They come from diverse backgrounds. If a graduate chooses to leave the group, he has to pay Newconomy 14,000 euros to help cover the cost. Regardless, the cost to Newconomy is minimal, says Paul Thuis, an executive at the venture-capital company who serves as Newcademy's dean. Newconomy-funded companies that hire graduates typically pick up most of the tab. And besides, if enough of the companies into which Newconomy has pumped 80 million euros flourish, the venture-capital firm will get a handsome return on its modest training investment down the road.
Human capital is an important thing.
We try to get talented people inside those companies. Many experienced managers aren't savvy when it comes to e-business, says Mr. Thuis. They need to understand the dynamics of the New Economy in order to fit in quickly and be effective. The company also holds a telephone license and plans to offer bundled data and voice service to corporate clients. Besides, he likes the new challenge of a sales job, which he sought as a way to broaden his experience beyond finance.