“[Pursuit’s] jump in income is powerful and extraordinary; it’s really closing the prosperity gap for people.”
CEO of the Robin Hood Foundation
We’ve developed a proven software development training program.
But there’s not enough philanthropy to scale our Fellowship, or other high-impact programs like ours.
82% percent of graduates are employed at high-paying tech jobs
Those employed experience a jump in salary from $18,000 pre-program to $85,000 post-program
Graduates are working at more than 150 leading companies such as Pinterest, LinkedIn, Microsoft, BlackRock, and Betterment
We have increased the number of people we train from 21 to 144 adults yearly
We have created more than $25.8MM in cumulative direct wage gains to date
We will have generated an estimated $85MM of projected 10-year incremental wage gains
The Current Philanthropic Funding Gap
Needed to Train the 1.7M New Yorkers Living in Poverty
Annual Philanthropic Funding for Adult Job Training Direct Services in NYC
Take philanthropic funding for workforce development In New York City. There are over 1.7 million New Yorkers living in poverty who would benefit from training. Providing basic job training for these adults in need would require almost $60 billion in funding. Although it is amongst the most generous cities in the country in terms of charitable giving, there’s only $28 million in annual private philanthropic funding available for direct job training for adults over 24 years of age.
The needs drastically outweigh the supply of funding. This is a challenge not just in New York City, but is even more urgent in less affluent places around the country.
How It Works
To solve this structural issue, we have developed an innovative financial instrument called Pursuit Bond. It is market-driven, performance-based, and scalable.
Through the Pursuit Bond, investors cover upfront costs of the training, which Fellows repay as a percent of their future income once they gain meaningful employment. If Fellows don’t get high-paying jobs, they pay nothing.
This model aligns our funding to the outcomes we produce. Unlike student loans, the Bond relieves our Fellows of the financial burden of paying out of pocket or taking on debt so they can focus on getting the training they need to build successful careers in the tech industry.
Why The Bond Is So Important
Instead of paying upfront or taking out a loan, Fellows only pay if they get a high-paying job. In doing so, Pursuit Bond holds the organization accountable for outcomes and aligns incentives.
We are invested in the long-term success of our Fellows. We commit to working with Fellows post-training, and are able to support them as they advance in their careers.
Pursuit Bond is a sustainable form of funding that leverages capital markets. It enables us to provide the services that our Fellows need without relying on traditional philanthropy.
Vision: Jobs as Public Infrastructure
Pursuit Bond has the potential to become a common standardized program and the primary job training financing instrument for institutions, students, and investors.
The Pursuit Bond structure is broadly applicable to all industry sectors and professions, as long as there is a measurable and meaningful increase in earnings. Any institution that believes it creates long-term meaningful wage-earning potential should utilize this structure for its participants.
By treating jobs as public infrastructure, we can utilize this financial instrument to bring more opportunity across America. The Pursuit Bond is analogous to Municipal Bonds, which leverage the size and liquidity of capital markets to create public goods that would otherwise not be possible (roads, waterways, housing, bridges, etc.). The U.S. Municipal Bond market is $3.9 trillion and two-thirds of all infrastructure is created this way. Municipal Bonds provide modest financial returns but are consistent and tax-advantaged.