Assured Labor

Forbes Mexico – How do you know if your start-up has the ‘wow factor’?

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Forbes Mexico – by Viridiana Mendoza Escamilla – June 6th, 2013

 English Translation (by Allen Kramer)

Since the birth of Facebook and Twitter, technology ventures have become the protagonists of many investors’ portfolios. Today, we share the story of a company, Assured Labor, that recently closed a USD 5.5 million investment round to expand its concept in Latin America.

Since the birth of Facebook and Twitter, technology ventures have become the protagonists of many investors’ portfolios. Today, we share the story of a company, Assured Labor, that recently closed a USD 5.5 million investment round to expand its concept in Latin America.

To speak of startups, it is necessary to understand that, while not every startup is the next Facebook or Twitter, these two giants share a formula to position themselves, which is clear and available to new ventures.

It’s a series of factors that, together, become a magnet for investors. Today in the United States, there exists a sort of startup fever. Places such as Silicon Valley and the Massachusetts Institute of Technology (MIT) have become incubators of new ideas that have converted into successful business models.

Forbes.com.mx spoke with David Reich, one of the new members of this group of technology startups. His company is Assured Labor, whose brand in Mexico is EmpleoListo, and in Brazil is called TrabalhoJá. With time, David and his team have discovered some of the factors that are part of the DNA of successful enterprises. These factors have allowed it to convince a number of investors of its wow factors. Learn here about some of the key success factors:

1. If it’s not new, it needs to be different. Facebook was not the first social network to exist, and in the same way, Assured Labor is not the first service to contact and recruit personnel. The differentiation is in the innovation. While Zuckerberg discovered the power of the status update, David Reich hit the nail on the head by closing the circle of the process of recruitment. His company distinguishes itself from other existing services because mobile technology plays a fundamental role: the people who register in search of employment receive more than just emails, but also receive text messages to organize interviews.

2. Think globally. It is always good to start with a pilot to test your idea within an environment with less complications. However, once the project begins to demonstrate international potential, it’s time to take the decision and launch for real. It is because of this that, in Mexico, EmpleoListo has been operating for over two years and has filled nearly 40,000 job vacancies. It’s important to note that, for example, since classifieds still only fill between 10% and 20% of job vacancies in emerging markets, there could be a much bigger potential for your business idea beyond your own borders.

3. It’s not just about convincing investors. Great Oaks Venture Capital, Nexus Venture Partners, Kima Ventures, Enzyme Venture Capital, Fabrice Grinda, and José Marín, and most recently, Capital Índigo with its investment of USD 5.5 million, are all investors in Assured Labor. And so many funds can’t be mistaken, as just the idea of giving access to virtual recruitment to the 67% of Internet users that do not have a computer at home makes a mobile-focused service innovative and attractive. For David Reich, the more than 500,000 candidates registered were the key to convince him and the investors that his company was ready to receive new partners and resources into its ranks. Reich says that convincing himself that the company was at the ideal point to go out and look for institutional backing is an important step to take.

4. Plan, plan, plan. If Facebook hadn’t seen the potential in Instagram, it might not have spent USD 1 billion to acquire the company designed by one of Zuckerberg’s college friends. The point here is that technology companies that do not see into the future are destined to failure. “Just having financial backing is not enough. It’s necessary to have a course of action and plan for the future. You can’t go around revealing the key to your innovation plan, but it’s important that you have it clear for yourself to know the course of action you will follow.”

EmpleoListo’s platform allows candidates to be notified about offers once companies have selected them as desirable applications for the position. This makes the communication between companies and job-seekers more effective.

Original Article in Spanish at http://www.forbes.com.mx/sites/como-saber-si-tu-startup-tiene-el-wow-factor/

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