Goldman Sachs will fund tech apprenticeships for 100 individuals at 45 small businesses in the UK, through an investment of £1.5m.
The training will be delivered by EdTech start-up Multiverse on programmes such as the Business Transformation Fellowship and the Data Literacy apprenticeship.
The fully-funded apprenticeships will enable SMEs to address the number one barrier to growth and success: a shortage of digital skills.
77% of UK organisations are facing a shortage of digital skills(opens new window), which is having a negative impact on growth, efficiency and competitiveness. Through this partnership, eligible SMEs can enrol their staff onto Multiverse programmes with the cost of training fully borne by Goldman Sachs.
The investment is part of the Goldman Sachs 10,000 Small Businesses UK initiative. Small businesses are integral to the UK economy - accounting for nearly 17 million jobs in the UK and more than half of private sector turnover. The 10KSB programme is designed to provide high-quality, practical education and business support to leaders of high-growth small businesses and social enterprises across the country.
To date, 88% of graduates of the programme(opens new window) expect to increase the number of people they employ in the next two years, compared with 63% of similar high-growth businesses.
Jeremy Duggan, President at Multiverse, said: “Having the right digital skills is essential for any business to scale. As the backbone of the UK economy, it's essential that small businesses are supported to develop these vital skills.
"That's why we're so pleased to partner with Goldman Sachs. Through this initiative, the company will help SMEs develop digital skills through apprenticeships - which are simply the best way to build both capabilities and diversity within an organisation.”
Charlotte Keenan, Managing Director at Goldman Sachs and Head of the Office of Corporate Engagement International said: “Retaining top talent and upskilling the workforce is a critical component for small business growth and something Goldman Sachs is incredibly committed to. We are proud to be partnering with Multiverse - these apprenticeships will enable employees at our 10,000 Small Businesses to progress and help drive business growth across the UK.”
The donation is made possible by the government’s Levy Transfer system. All companies with payroll over £3 million are required to pay 0.5% Apprenticeship Levy - which goes into a pot that can be spent on training costs, or transferred to other organisations such as small businesses.
Multiverse is a startup tech company building an outstanding alternative to university and corporate training through apprenticeships. Last year, the company announced the closing of a $130 million Series D funding round and has trained over 10,000 individuals in tech, leadership and digital skills to date.
In May 2022, the company announced that it would facilitate the transfer of £30m from large organisations to SMEs and charities.
