The following is a summary of our recent interview with Cameron Sorsby, which can be accessed on our site here or on iTunes here.
Higher education costs continue to spiral upward, and increasingly it seems alternatives to entering the workplace are needed to fill gaps created by technological innovation and shifting employment opportunities.
This time on Financial Sense’ Lifetime Income Series, we spoke with Cameron Sorsby, Chief Operating Officer of the new innovative company Praxis, on the growing success of apprenticeship-style job placement over the more traditional, and increasingly high-priced, method of relying on a college degree.
Apprenticeship Model Reborn
With private university education costing as much as 0,000 or more, and even public institutions of higher learning costing as much as 0,000, many students are finding themselves in debt and without a job upon graduation.
Praxis launched around 3 years ago with the goal of matching talented young people with high-growth businesses, and usually tech startups, Sorsby stated.
“That’s the original opportunity we saw,” he said. “Kids coming up (with) unfulfilling opportunities; businesses always looking for talent, and they can’t find it.”
The company’s 9-month apprenticeship program seeks to fill that gap. The goal, Sorsby stated, is to give young talent the chance to gain an education through direct work experience.
“Our theory — like the old apprenticeship model — is that the best way to learn a specific skill, trade, or more importantly, to be that … entrepreneurial value creator in today’s professional world, you need to start doing it,” he said.
Boot Camp for Young Professionals
Applicants generally have some form of work experience, Sorsby stated. Praxis is looking for participants with a high drive and work ethic, high character, high intellectual curiosity, and an independent or entrepreneurial spirit, he added.
“We love to see young people applying to our program with (customer service) work experience because there’s so much that’s relatable to just serving a customer on a daily basis,” he said.
Many already have entrepreneurial projects of their own, as well, such as creating events or starting small businesses as teens.
Praxis takes participants and provides an initial 3-month “boot camp” to make sure participants are prepared for their jobs. During this period, they go through a personal branding module, an intensive writing module, and the last month is dedicated to specific training or their apprenticeship, Sorsby said.
After that, they join the company they’ve been paired with for 6 months, during which they work full-time as well as complete self-driven projects, Sorsby added.
“It works because all three parties that are involved are benefiting,” Sorsby said. “The participant is obviously benefiting because they’re getting that experience to be able to create value and build a professional portfolio. The business partner is benefiting because they’re getting really hungry, hard-working young talent, which is really hard to come by today.”
The ultimate goal is to provide a way for young people who have a strong drive to accelerate their young professional careers, Sorsby stated.
The Old Model Has Issues
In addition to ever growing costs to traditional education, the reality is it may not be the right path for many young people.
“You’re essentially paying to stay out of the professional world for 4 years if you’re going to college,” Sorsby said. “I’m sure there are large benefits to the college experience, but … that can be extremely harmful.”
The company provides modules including philosophy, economics, history and other topics that are designed to offer a 30-day strong introduction to the subject matter.
There’s also an emphasis on making sure participants are competent content creators as well, Sorsby stated. They make personal websites and professional portfolios to showcase their work, he added.
“Our claim is that you don’t need college to get the best of that education experience,” he said. “And now you can focus on gaining that real-world, professional experience with these apprenticeships.”
Praxis has a 98 percent placement rate with its business partners, Sorsby stated.
“(The program is) not for everyone,” Sorsby said. “We’re not trying to be the all-encompassing alternative to college. We feel there should be a lot of different options out there.”
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