Wong: Large enterprises account for about 85% of internship volume
Kathy Wong · The $1.2 Billion EdTech Opportunity Nobody Saw · Mar 12, 2025 · at 11:23
Kathy Wong explains market dynamics and why Folio is shifting its focus from startups to enterprise employers.
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“About 85% of the volume of internships are through these large enterprises.”
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FolioWorks has access to 3 million students approved for Federal Work-Study
“So we partner with every college career center, and so we have access to all of their three million students that are approved for work study.”
The government opened $1.2B in Work-Study subsidies to for-profits in 2020
“Around three billion dollars in wage subsidies comes from the federal government and the state government. So each year there's a program called Work Study. It's about 1.2 billion dollars. In 2020, they opened it up to for-profit companies because college camp…”
FolioWorks is the first Work-Study employer of record for for-profits
“And so they opened up to for-profits and we became the first company to be the employer of record on behalf of any other company.”
Wong: Enterprise clients will not cut FolioWorks out due to reporting burdens
“I don't think that means they're going to cut us out. I think that it would take a lot of effort for them to do all the reporting that's required to Create a work study-approved job, and then do all of the reporting that's completed by us, but we're building t…”
Wong: Converting an intern to full-time costs employers $50,000
“Each intern costs about 25,000 dollars to source, to train, and to compensate. And only about 50% of them convert to full time. So that means the real cost of converting an intern to a full time employee is 50,000 dollars.”
FolioWorks built a $1.2M ARR and tapped $600M in government subsidies
“We built this platform about a year ago, and since then, we've served over a thousand students, 500 companies, we've built a 1.2 million dollar annual run rate, and we have over six hundred million dollars in subsidies from the government.”