Coronavirus has created complex challenges for tech academies
A new report from StartupAmsterdam – ‘The Impact Of COVID-19 on the Performance of Amsterdam-Based Tech Academies’ – looks at how the coronavirus outbreak has affected academies that prepare students for jobs focused on technology.
Currently, 22 academies operate in the Amsterdam Area and 18 participated in the survey. Over the years, these institutions have trained over 3,100 students who have pursued careers with scale-ups, startups and corporations. The virus has affected the academies in various ways and the survey found four main areas of impact:
- The outbreak has caused new issues and exacerbated pre-existing ones
- The financial performance of academies has been harmed by falling income
- Academies believe some parts of their business models will remain affected
- Various solutions are being used by the academies to ease the effects of the crisis
Taking courses online, cutting prices and applying for government support
According to 89% of respondents, the most serious issue they currently face is finding positions for their students. A significant portion have also noticed diminished interest from businesses that previously hired their graduates.
Keeping students focused has also been challenging for a majority of the academies that participated in the study, and many are offering online-only courses to maintain social distancing. Half of all tech academies said they had applied for government assistance. Some academies have also lowered their prices to attract new students and others are downsizing their teams.
Click here to read the full report or check out more startup news from around Amsterdam.