Market & Types of Offerings
FutureFit AI is a service that uses data from more than 1 billion job postings across 1800+ job types and 18,000 skills to offer insight into work opportunities, recommend career pathways, and provide skills development.
FutureFit AI has a broad reach focused on four market types and applications:
IndividualsFutureFit You builds on the venture’s AudaciousYou platform and is targeted at individuals and lifelong learners looking to upskill, reskill, or change careers without going through a 4-year degree program. The platform assesses existing skills against market data to provide insight on in-demand and future-proof skills, then offers personalized learning and career pathways. Coaching and guidance is provided to individuals as they complete their learning. |
Business/EnterpriseFutureFit Business is based around talent acquisition, talent development, and talent transition. It provides organizations with insight on what skills and jobs will be needed in the future to meet its objectives and helps with skills-based talent acquisition. It also enables businesses assess their current talent and skills, provide learning and development or upskilling and reskilling opportunities using live labour market data. |
Who is the Buyer?
FutureFit AI’s potential buyers are diverse and include:
- Higher Education institutions buying it for academic and program planning departments.
- Enterprises that purchase the product for talent acquisition and also as learning bought for their learners as part of internal skills and professional development.
- Governments using it for its data insights and labour market analysis to respond to workforce challenges or inform investments.
- Individual learners buying personally as part of skills development, career change, or lifelong learning.
Global Target & Market Status
The skills gap and the threat of automation to existing careers and occupations is a global issue and presents tremendous global market opportunity for FutureFit AI. The venture has stated that it wants to help future-proof the skills of 1 billion people globally by 2050 and has presented its solution to Fortune 100 companies and governments on 3 different continents. There was a positive response to the product demo and FutureFit AI was invited back to continue negotiations.
Global Market
The McKinsey Global Institute’s 2017 report on the impact of automation on the future of work predicts that up to 375 million people, representing 14% of the global workforce, will have to switch occupations by 2030.
According to the World Economic Fund’s 2018 report on the future of jobs, all industries are bracing for a significant skills gap while the majority of employers surveyed for the report expect a significant change in the skills needed for most jobs.
Some companies plan on retraining existing staff as part of their strategy to address the change in required skills, while others plan on hiring new staff with the expectation that they independently acquired the necessary skills in-between jobs (World Economic Fund, 2018).
Global Use Case
The government of Singapore has invested $1 Billion in a skills development program to respond to the needs and skills of the workforce as part of its SkillsFuture initiative. All Singaporeans aged 25 years or older receive a credit of $400.00 to enrol in approved skills development courses. 4% of the eligible population took the courses.
Source: McKinsey Global Institute, 2017
Source: McKinsey Global Institute, 2017
Canadian Market
"Canada’s education system, training programs, and labour market initiatives are inadequately designed to help Canadian youth navigate the new skills economy.” Humans Wanted Report, 2018
According to RBC's Humans Wanted Report:
Canada is currently experiencing the growth of a skills gap where higher education is not equipping students with the skills the workplace requires.
2.4 million jobs are predicted to open between 2018 and 2021 that will demand soft skills such as communication, critical thinking, emotional intelligence.
Canadian employers are unprepared to recruit and develop the skills their jobs will require.
The need for upskilling and reskilling in Canada presents significant opportunity for FutureFit AI to encourage adoption of its platform.
As a way of addressing the growing skills gap, developing human capital, and promoting socio-economic inclusion, the Canadian government in its Future of Work Report calls for a data-driven, lifelong learning platform that supports Canadians throughout their career by identifying their skills, exploring career pathways, offering personalized work and training options, and matching opportunities to their profiles. The platform’s focus will be on soft skills development that are more resistant to automation and technological advancements, all features of the FutureFit AI platform.
Funding
The TD Ready Challenge:
FutureFit AI received a $1 million prize from the TD Bank Ready Challenge, an initiative that supports developing solutions for world issues or challenges. FutureFit AI’s solution addressed the emerging challenges related to the future of work.
FutureFit AI received a $1 million prize from the TD Bank Ready Challenge, an initiative that supports developing solutions for world issues or challenges. FutureFit AI’s solution addressed the emerging challenges related to the future of work.
Revenue Streams
- Software as a Service licensing from business, governments, and higher education institutions
- Transaction Fees from the learning content providers the platform recommends
- Monthly subscription fees for lifelong learning skills development.
Competition
FutureFit AI considers the following its competition. This comparison is most likely based on product offering since the ventures well established and have secured significant funding.
Degreed is a lifelong learning platform focused on measuring and developing future ready team skills for businesses. Degreed has a client base of over 4 million people and over 250 organizations that includes Fortune 500 companies. Degreed aggregates content from providers such as Lynda.com and codecademy. It has raised $78.2 million USD across seed and series A, B, and C funding. |
Ascendify is a talent acquisition and talent development company. It has raised $13 million in funding through Seed and Series A rounds of funding.
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Edcast is an “AI powered knowledge cloud” that offers personalized learning for enterprise employees. It has raised $66 million USD through seed, series a, b, and c funding rounds.
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