June 2021 investor update
Dear all,
June was a good month in terms of getting hires at the level we want to sustain on a monthly basis. We also (very easily) closed new customers (get them to sign an MSA). We've made substantial progress in making our talent qualification process less painful for our candidates, and we are starting to make the product investments to automate the top levels of the talent qualification/communication.
KPIs
Net Cash Balance: $1.007M in cash and short-term AR (previously $1.046M)
Last 30-days cash consumption: $40k
Months of run-rate: 25 months
GMV managed: $3M (prev $2.5M)
MRR: $69k (up from $59k)
Customers: 15 (prev 11)
Talent placed: 51 (prev 44)
Open positions currently hiring for: 31
What we've done in the last month
In our last newsletter we said we would:
We will be live with our new site, and have a first version of our marketplace platform.
We will have support programs to train candidates that are not ready to jump into a recruiting process (interview preparation curriculum).
Close 1 more customer. Hire more on two existing teams. Get 2 customers to hire their first developers.
Customer Demand: We placed 7 new people (5 in existing staffed customers, 2 in a new customer). As a result, our MRR grew to aprox $68k. While we've been almost exclusively focused on supply, we also dedicated some time to closing a few MSAs with 4 new customers.
Our ability to generate demand (and close it) at will (as in opening the faucet) is aligned with our test to increase the number of opportunities to maximize the chance of placement of a given developer.
We believe that great candidates that, for culture-fit reasons, don't get hired by one of our few customers would indeed get a job if the number of customers we have was higher.
We also believe that increasing the number of customers with a signed MSA will help us find "good customers", where good = high sense of hiring urgency. While everyone says they need developers, the reality is that when the time comes to pull the trigger, that urgency (or lack of thereof) becomes very real.
In a way we're not worried about early customer churn, but want to maximize sowing as many seeds so a few trees grow. Here's an example of such a tree:
Talent Supply: This month we've made some changes to our process at the top of the funnel that have increased our speed to move candidates through our funnel in a much more speedy way.
We've made good progress in generating a new onboarding process (not live yet) for candidates coming from our ads campaigns.
We extended and got accepted 7 new offers (great improvement in our placement rate), but one developer accepted a counter-offer 1 week before starting.
We are starting to provide visibility to our talent pool to customers to enable them customize our reach outs, company profiles. Similarly, we're giving access to our developers to show them their profile. Customers are starting to self-serve their matching to candidates.
Product: we've focused our efforts on improving our talent funnel, as well as further opening our admin platform beyond our hired talent. We hope to launch our chrome extension soon.
We've mapped our product roadmap for the foreseeable future. There is a platform to be built for the long term, and we will be taking a stab at it over the next few months. This platform will power the marketplace we're building.
We've implemented (but it is not live) a new onboarding process we hope will increase the conversion of one of our channels to acquire talent applicants.
We have launched our new landing pages for Remotely Works, and we expect to release our chrome extension imminently.
We have started to give access to our crm tool to a few of our customers. We will be collecting feedback and searching for ways to improve the experience they get.
What we'll be doing during the next month
We will continue to work on incrementing demand, supply and improving our ability to match demand with supply.
We will working towards creating a top-notch experience for our platform based on the past year managing both customers and developers.
Hire more on two existing teams. Get 2 customers to hire their first developers.
How can you help?
If you know of any outstanding talent acquisition specialists in LATAM (preferably in Brazil), please refer them our way.
If you know of any tech recruiter in the US, please stay tunned for the launch of the gitsight chrome extension so you can share it with them.
We look forward to updating you again next month, in the interim, let us know if you have any questions.
Many thanks,