HR Tech Partnership
Starting your own enterprise demands being prepared for a long haul, and it is not an easy task to succeed at. Predictably, the initial support comes from friends/family and funds borrowed are normally used for developing the core product. However, once a start-up gets past this stage and feels confident about expanding its scope it needs to start considering how it is going to finance the next phase.
Typically, most startups look at a relatively short list of avenues to raise capital.
Typically, most startups look at a relatively short list of avenues to raise capital.
Routes to raising capital:
– Individual Angel Investors: Usually in it for convertible debt or ownership equity in the company, Angel Investor are individuals with affluence and thus, capital, to bring to a start-up.
– Angel Networks: A more elaborate version of angel investors, as the name suggests, an angel network is a group of angel investors who have joined forces to invest as a unit. At times, they may also offer support if an opportunity lies within their area of expertise.
– Seed Funds: Largely self-explanatory, these are investments made by investors, usually in exchange for an equity stake in the business after a mutually agreed upon period of time. Seed capital is usually spent on market research or further product development. Since the risk is considerably higher while gathering seed capital(as opposed to venturing capital), the former is often in tens of thousands, while the level of stake required to get required funds is the same as venture capital in hundreds of thousands.
– Early-stage Accelerators: Essentially programs that encompass all the facets of initiating a startup leading up to the point of pitching to investors, early-stage accelerators offer more than simple capital; they also offer mentorship and education in the field of business being undertaken. An added advantage of accelerators is a peer review of a given pitch (accelerators accept startups in batches, grouped together).
How the HR Tech Partnership contributes to Start-ups in the People Tech Area:
The HR Tech Partnership is unique in a number of ways. Firstly, its focus is purely on the Workplace and Employee space. It looks at innovative digital solutions using AI and other cutting edge technologies around Workforce Planning, Resourcing, Talent, Learning & Development, Employee Engagement, Reward & Benefits, and Wellness, etc. Secondly, all members are domain experts in the People Tech area and along with funds bring their expertise and a successful corporate background to the table. Thirdly, The HR Tech Partnership combines the benefits of both seed funding and Crowdfunding, enabling regular professionals to benefit from specific deals. This brings a huge advantage to any start-up — credibility from a group of respected professionals, access to their network, visibility to a potential customer base and the ability to scale up to more rapidly.
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HR Tech Partnership
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Challenge
The Head of Talent Acquisition of a fast-moving retail business knew he could provide faster and effective service to his internal clients if he could automate the ‘low value’ tasks that his team was engaged in. There was a high proportion of his team’s time being spent on sourcing CV information from various sources ( existing database, careers page, job boards, mailbox, Facebook, Linkedin etc). He was also looking to have this information available on a single, easy to use interface and have intelligent chatbots interacting with clients to enable a stronger candidate experience. Finally, he was keen on understanding the effectiveness of a Virtual Reality based solution for candidate onboarding. The cost was an important factor. The TA Head was reluctant to approach his traditional suppliers (including RPO’s) as most of them were in the early stages of sourcing AI-based solutions. Some of his reluctance came from the fact that they would be keen on forcing him to use their preferred solution as opposed to providing him with an independent choice. Finally, given his tight budget, he did not want to be forced into the sale of a solution and make a wrong choice.
Solution
Participating in the Hub allowed the entire Talent Acquisition team to pilot a specific AI-based solution and get exposure and learning around Artificial Intelligence and its impact on the Resourcing area. They were surprised to know that last year there were more than 3000 digital start-ups globally in the area of recruitment alone. The AI-based solution surpassed all their expectations and they could see an immediate impact on ‘time to fill’ as well as ‘cost of hire’. Looking at the results, the Head of Talent Acquisition felt knowledgeable and excited about mapping out a broader plan around digital transformation.
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