Chris has been yelling from the rooftops about the Ai-powered job placement platform we just invested in.
And rightfully so…
The demand for this kind of technology has absolutely skyrocketed and what Angela’s team is doing to help bring jobs to the 30-40M unemployed is downright impressive.
Not at all.
Here’s how it works.
Machine learning is harnessed to match for over 45,000 different job types and remove 16,000+ different hiring biases.
Qualified applicants are then sorted and ranked; with non-qualified candidates matched against other open positions.
The system also looks for matches with current employees…applicants from the last 30-90 days…and previous layoffs.
It all happens automatically. There’s no action needed from hiring personnel.
Do you see why The Boardroom put $50k into this startup?
And why I stroked a personal check for $50k more?
But there’s more to the story…
Angela (the Founder) shared it all on an exclusive Deal Reveal interview with members of The Boardroom.
I’ve packaged all the details from that call into this highlight summary––
A Perfectly Timed Solution
This startup created the perfect solution to the massive unemployment problem caused by COVID-19.
The product is an AI-powered job-matching platform. And the big difference between this startup and the competition — they match people to jobs without bias.
Using advanced machine learning, this startup does what a recruiter does in 10 hours in under two seconds, and does it without any bias.
The story begins back when the founder, Angela, was graduating from university. This was right around the time when the economy took a turn for the worse. There were no jobs for her and her classmates.
She decided to create a more sophisticated version of a job fair. It was essentially matching, but everything was done manually. Angela’s program was a huge success and most of her classmates graduated with job offerings thanks to her.
She decided to take this idea a step further. At the time, the forefront of machine learning technology and algorithm development was at Cambridge University. It was a no brainer — she applied, was accepted, and set off to learn everything she could to develop this product.
At Cambridge, she died three years of R&D and unlocked the tools and knowledge she needed to make her vision a reality.
When she moved back to the U.S., she started her company.
Partnerships and Validation
Angela’s startup recently landed a major partnership with Salesforce.
In case you don’t know, 150,000 businesses use Salesforce each day. Around 84% of Fortune 1000 companies use Salesforce. It’s probably the most unifying technology in a company’s tech stack — it’s everywhere.
Angela had her eye on Salesforce for a long time. You see, the largest staffing agency in the world was on it. The third- and fifth-largest were too. This was the natural goal of her company, if she wanted to have an industry-leading tool in HR Tech, she needed to get on Salesforce.
In 2019, her startup won HR Tech Innovation of the Year. Over 10,000 people in the industry voted. This was a huge validation for the platform.
Now, Angela had her foot in the door. She applied to partner with Salesforce, passed the security tests, and landed the deal.
The timing of this partnership was a bit strange. They announced it the very day after the WHO announced the state of a global pandemic.
What should have been big news in the startup and HR world was drowned out by the media coverage of the pandemic. Angela’s peers and competitors thought her venture would be crushed by the situation.
They thought the timing couldn’t have been worse.
In reality, COVID-19 had the opposite effect on her business. The layoffs, job changes, remote working, and unemployment changed the world of hiring and recruiting. It was the largest such change in recent history.
Here’s what happened:
- A decade of job growth was lost in six weeks.
- 26.4 million people aren’t planning to return to the job they had before the pandemic.
- Only 12% of workers definitely think they will return to their previous job.
Angela says that the widespread upheaval of the workforce has created one of the greatest market opportunities in the last 100 years, and she has the perfect solution.
The tricky part, and the thing that sets her solution apart, is the new focus on diversity in hiring.
This is no longer just an option. With the racial tensions in the U.S. and pressures on corporations by the general public for equality and diversity, there is no longer any room for bias.
The Perfect Solution
So how will big companies under pressure hire millions in a short time while eliminating 100% of the bias?
There is only one solution — AI-driven job matching platforms like Angela’s.
And what is her unique advantage?
Well, her company has already done the R&D, started with the goal of zero-bias and diversity from the beginning, and created 400 APIs to get there.
She estimates that the current position of the startup puts it about two years ahead of any competitor on the market.
The global pandemic catapulted the startup into $300,000 in sales in just a few weeks during the worst time to do business in the last 10 years.
Since then, the immense value of her product has been identified by some of the biggest companies in the world.
How Does the Platform Work?
To get to where they are today, the team has already executed 15.5 trillion “matching events”.
For a year and a half, the software just wasn’t working. It seemed like it could be an impossible problem to solve. The big struggle was accurately matching without bias.
It’s very easy to match computer science jobs to Stanford Graduates. It’s very easy to eliminate people from the pile based on their gender, last name, or age. However, it proved to be incredibly difficult to find great candidates for positions that defied all of our expectations and biases.
Eventually, the stars aligned and the algorithms started working. Their hard work paid off.
This came once over 16,000 bias points were painstakingly encoded into the algorithms. Once this hurdle was crossed, the platform could successfully match for 48,000 different job types.
It doesn’t matter if the job is truck driving, waiting tables, or programming, this solution now matches people to jobs better than any other tool on the market.
Going Head-To-Head With IBM Watson
Angela’s program was tested by a “huge, global organization”. This test pitted several tools against each other to match some of the most difficult jobs imaginable.
Her platform won. It outperformed the competition consistently including the famous IBM Watson.
Everyone, including those running the test, was shocked that a startup could outperform IBM. In all subsequent tests, the results were the same, with Angela’s startup coming out on top.
Q – Who are your competitors that have had successful exits?
A – Matching for people to jobs is a relatively new thing, there have not really been too many exits.
Opening.io was acquired by iCIMS which is a large applicant tracking system. That is I think the only acquisition that is completed. There are two other acquisitions in process.
I happily cheer them on to exit because I want all of their market shares. We know that if they are acquired they will be an isolated partner to their acquirer that will leave very fertile green fields for us to go after.
Q – How much revenue have you seen come in so far this year?
A – So, it was $987,000 for the first four months and then another $2.8 million that is in the closing phase right now. And we’ve got a couple of very, very large deals that will close within the next 12 months.
Q – And what are your projections for the year?
A – I want to hit $4 million in revenue. There is a possibility we could be well over that, depending on how these two big contracts go.
Q – How does your technology solve the problem that recruiters and HR departments are facing?
A – Between 35% and 50% of their day, week, or month, is spent reading resumes that are not qualified for the job. From this perspective, it’s just wasted resources.
Also, some teams have had to cut back so now they’re having to do more with less. Given there are this many people unemployed, there are that many more people applying for jobs.
So here’s the problem. Maybe you’ve gone from 100 applicants to your job to 450 applicants. Somewhere like 2-5% of applicants are actually qualified for the job. Our employers are now saying it’s more like .8% are qualified.
At the same time, you’ve got pressure coming from the public to say, “You need to treat candidates equally, you need to treat candidates well, you need to be unbiased, you need to look at everyone.”
When you have half your time being spent on candidates that can’t fulfill the job, what do you do? You end up mistreating everyone. So we take what someone has done in around 10 hours — and not done very well — and do it in 2 seconds.
Like what this startup is doing? Want to see how you can invest? We created a special way for YOU to be part-owner through this Boardroom Spotlight.