Reflecting the downturn in the fintech sector, the latest iteration of Barclays Bank’s Rise Startup Academy will focus on supporting aspiring founders who find themselves out of jobs due to the current economic climate.
The initial Rise Start-Up Academy was launched earlier this year to connect founders and provide them with training and community, all with the collective goal of transforming the future of fintech. This new program follows a summer of widespread hiring freezes and slowed growth across the tech industry for the first time in two years, with layoffs reaching approximately 71,000 positions in tech startups since the beginning of 2022.
“When we started Rise Start-Up Academy, we aimed to create a program that supports entrepreneurs in developing their ideas into impactful products for the future of fintech,” said Sonal Lakhani, Rise global head of programmes and strategic initiatives for Barclays Innovation. “This time, we’ve chosen to focus on those affected by job losses because we believe that adversity can foster innovation and invention. It often presents fresh opportunities to pursue ideas that may not have been considered otherwise. Historical data shows that while recessions are challenging, they can also inspire innovative thinking and lead to the creation of successful global businesses.”
The 20-week program will assist participants by connecting them with technical and financial experts within the Rise community whose expertise aligns with their projects, aiding them in launching their ideas or businesses. This partnership offers 24/7 access to learning materials, opportunities for practical application through weekly activities, live workshops, and connections with peers.
Lakhani believes that the program will drive innovation by linking new founders with successful entrepreneurs from previous cohorts. “At Barclays, we believe that innovation flourishes when diverse people and ideas come together to address business challenges in novel ways,” she stated. “These founders embody Barclays’ commitment to empowering the next generation of leaders by providing access to enterprise, employability, and financial skills.”
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