The Ledger
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Acadium apprentices work 120 unpaid hours while businesses pay platform fees
“And in exchange for mentorship, They get help from their apprentice. 10 hours a week for three months. It's a 120 hour relationship. And it's totally affordable for businesses. They pay a fee to use the marketplace. They can get one or multiple apprentices. Th…”
Abbas argues centralized universities are expensive and fail at job training
“In one world, job training is controlled by centralized institutions, post-secondary institutions that are Very expensive. Costs a lot of money. Only available to a small subset of people. And frankly, do a really bad job.”
Acadium monetizes apprentices via income share agreements in its Plus program
“We do ISAs on the apprentice side. So there's a small there, you know, apprentices who are dedicated on launching a career in digital marketing. They have the option of joining our Acadian plus program where it's an ISA model. We help them launch their career.…”
Acadium will likely raise capital in 2021 despite reaching profitability
“There is a scenario where this year will be profitable. So we do have an opportunity to, we're going to make a decision where we will likely end up raising because You know, although we'll be profitable this year, the mission of Acadium is super important and …”
Abbas cut Acadium's management layers after rapid growth slowed execution speed
“There was a time where, when we were growing very quickly in 2019, and we grew the team to, we had a few different, we had a management team, and it became really, really slow, actually. And that was a bad, that was just a bad thing in general for a startup, i…”
Acadium has over 70,000 apprentices on its platform
“So we have over 70,000 apprentices on our platform.”
Acadium has over 3,000 active businesses on its platform
“Yeah, I think a little more than 3000 businesses.”
Acadium generates approximately $200,000 in monthly revenue
“It would be around 200,000 dollars in revenue.”
Acadium is growing 15% to 20% following a period of contraction
“So we've been growing 15 to 20% for the last few months, but there was a long period where we were contracting.”
Acadium raised $1 million from Ryan Hoover and 500 Startups
“So we raised about a million dollars from some fantastic investors, Ryan Hoover from Product Hunt Eric Blatchford, who's the CEO of Expedia. We had 500 startups as well.”
Abbas claims reading Dune provides valuable long-term perspective for business leaders
“The benefit of Dune is the time horizon. You know, the saga spans over about, over 5000 years. So it really gives you a long-term perspective on things. And I find that to be tremendously valuable in business.”
Acadium charges businesses $400 per quarter for apprentice network access
“It costs 400 dollars a quarter. It's about a hundred bucks a month.”