As the runner up in the South African leg of TNW Global Startup Competition, if you haven’t heard of Cape Town- based Hiring Bounty, now’s the time.
Launched in August 2012, by its 25 year-old founder Greg Schneider, Hiring Bounty is a platform where individuals are able to earn a financial reward for referring friends, former colleagues and acquaintances to their ideal jobs. This crowdsourced recruitment offering lists vacancies in the marketing, IT and finance sectors and individuals are incentivised to leverage their networks and connect the right individual to the right job through a pre-determined “bounty” offering.
The business model is based on the concept that referrals produce better candidates and that your social network has access to the most current information regarding your skills and career aspirations.
Schneider says that the concept of this model was borne out of his frustration with recruitment agencies. “I was continuously targeted for positions I was ill-suited for and I figured that the market could do with something a little more innovative, yet simple,” he explains. “I am confident that this platform will revolutionise the recruitment process and the industry as we know it.”
Schneider began his career in an internship at Quirk. He later joined BrandsEye as a reputation analyst and after quickly progressing through the ranks was promoted to senior account manager and then head of new business for the Cape Town office. In 2012, his entrepreneurial spirit lead him to leave the company and start a business of his own.
Hiring Bounty founder, Greg Schneider
However, leaving BrandsEye was a big decision for Schneider having been the company’s first employee and contributing to its growth over a 2.5 year period. “I suppose the decision stemmed from the desire for a new challenge,” reveals Schneider. Having learned some lessons from the early days of BrandsEye he was keen to apply them to starting a new business.
Launching Hiring Bounty was no easy task with the first major challenge involving taking the concept from idea to a platform people could actually use. From this came one of Schneider’s first lessons – don’t wait to get something live even if it’s not perfect. Over time you can tweak and improve it with user input. “Rather get something out there and start trading than getting bogged down in making something perfect and get beaten to market,” he says.
To aspiring entrepreneurs, the self-confessed workoholic advises to “just start and refine, tweak and polish as you go.” Hiring Bounty is currently undertaking a considerable site redesign after realising that the original draft won’t cut it anymore.
“At the age of 25 I’m still hungry for any opportunity to sharpen my business acumen. Since you learn the best when you’re in the deep end, Hiring Bounty seemed like the best opportunity to do so.”
The team, that ensures a user-friendly and innovative platform, already has its sights set on the global market, having already launched in the UK in April 2013 and plans to bring its offering to other markets later in the year. The long term goal is to service five countries across all major verticals by 2023.
Check out the infographic below to see how the Hiring Bounty process works: