Mehul Patel, CEO of tech talent marketplace Hired, describes the company's early business model and financial performance during its initial four years.
“We launched in 2012 for our first four years of our history. We're a transactional marketplace like that. We curated, meaning we selected the best candidates. We grew triple digit percentages year over year hit tens of millions of dollars of revenue.”
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More from Mehul Patel
Opinion
Patel: Celebrating VC funding is like celebrating getting a mortgage
“We didn't want to do the typical fundraise announcement where, you know, everyone gets high fives because they raised X dollars at a Y valuation you know, which always seems like an odd thing to celebrate. It's a very Silicon Valley thing to do. It's sort of a…”
Mehul PatelApr 20, 2020▶ 22:43Lessons from Hired CEO: How to Move from Transactional to Recurring Revenue
PredictionNot checkable as stated
Patel: Next wave of marketplaces combines marketplace dynamics with SaaS
“I'd posit there's a next wave coming in marketplaces, and that is really gonna be the combination of a marketplace company and a SaaS model.”
Mehul PatelApr 20, 2020▶ 2:31Lessons from Hired CEO: How to Move from Transactional to Recurring Revenue
Insight
Patel: Lower marginal transaction costs in SaaS marketplaces drive better data flywheels
“The power for the marketplace in that is as marginal cost goes down, usage goes up, they get more data, they understand preferences better. Once you understand preferences better, you can match and make recommendations better.”
Mehul PatelApr 20, 2020▶ 3:16Lessons from Hired CEO: How to Move from Transactional to Recurring Revenue
AssertionNot checkable as stated
Patel: Hired's subscription revenue surpassed four years of transactional scale in two
“We've actually, in the two years we've been running the subscription business we've got to a scale that is now greater than we've got to after four years of running the transaction after running the transactional business.”
Mehul PatelApr 20, 2020▶ 6:30Lessons from Hired CEO: How to Move from Transactional to Recurring Revenue
Insight
Patel: Relying on policies instead of values kills early-stage innovative culture
“When you don't have alignment around values, you have to find that alignment in different ways, and the way you do that often is policies and procedures. Policies and procedures kill an organization at this stage, right? If you're going to lose the most innova…”
Mehul PatelApr 20, 2020▶ 8:38Lessons from Hired CEO: How to Move from Transactional to Recurring Revenue
Insight
Patel: Early-Stage Transformations Need Scrappy Builders Over Big-Company Executives
“We made a mistake of going too senior in certain instances. We needed people who knew how to be scrappy and how to build, not people who had done this at a very, very large company at least in the early stages.”
Mehul PatelApr 20, 2020▶ 9:49Lessons from Hired CEO: How to Move from Transactional to Recurring Revenue
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