“Whether a social organization wants to diversify its services or expand into new markets, it is rarely obvious how to do so. Testing and experimentation are essential. Yet, few nonprofits can afford the trial-and-error necessary to evolve and endure. Durable capital can fill the gap by allowing grantees to try new approaches and determine the best ways to achieve their goals.
That is the philosophy behind The Studio at Blue Meridian Partners, which ’embraces experimentation and provides flexible resources to help organizations accelerate their readiness for significant scaling.’
The Studio launched with an initial cohort of seven nonprofits that each received up to $10 million as well as strategic assistance. One early grantee was Per Scholas, which prepares individuals for tech careers by providing skills training and access to employer networks. Per Scholas aims to improve economic mobility through its programs and has an explicit focus on serving low-wage workers without a bachelor’s degree. Per Scholas had been in existence for more than two decades and was serving more than 2,000 learners annually when it was selected in 2021 to receive an investment from The Studio, so it was well established and the success of its immersive, in-person training model had been validated by external research.
The investment from The Studio allowed Per Scholas to accelerate its evolution by testing part-time, virtual, hybrid, and satellite variations of its in-person training, building on lessons learned during the Covid lockdown. Ultimately, Per Scholas was able to expand its reach to more than 5,000 learners annually in just three years—after taking more than two decades to reach 2,000. The grant also enabled Per Scholas to develop and test a new program called the Career Accelerator, to help existing tech workers continue to update and evolve their IT skills. The Career Accelerator was expected to serve 2,000 learners in 2024 with a goal of supporting 10,000 learners annually by 2030.”