Kochie business plan

Thinking about buying or selling a business? There are many decision points in the process — whether to use a broker for example, how to estimate the value of a business, what type of settlement period to negotiate, the size of any deposit that will be required, the extent of training that should accompany a sale, any arrangements that must be made for existing staff — and when and how customers should be advised about new owners.

Kochie business plan

It was a problem faced many times by Desmond Hang and Ben Liau at their respective companies, and over time, the friends realised that they were — painfully — not the only ones.

Hang was previously cofounder and director for ILoveDiscounts. According to Hang, obtaining candidates is not a problem, but hiring and identifying talented people is the issue.

Aside from the massive financial drawback, bad hires can also result in legal issues, fewer sales, loss of worker productivity, and time wasted retraining; it can also have a negative impact on employee morale.

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Fuelled by personal experience, with high market potential for the right solution, CrowdSourceHire was incorporated on March with Hang as chief executive officer and Liau as chief marketing officer. He boasts extensive experience in talent verification, having managed offshore teams numbering in the hundreds.

The secret sauce Headquartered in Australia, CrowdSourceHire is essentially an online marketplace that brings together industry experts with businesses that are looking to verify the skills of their potential hires The company puts candidates through a three-stage pre-hire assessment process to ensure they have all the right skills for the job.

Potential candidates are thus assessed and given a recommendation on whether they have the right technical skills for the specific job. The experts are put though a vigorous vetting process that consists of background checks and completing a thorough assessment.

In Stage 2, they are tested on the application of their knowledge. They are given a virtual environment, and are asked to code the solution to a specific problem that they would encounter in the specific job they have applied for.

kochie business plan

In Stage 3, the candidates do a video interview, and are required to answer a number of pre-recorded interview questions that evaluate their ability to communicate ideas effectively. This test also helps to ensure that the individual taking the assessment is really the same person who took the previous two tests — something that existing online tests often fail to do, says Hang.

In terms of pricing, CrowdSourceHire offers tiered packages: Lay of the land CrowdSourceHire remains in beta and is focused on fulfilling the need for web development skills. To date, about 43 assessments have been complete with 58 industry experts vetted and evaluated. The team is looking to extending the model into other technical industries in the future, including IT and engineering.

Hang says that in terms of local talent, generally the good candidates that are assessed have a passion for what they do, and that shows through their results in the assessment and pre-recorded interview.

Currently, CrowdSourceHire has mainly startups as clients and intends to work its way up to small and medium businesses and recruitment agencies. Accelerating past challenges To aid in the rapid development and refinement of its platform, the team competed for and got a place in the ilab Germinate accelerator programme.

This programme was established by the Queensland Government in to support early stage high-tech companies through the first few years of development by building their business management capabilities, fostering mentor networks for founders, creating investor-ready companies, and graduating companies with increased chances of success.

There were quite a few challenges to overcome in creating the CrowdSourceHire platform, mainly in setting up a reliable non-biased assessment framework. Another challenge was with regards to setting up a framework that could adequately identify the job scope versus job key performance index.

Most recently, the team competed for a spot in and was ultimately accepted into muru-Da startup accelerator backed by Telstra. We went from not having a chance during a round-robin pitch process and taking in all the constructive criticism, to becoming one of the stronger companies to get into muru-D.Kochie's Business Builders.

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kochie business plan

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