Path 101   Fall 2008 Opportunity V10
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Path 101 Fall 2008 Opportunity V10

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Path 101   Fall 2008 Opportunity V10 Path 101 Fall 2008 Opportunity V10 Presentation Transcript

  • 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 to
    • target 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 Beta 101 2.0 Beta Complimentary Apps Alpha Oct. ‘ 09 Resume Genome Explore Alpha Beta Resume Analysis Apps Alpha Partner syndication Alpha Beta
  • Go to Market Strategy
    • Market 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 Boards TheLadders RiseSmart Beyond Market Headhunter 2.0 Dayak Bountyjobs Blue Chip Expert H3 eHarmony for Jobs Real Match Jobfox Trovix ItzBig Climber Syndicated Jobthread Snap Talent Prof. SocNets LinkedIn DooStang Jobster Affinity Circles Select Minds People Scrapers Spoke Jigsaw ZoomInfo Spokeo/HR Naymz Resume Pools AllianceQ NotchUp Affordable More Data on Targeted, Relevant Candidates Cost Prohibitive/ Premium Commodity Resumes Questionable Data Aggregators Indeed Simply Hired Resume 2.0 Visual CV Zinch Emurse
    • Structured, annotated career history
    • Detailed personality assessments
    • Candidate content (blogs, q&a)
    Headhunter 3.0 Urgent 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 Orgs Student 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.