Online Career Discovery Company & Opportunity Overview Fall 2008
Jan 12, 2015
Online Career Discovery
Company & Opportunity Overview
Fall 2008
By the numbers...
40 million job changers per year...
1.5 million college grads per year... poorly informed, underprepared.
Less than 50% will be satisfied with their jobs, creating job mismatches, loss of productivity, work stress, depression, etc.
$3-6k = Average total cost per hire.
3-5x annual salary = Cost of unproductive, problem hires, plus unrecoverable time to market.
Goal: 150+ million = US workforce—all of the people we want to help find a career they are passionate about.
Opportunity
Problem: No shortage of inbound resumes and databases, but lack of quality tools to help filter and target the right candidates.
Solution: Help both candidates and employers understand the breadth of choices with deeper data about each side. Facilitate better career matches in a scalable, affordable model.
Guiding careers and solving employer pain
Guide with real data: The Resume Genome Project
► Crawled, parsed 4+ million resumes from blogs, homepages, public profiles
► Cleaned and structured the data
► Exposing career paths as easy to navigate, SEO-friendly pages
► Leveraging data to create interactive recommendation tools based on real career data
Career data from real resumes...
Build around the data: Complementary Apps
Structured career histories from 4mm.+ real resumes
Interactive resume analysis tools...
Skills and experience scoring
Lifetime salary calculator
Company culture analyzer
Career, skill trends analysis
...bring more resumes, additional data
Personality assessments add another dimension to candidate data and can be viral.
Candidate blogs create deeper candidate profiles and original industry specific content.
Peer to peer career advice adds data to candidate profiles and original industry specific content.
RESUME GENOME PROJECT
What will you be able to do on Path 101?
Charlie uploaded his resume to the Resume Analyzer to see what fields people with his background go into.
Charlie took the Path 101 Personality Test, which found like minded people for him in Higher Education, Entrepreneurship, and 5 other fields.
Charlie is exploring research on career paths in Entrepreneurship based on data from 2,234 resumes from people in that field.
Charlie asked professionals in Entrepreneurship this question: “Is it better to work at a startup company right out of school, or to get industry experience, if I want to start my own company eventually?” Check out the answers he received.
Charlie wrote a blog post called, “Why I think getting industry experience in a successful company may be important to do before starting my own company.”
Example User Activity Stream
Enables recruiter totarget candidate at greater depth based on:
Skills Experience Education Peer Comparison Personality Indicated Interest Goals Critical Thinking Communication
Progress and Next Steps
Financing
Team
$350k “Series A” Angel Round
$1.5 – 2.0mm VC
CTO
+1 Contract Design
+1 Senior Developer, 10 yrs Exp.
+1 Scientist/Developer (Phd – Machine Learning)
+1 Contract Dev.
CEO
Oct. ‘07
Jan. ‘08
Apr. ‘08
Jul. ‘08
Oct. ‘08
Jan. ‘09
+1 Developer
+1 Developer
+1 UI/UX Design
+1 Mktg./BD
Apr. ‘09
Jul. ‘09
Product
Resume Crawl
Beta101 2.0
BetaComplimentary Apps Alpha
Oct. ‘09
Resume Genome Explore Alpha BetaResume Analysis Apps Alpha
Partner syndication Alpha Beta
Go to Market StrategyMarket Alpha to Close Connections► Blogs► Alumni Associations► Professional Orgs
Optimize Organic Search
► Resume Genome exposes millions of SEO’d pages on industries, majors, job titles, skills, etc. ► Career advice question and answer pages highly search optimized
Social Features► Social comparisons of assessments and analysis ► Integration/syndication of user created content
Potential Syndication Partnerships
Type Number Opportunity
Professional Societies 1,500+ Tap experience of member base, research career trends
Alumni Associations 3,500+ Engage alumni, offer helpful resource to current students
Fraternities/Sororities 600+ Engage community, new members, resource to students
Job Boards 100+ Help better prepare candidates, encourage well
informed and relevant job searches
Phase I
Phase II
Phase III
Competition
“Professional” social nets
Recruiting 1.0
Recruiting 1.5
Recruiting 2.0
Enterprise
Why they could... Why they might not...
► Have the data, content
► Have the users
► Not core to their biz
► LI: Already driving revs
► Have the data.
► Have the employers.
► Old database setup
► Old model inertia
► Company turnover► More social & content
► Have the data (MNST?)
► Not using the data
► Focused on verticals
► Focused on matching jobs, resumes
► Have the data.
► Have the employers.
► Old database setup
► Old model inertia
How can this be a billion dollar company?
► Become the recognized “first step” in the job change/search process—getting in front of the majority of career traffic before the search.
► Monetize by enabling employers to filter and target candidates.
► LinkedIn: ($1B valuation) generates $100mm on candidate search, ads across 24mm users.
► Many barely use the service other than to accept connections. ► Path 101 value proposition of discovering and developing a career has much more tangible benefits for a potentially wider audience + deeper data on users.
► Flexible, data centric model opens up additional revenue opportunities► Tracking talent assets for Wall St. research, competition analysis (ex. “What kind of experience and skill sets has YHOO lost in the last 6 months?”)► Enterprise tools for internal career pathing, skill set inventories (e.g. Success Factors: $650mm mkt cap)
► Enterprise tools: 30% of hires are from within companies—companies want to create better internal career development to save money, reduce bad hires.
► Charlie O’Donnell, Co-Founder & CEO► Career Educator: Adjunct Professor, Fordham; Ran internship programs for Fordham, NYSSA, GM► Technology Community Leader: Founder, nextNY; Blogger (2600+ RSS Subs.)► Product & Strategy Experience: Director of Consumer Products, Oddcast► Venture Capital: Analyst, Union Square Ventures, Investment Analyst, GM Pension Private Eq.
► Alex Lines, Co-Founder & CTO► Development: Over 10 years experience developing web applications – ATTAP, Riskmetrics► Data specialist: Expert in scalable database design, data modeling, and large data sets.► Expertise covers the full range of technical operations from application design and implementation to data center build-out and systems administration
► Jennifer Oslislo, Senior Developer► 10 Years web development experience► Primary: Python, Ruby/RoR, Perl, MySQL, Java, Apache, AJAX► Secondary: Oracle, PHP, Shell Scripting, SQL Server, Tomcat
► Hilary Mason, Scientist/Developer► Machine learning Phd – specializing in data modeling► AJAX/Front-end expertise
► Outside Board Member: Hunter Walk► Director of Product Management at Google► Founding team, Linden Labs
Path 101 Team
Appendix
►$350K funding closed from 21 angels including► Roger Ehrenberg (Largest non-founder angel in TheLadders)► Fred Wilson, Brad Burnham (Union Square Ventures)► Partners from Performance Equity Management (Former GM Pension Priv. Eq.)► Shripriya Mahesh (eBay), Josh Stylman & Peter Hirschberg (Reprise Media), Scott Heiferman (Meetup), Matt Blumberg (Return Path), Jeff Jarvis, Jeff Stewart (Mimeo), Brian Harniman (Priceline), Darren (IGA) & Sherri (Corp HR) Herman, Hunter Walk (Google)
Investors
Niche BoardsTheLaddersRiseSmartBeyond
Market
Headhunter 2.0DayakBountyjobsBlue Chip ExpertH3
eHarmony for JobsReal MatchJobfoxTrovixItzBigClimber
SyndicatedJobthreadSnap Talent
Prof. SocNetsLinkedInDooStangJobsterAffinity CirclesSelect Minds
People ScrapersSpokeJigsawZoomInfoSpokeo/HRNaymz
ResumePoolsAllianceQNotchUp
Affordable
More Data on Targeted, Relevant Candidates
Cost Prohibitive/ Premium
Commodity Resumes
Questionable Data
AggregatorsIndeedSimply Hired
Resume 2.0Visual CVZinchEmurse
• Structured, annotated career history• Detailed personality assessments• Candidate content (blogs, q&a)
Headhunter 3.0Urgent Career
Lots of “better mousetraps”, but few have moved beyond crunching the same corpus of data—resumes and job posts.
LinkedIn (trust) and TheLadders (monetary signaling) are standout examples of adding data to recruiting.
Discover a career instead of finding a job
Coverage
Pain Point
User Acquisition
Relevance
Traditional job search + resume posting Career Discovery on Path 101
► 70-85% of jobs never get posted.
► Unlikely that the most relevant job is posted at during short posting window.
► Explore any career, research and ask questions proactively.
► Only 25% of hires from job boards. ► Those that do get hired have less than a 50/50 shot of liking the job.► Bad hires cost 3.5x annual salary.
► Well informed career decisions increase job satisfaction, result in lower incidences of work-related stress, and increase productivity.
► Job searchers don’t stay on job boards after the hire—resulting in increased acquisition costs, which are already high.
► Career development is continuous—keeps true “passive” candidates on site through peer to peer advice, taking fun assessments to share with friends, blogging, etc..
► Inconsistent job titles/descriptions and poorly informed candidates make search difficult, resulting in poor candidate experience and decrease in relevant applicants.
► Site is dedicated to showing users appropriate opportunities based on history, skills, education, disposition, interest, etc.► Users are likely to be better informed and more likely to pursue relevant opportunities.
Candidates► Bad data: Resumes are incomplete representation of candidate potential.
► Path 101 will get to know candidates from multiple angles to facilitate better career guidance.
What do people with your background do?
► Automatic resume/LinkedIn profile uploading for comparative analysis to Resume Genome Project.
► Capture additional data for further comparisons
► Job satisfaction► Corporate culture► Salary data
Application – Resume Analysis Tools
What do like-minded people do?
► Expose what like-minded people do with their careers.
► Provide unique means of search for recruiters
► Syndicate quizzes and tests to other sites. Allow sharing, comparison with friends and contacts.
Application – Personality Testing
Professional OrgsStudent Clubs
Social Networks
Schools & Alumni Groups
Industry Blogs
Syndicated Advice Network
Application – Career Advice Network
Targeted by industry
Frequency controls
Privacy controls
Syndicatable to any site, network, blog
Path101.com aggregates all advice network content
Application – Career Blogging
A Path 101 blog inspires you with ideas for blog posts about your career...
...and syndicate first person advice and insight from industry blogs.