step - platform dedicated to eliminating the inefficiencies of online passive recruiting the...
TRANSCRIPT
STEP- Platform dedicated to eliminating the inefficiencies of online passive recruiting
THE EVOLUTION OF RECRUITING
ANALOG- Newspapers- Help wanted ads
ONLINE JOB
BOARDS- Monster, Indeed- Online job placement
NETWORKS- LinkedIn- Access to passive candidates
THE NEXT STEP
On Step, employers will never miss the
right candidate…
And professionals will never miss the
right opportunity again
RECRUITING ON LINKEDIN
Low response rates
PROFESSIONALS FEEL SPAMMED BY
EMPLOYERS WASTE TIME
Vague opportunities
Finding the right talent Irrelevant Jobs
INEFFICIEN
T
Lack of privacyCrafting communications
Incomplete profiles
THE MARKET
38 MILLIONMAKE OVER $60K SALARY
1.3 MILLIONHAVE OVER $1M REVENUE
$31 BUS
$15 BADDRESSABLE
6 MILLIONUS COMPANIES
120 MILLIONUS PROFESSIONALS
THE MARKET
LINKEDIN TALENT SOLUTIONS REVENUE ($MILLIONS)
Over $1 billion in LinkedIn Talent revenue alone
CREATE PROFILEIdentity is anonymous
HOW STEP WORKS
ACCEPT TO UNLOCKFull profile revealed for 4 months
SEARCH FOR FREEResults ranked by relevance
INVITE TO UNLOCK$4 to send an invite
PROFESSIONALS EMPLOYERS
Contact flow between professionals and employers
PROBLEM #1: EMPLOYERS WASTE TIME
SOLUTION:THE STEP PROFILE
UNPRECEDENTED SEARCH FILTERS
Define the skill set, responsibilities and work style of your ideal professional
Step returns search results based on relevancy and professional caliber
RELEVANT SEARCH RESULTS
Professionals’ preferences stated upfront, before unlocking
UNLOCKED PROFILES
Detailed profiles driven by structured data
UNLOCKED PROFILES
In-depth info for each work experience
UNLOCKED PROFILES
A professional’s career growth, visualized
UNLOCKED PROFILES
Assessing culture fit from work style and core values
UNLOCKED PROFILES
Extent of expertise for each skill and responsibility
PROBLEM #2: PROFESSIONALS FEEL SPAMMED
SOLUTION:THE CONTROL CENTER
ROBUST RULES ENGINE
I want to receive push notifications about profile invitations
Send all invites to me Only send invites when they meet the following:
Send me invites only from these companies:
Send me invites only with a minimum compensation of:
Send me invites only from these industries:
Send me invites only from companies of this size:
Send me invites only from these stages:
Send me invites only for these job roles:
Professionals have full control over the types of job invites they receive
PROFESSIONAL ANONYMITY
Professionals’ identities protected until they reveal themselves
CAREER INSIGHTS
WHO’S SEARCHED YOU
Step delivers back to professionals all the aggregated transaction data
EXECUTION STRATEGY
-3 – 1CLOSED BETA OPEN
1 2 3 4 5 6
TOP 20% OF PROS
ALL EMPLOYERS
ALL PROFESSIONALS
– 2
WHAT STEP WILL DO
Recruit top talent for free
Offer free VIP services
Direct sales
Traditional brand and variable marketing
MONTHS
LAUNCH
PREMIUM EMPLOYERS
Focus on top tier companies and professionals leading up to launch
MARKET COVERAGEExpand and dominate one micro market at a time
STARTUPS
REPEAT WITH IT COMPANIES
REPEAT WITH ACCT & FIN COMPANIES
ALL OTHER INDUSTRIES
BEYOND STARTUPS
MICRO MARKET CASH FLOW
NYC SF OTHER CITIES
IRR
in 000’s IRR YEAR 1 YEAR 2 YEAR 3 YEAR 4 YEAR 5
NYC TECH 22% $(852) $139 $388 $461 $508
CITY AT SCALE1 66% $(876) $366 $864 $964 $1,033
STARTUPS BEYOND STARTUPS
Scale
IRR surpasses 66% as we hit scale and gain efficiencies
1 Cash flows normalized to aggregated NYC
INVESTMENT SCHEDULE
TIME FRAME
INVESTMENT
Present through Q1 2016
$2.5M
Q4 2017 to end of 2018
$25M
STAGE 1 STAGE 2
Q2 2016 throughQ3 2017
$5M
STAGE 3
LAUNCHES NYC startups(Tech & Marketing)
Rest of US startupsUS IT companies
Rest of NYC startupsSF startups
(Tech & Marketing)
SUCCESS CRITERIA
12K pro’s1.2K employers
550K pro’s25K employers
47K pro’s5K employers
THE STEP TEAM
LAX CHANDRA
CO-FOUNDER, CEO
President, WizKids
MITCH KUSHINSKY
CO-FOUNDER, COO
Head of Product, Quidsi
JENNIFER CHU
HEAD OF MARKETING
VP of Brand Strategy, Usell
KEY ADVISORS
Marc Lore – Co-Founder of Quidsi, Founder of Jet.com
Vinit Bharara – Co-Founder of Quidsi, Founder of Café.com
HR Advisory Board - 3 prominent members in HR, Hiring and Development
WEI YAN
INTERIM CTO
CTO, Quidsi
OUR ASK
• Seed round of $2.5M
• $325K raised
• Convertible note
• 20% discount
• 7% interest rate
• $6M cap
