Neo organized a virtual career fair for 120 students and a range of startups, hoping to match pairs for internships during the upcoming academic year.”
The report added that these arrangements allow interns to receive payment. It also lets them learn on the job than pay a lot of money for online classes.
According to Ali Partovi, Neo’s chief executive officer, the firm surveyed 120 upcoming college students. Most of the respondents are part of its mentorship programs. The survey found that 46% of them have become interested in taking a gap semester. Meanwhile, 21% are interested in taking a gap year.
This pandemic may put colleges and universities “past their financial breaking point,” Fox Business added. Also, the American Council on Education reported that schools may see a 15% decline in enrollment next fall.
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