2U Inc. wants to expand access to tech boot camps for underrepresented groups in the tech industry — so it’s stepping up.
The online learning company has launched a $3 million scholarship fund and teamed up with more than 30 universities across the country to support job candidates facing employment or financial challenges.
The initiative, which aims to make more than 100 online tech training programs more affordable, will award $2,500 scholarships to Black, Latino and indigenous learners, as well as women, who demonstrate both merit and need, the company said.
Recipients can use the funding for trainings from George Washington University, Johns Hopkins University, University of Pennsylvania, Vanderbilt University and more, on topics including coding, fintech, data analytics, digital marketing and cybersecurity, among others.
"As the economic impact of the pandemic continues to unfold, millions of people have seen their livelihoods disappear overnight, with people of color and women disproportionately affected,” said 2U co-Founder and CEO Chip Paucek in a statement. “Many of these jobs — especially in sectors already at risk of automation — aren't coming back.”
The fund, Paucek said, “removes barriers for workers who are traditionally underrepresented in the tech industry by increasing the affordability of top university boot camps across 2U’s network. Our partners have always made supporting diverse learners central to their boot camps, and these scholarships will put life-changing tech training within even closer reach at a time when people need it most.”
The Lanham ed-tech firm is also rolling out a two-year, no-interest payment plan for students taking these courses, amid high unemployment levels — particularly in low-income homes — and as tech boot camps see record interest.
The moves come about a year after 2U acquired New York skills training company Trilogy Education Services Inc. for $750 million. Trilogy’s boot camps have graduated more than 25,000 people employed by thousands of organizations, according to 2U.
It also follows 2U’s effort in April to begin raising up to $345 million in new debt, amid both widening losses and a surge in online learning sparked by Covid-19.
