These are tough times for the majority of millennials. With the exception of the relatively few startup firms, innovators and programmers, the millennial generation is having a hard go at the 9 to 5 swing. Lack of career ambition coupled with stagnant economies and archaic educational foundations are a recipe for certain disaster. According to the United States non-profit Young Invincibles, the US alone has seen double digit unemployment rates for the national millennial population. In addition, over 5.8 million millennials are neither employed nor enrolled in any scholastic programs.
Cognotion has made it their mission to change all of this. They highlight training as a major reason for such a paramount issue. We, as Millennials, like any other generation, are different and apart from the status-quo of old. We are tactile as well as tech savvy and crave engagement from our many devices and outlets. Cognotion, having an understanding of these nuances, has launched their startup to develop a learning platform aimed specifically at providing this engagement while offering effective training to the millennial workforce.
If successful, Cognotion could bring a much needed positive change for the young unemployed, as well as for employers and indeed even the home nation of the millennials themselves. Something that is taken for granted are the costs of an unemployed or steadily employed workforce. No wages mean a lower influx of taxes. Smaller tax revenues mean less money is available for programs such as education and infrastructure. When the company aspect is considered, employee turnover can amount to significant losses which in turn will affect wage increases and even benefit considerations for the currently employed.
Cognotion first launched in August of 2013. Another tech focused startup out of New York City. On December 8, 2014 they closed their investment seed at $500,000. The company has since been able to muster an additional $1.5 million in capital over the course of 3 more rounds of investing. Their two major sources, being Kaplan EdTech Accelerator, and Techstars. Clearly the market is able to see potential in such an educational startup and the game of 2015 is all about market needs.
As stated in a previous article, the 2015 market need is that of retention. With the global economic climate still in a state of slow, gradual recovery, most everyone is still playing with caution. A change then, in training and other areas, is exactly what is needed. Gamification seems to be the popular route and Cognotion’s focus on this specific niche has already yielded positive results. By partnering with current franchise holding companies the company has already managed to reel in an outstanding $8 million and expects to make $30 million in 2015.
In any case it is refreshing to see a focus on the frontline foot soldiers of the world of business. With so many other startups and the focus on the next big thing, it can be easy to take the “average Joe” for granted. It’s important to keep in mind that it is this same Joe that drives the economy forward with the disposability of his or her income. The world will benefit from a stronger, younger workforce. In that, there is no debate. Let us hope that Cognotion, and other ed tech centric companies like it, are successful in their goals.