‘TheCareerMole.com’ made it out of the Dragon’s Den, just!

Don’t know about you, but Dragons Den is probably one of the few TV programmes I tend not to miss. There’s always stacks on there for the Dragons to either invest in or tear apart – ideas ranging from the sublime to the ridiculous. This week I was happy to see an online recruitment business in the Den. Don’t think I’ve seen one of these on there before so I was interested in seeing what the Dragons thought of it and also what the latest “disruptive” idea was.
I got the first part. The Dragons blew TheCareerMole out straight away. “I’d rather invest in sub prime debt” blasted Theo. Suffice to say the pitch didn’t last long. In fact from what the BBC actually showed it could be the shortest Den pitch ever. I’m sure this is not quite the record founders Oliver Perry and Kristian Hall had in mind when they applied....
I didn’t get anywhere near understanding their concept in a pitch so I got in touch with Oliver and asked him if he’d like to state his case:

AS: That pitch didn’t look like too much fun. From what we saw on the TV it lasted less than 2 minutes. How long did the pitch actually last for? Was there any point where you felt it may go well?

OP: We were actually in there for 20mins and it was certainly more fun than what you saw on TV. There was some good friendly banter but we didn’t get an investment offer and I guess to make it worthy of TV the edit made it seem harsher than it was. We always knew it would be a challenge to get support for a website, and a recruitment one at that, which goes against the existing portfolios of key Dragons.

AS: How long ago was the pitch recorded?

OP: We recorded over 5 months ago and before that there was another month of auditions and paperwork to complete. It was strange watching it because everything’s progressed a great deal and so much has happened since then.

AS: OK, so no Dragon funding for TheCareerMole, how did you end up getting funded? How long did this take and what was the process like? I’m assuming a lot longer than your average trip to the Den!

OP: We never intended to take investment from the Dragons’ – as a regular viewer I’m sure you’re aware that you can find much better terms outside of the Den. Prior to the Den we started working with the London Development Agency’s investment readiness programme, ‘Gateway 2 Investment’ and they’ve been a great help introducing us to suitable investors. We’ve had initial funding and are currently talking to investors for the next round.

AS: There’s not a shortage of websites/ services out there promising to be “highly disruptive”, “game changing technology” – you can choose your favourite term. Why do you think employers should use yours?

OP: During the development of the platform we’ve worked closely with corporate recruiters to deliver something that’s truly valuable to them. Employers will use TheCareerMole.com to engage and reward their existing employees, and to open new lines of communications with potential candidates targeting the company. This openness and transparency improves the candidate experience and enables both the candidate and the employer to make more informed decisions about suitability and fit to the company and roles. Our process delivers a superior qualified pipeline of candidates who can then be recruited directly, lowering recruitment costs. Further down the line employee engagement and retention improves too. Being able to bring your employer brand and careers to life is key to the employers we’re working with.

AS: Many of the sites out there make a lot of noise about how much of an impact they are going to have on the market. Very, very few publish anything close to details of just how many people actually end up getting placed through the service. From a client perspective, a track record of successful placements would have me reaching for my cheque book. How many people have actually been placed as a result of the mole?

OP: We know social proof and a track record of placements is key to accessing people’s cheque books! We know we’ve got a great concept on our hand which has helped us develop key relationships with some significant employer brands who share our philosophies. We’ll soon be announcing some partnerships which we are very excited about and helping these employers fill their vacancies. So, statistics, even without job postings on the site currently we are seeing about 30% of our candidates engaging with employers as part of their research in on companies, careers and roles. The number of interactions is growing all the time, and as candidates progress through the application and interview process, we’ll be able to give you more accurate stats on placements. But the response so far has been very encouraging. In fact, we’re so sure of the concept that we offer each employer the opportunity to make their first hire for free.

AS: Who would you say is your closest competitor?

OP: There are several other referral recruitment offerings out there which is great as it proves there is a growing market and focus on referrals. Although not direct competitors, you have JobTonic and Zubka in the UK which seem to be a popular with recruitment agency postings. Globally, models like these are springing up everywhere but we are backing our unique corporate referral model.

AS: What is the difference between a “ mole” and in internal recruiter? How many of your moles are internal recruiters?

OP: There are moles from all departments and roles available to contact, including representatives from HR departments. Employers appreciate the value of candidates contacting a relevant employee for advice. We actively encourage employers to make a broad cross section of employees available.

AS: I registered on your site this morning, one thing that strikes me is that it is not instantly obvious how to search for jobs. I know your proposition is based around getting dialogue with moles but from a job seekers perspective, I’d really like to be able to see who is actively hiring as well as what jobs would suit me. Its quite a few clicks before you get to any type of job search. I suspect that as a jobseeker I may have given up before I got to the jobs. What was your reasoning behind this, and how has this been working out with visitors to your site?

OP: The initial value to job seekers is the opportunity to meet real people who have first hand experience of the companies and careers they are interested in. As the community continues to expand and the number of jobs postings increases, they will take a more prominent position on the site. Another unique selling point with our job postings is that when you click to apply, you are invited to contact a relevant employee from the department or role you are applying to before you application is submitted. This helps improve candidate fit and quality.

AS: So the success of the site depends on people being sufficiently interested in the employers’ brand. Two things spring to mind here. Firstly, if I’m an employer that doesn’t have a huge brand would I get any benefit from using your service and secondly why would a jobseeker visit TheCareerMole over a company careers section?

OP: Yes – small brands do benefit from TheCareerMole.com as it enables them to compete for talent as job seekers have more ways of learning about their company, culture and careers in person. This morning we met with an international charity who was excited about being able to compete for job seekers from the private sector who might not know much about the size, reach and benefits of this particular charity. Confident employers – small and large – can offer careers site visitors the chance to meet and find out what it’s like to work there via TheCareerMole.com. Soon we’ll be launching a white labelled solution so employers can host the interactive employee profiles in their own careers website too.

AS: Who is more important to your business – the moles, job seekers or employers?

OP: All of them – equally! At some point in your life you’ll either be a job seeker or a mole, and some will be employers. We provide a place for these people to meet, learn about each other so they can make informed career and recruitment decisions. As the community continues to grow, its value to everyone increases.

AS: What needs to happen before you send someone an invoice?

OP: We will only send you an invoice once you have successfully recruited two people via TheCareerMole.com; and then we’ll only invoice you for the second candidate as every employer who signs up can recruit their first candidate for free. You’ll either be charged on a pay-per-post basis or an annual contingency recruitment package – whichever best suits your business.

AS: If you could either get more moles or more jobseekers onto your site, what would you go for?

OP: More employers – because employers post jobs and invite their employees to register as moles, and that in turn attracts job seekers who can learn about and apply to jobs directly.

AS: OK, back to the Den... How much of an impact on your web traffic has your appearance had?

OP: A lot – which we were surprised at considering it was such a short slot.

AS: Any regrets?

OP: Only that we weren’t on TV for longer and we didn’t have a healthy holiday tan like the Dragons.

AS: Did you have a strategy as to how you would get the Dragons buy in? If so what was it?

OP: Like TheCareerMole.com, we wanted to be open and transparent. Unfortunately this meant we spent most of the time defending employee referral schemes rather than talking about our business model.

AS: Before you went in did you have a preference as to who you hoped would invest?

OP: Our strategy was to get an offer and turn it down in favour of a better deal elsewhere. That said if Peter and James had been interested their contacts would have made us think twice. Perhaps what we are doing simply does not fit well with their existing recruitment interests?

AS: Any tips for entrepreneurs looking to get onto the Dragons Den? While I’m at it, any messages for the Dragons?

OP: If you are looking for investment, do your research on the Dragons’ existing investments and make sure your offering is complimentary. Products always do better, but that said if you have a good idea and get on TV it’s great for publicity. Crucially – don’t forget it’s a reality TV show which has to be entertaining.

AS: Last question – what is the goal for your business, and where do you see yourselves this time next year?

OP: We want to be the number one website for young professionals who want to network, research companies and apply for jobs directly. Between now and next year, we’ll continue to work with and supply highly qualified candidates to a wide range of innovative and respected companies; the next version of our website and white labelled platform will be launched and we’ll start rolling out country specific sites, initially targeting India.

Thanks guys. Glad to see you’ve emerged from the Den unscathed. Best of luck with the business.
Prospective moles, employers and job seekers can have a looked around http://www.thecareermole.com/