60 second start-up: Job Bounties

0-5 seconds: Sum your business up in a sentence

Job Bounties is the world's first social recruitment site, where you play headhunter, earning money for yourself and helping firms save on recruitment spend.

5-10 seconds: What's the business model?

Recruitment is worth $480 billion a year globally, and hiring can be too expensive. Job Bounties offers firms a way of setting a fair price for a hire - i.e what a firm is willing to pay to get a job filled. It is free for firms to advertise jobs on the site, the applications are screened by expert consultants to make sure only the best candidates are put forward, and the bounty is only paid if the candidate is hired.

10-15 seconds: Who are your competitors?

Job Bounties has no direct competitors. We play on the same field as job boards - but they charge to advertise which is a sunk cost with no guarantee of a hire; and headhunters - who can be too expensive for some firms, especially fast-growing SMEs who can't afford to pay thousands of pounds to find great people.  

15-20 seconds: What's your USP?

Job Bounties is a zero risk way of hiring talent.  

20-25 seconds: How have you funded it so far?

Job Bounties is funded by profits from my other businesses and external investors.

25-30 seconds: What were you doing before?

Before Job Bounties, I founded, and still own, two other businesses. The first is Oxbridge Applications, started in 1999, which specialises in advising Oxbridge applicants. The second is Bright Network, started in 2009, which is a network of the best and brightest students from all backgrounds in the UK. The idea behind Bright Network actually came from having a large database of Britain's brightest young people who had applied to great universities.  

30-35 seconds: Where did the idea come from?

In the same way that Bright Network spun-out of Oxford Applications, Bright Network spun-out of Job Bounties - we had the candidates and it was an innovative idea that just made sense. With Bright Network, we have relationships with leading graduate recruiters such as Goldman Sachs, Slaughter and May and Accenture, as well as SMEs such as The Mind Gym. We also have a community of over 15,000 active and well-connected individuals. Job Bounties connects everyone: providing users with a way of making money and firms with a cost-effective way to recruit.

35-40 seconds: What's the smartest thing you've done so far?

The best decision I've ever made as an entrepreneur was to bring on outside investors. Firstly, they have incredible experience of how to grow and scale a business and provide excellent guidance. Secondly, the extra capital investment has meant we've been able to grow even faster and get to where we need to get quicker.

40-45 seconds: What's the stupidest?

The worst was trying to launch Bright Network in March 2008. Northern Rock had just gone bust and Lehmans went under in October 2008. My business model was based on firms hiring, and they just stopped. I battened down the storm hatches, cut the overheads and re-started the business in late 2009.

45-50 seconds: If your business was a biscuit, what would it be?

Job Bounties would be a Wagon Wheel.  Job Bounties has its very own resident Sheriff called JB - meet him here, https://vimeo.com/62719627. JB is rather partial to a good Wagon Wheel. 

50-55 seconds: Which idea are you a bit jealous of?

I am a massive fan of www.housebites.com. The founder, Simon Prockter, has a successful speed dating enterprise on his CV. With housebites, he identified the gap in the market that we have all recognised and suffered from: dodgy takeaways! - and disrupted the market by introducing gourmet takeaway dining made with local produce by a roster of local chefs.

55-60 seconds: Where are you going to be in 12 months' time?

Job Bounties will have established itself as the cost efficient, zero-risk, innovative and disruptive recruitment model it is - shaking up the UK jobs market.  And then Europe will be next, followed by the US.

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