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interviewIA

Intention behind every question. Data behind every answer.

USA, Colorado
Market: Another, Artificial Intelligence
Stage of the project: Prototype or product is ready

Date of last change: 25.09.2020
Min investment
$  250.000
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Total required
$ 2.500.000
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Idea

interviewIA is committed to systematically building an Inclusive Future of Work in a world where organizations can be objective and inclusive in hiring to create thriving, diverse, engaged cultures of high-performing employees. interviewIA is redefining the actual practice of interviewing by creating the first solution to bring human calibration, structure, and data-driven interview outcomes into one, fully integrated, easy-to-use cloud application. interviewIA uses deep learning (IA) Intelligence Amplification technology and human-centered design to redefine the method of interviewing.

Current Status

We are launching the first version of our product in October 2020. We are in the process of migrating current customers to the platform, currently 5 in total. We have sold 8 new customers and are in the process with many more to close new business by the end of September, having started our business development in earnest at the end of August.

Market

We serve a horizontal market within the HR technology space and are well-positioned to be the interview delivery and measurement platform used by companies with 5,000-30,000 employees, strong people-first cultures, and revenues ranging from $1 Billion to $10 Billion annually. Companies within this target market are actively hiring between 50 to 600 people every month, depending on the industry, and have an opportunity to gain significant efficiencies in time and expense using our solution.

Problem or Opportunity

Hiring is difficult, expensive, and ineffective. Organizations spend millions on interviewing and poor hiring decisions resulting in an annual loss of $450 Billion due to turnover. A systematic lack of the following - process alignment, a standardized and human-centered hiring process, and most importantly, the data necessary to make quality hires - prevents companies from achieving their goals and retaining top talent.

Solution (product or service)

Our talent evaluation SaaS platform coordinates a data-driven hiring process, unifying the elements of candidate evaluation and interviews by making them measurable, transparent, and repeatable. By connecting Intelligence Amplification (IA), machine learning, and continuous education, interviewIA helps companies scale a structured hiring process, design a consistent, human-centered candidate experience, and replace the ritual of hiring with multi-dimensional data.

Competitors

Competitors vary across capability, focus, and feature sets, and include Outmatch, Allyo, InterviewEdge, HackerRank, HireVue, and InterviewStream. Our defensibility lies in our ability to capture comprehensive and actionable data insights that do not currently exist, as well as building an Intelligence Amplification Ecosystem that will use millions of data points to create insights about human potential and behavior.

Advantages or differentiators

interviewIA is a differentiated solution focused on the talent evaluation segment. Our innovative, proprietary, and patent-pending technology has been refined from over 3 years of customer use and 5 years of experience with transforming companies’ hiring strategies and processes across multiple industries. Our proven talent evaluation methodology has resulted in hiring successes from individual contributor to C-suite positions. But we go further than just improving an organization’s interviewing process and outcomes - we empower them to change the ritual of hiring by designing a consistent, human-centered candidate experience and capturing multi-dimensional data-driven insights.

Finance

We are launching with a 3-tiered pricing model for Early Adopters based on the size of a company. Every Early Adopter will receive 18 months of unlimited access to online training and the platform in exchange for a feedback loop to help us continue to build out the platform's capabilities through June 2022:

Up to 100 employees: $1,200
Up to 1,000 employees: $6,000
Enterprise: $12,000

Our overall cost structure takes into account the number of open roles and the typical number of interviews it takes to fill one role. Our goal is to provide a seamless experience for the purchase of annual subscriptions.

Business model

Our tenured business development and marketing team’s strategy is focused on client acquisition through 4 primary channels – Channel & Marketplace Partnerships, Traditional Sales, Marketing, and Organic Growth. Our success lies in our strategic partnerships with leading Applicant Tracking System Vendors, a sales model that reinvests 30-45% of revenue into BD over the first 4 years and a continuation in referral sales that has already resulted in $6 Million in sales. Our team members are also recognized thought leaders and talent strategy industry experts allowing us to build brand awareness and increase reach through speaking engagements, our top-ranked DEI podcast, active webinar series, and online training.

Money will be spent on

Development (integrations primarily), sales, and version 2 of our training.

Team or Management

Risks

The one major risk is COVID's continued negative effect on hiring well into 2021. We can mitigate this risk with our training and calibration of existing employees, but the risk is still uncertain.

Incubation/Acceleration programs accomplishment

We have not participated in any Incubation/Acceleration programs to date.

Won the competition and other awards

We just won first place in the First-Ever Global Inclusion Online Forum Startup Pitch Competition out of 20 amazing startups from 12 different countries! On Friday, September 4, 2020, our CEO, Joe Thurman, gave his 3-minute pitch to a panel of global judges and really put a spotlight on the great inclusion and diversity work that is happening here in the US, despite the turmoil and division we are experiencing.

We have most recently won the AI Unicorn Battle North America to be entered into the finals in November.

Invention/Patent

We have been awarded a provisional patent based on our methodology but cannot share any more than that at this time.

Photos

Photo 1 - Intention behind every question. Data behind every answer.
Photo 2 - Intention behind every question. Data behind every answer.

Product Video

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Idea
Current Status
Market
Problem or Opportunity
Solution (product or service)
Competitors
Advantages or differentiators
Finance
Invested in previous rounds, $
Business model
Money will be spent on
Offer for investor
Team or Management
Mentors & Advisors
Lead investor
Risks
Incubation/Acceleration programs accomplishment
Won the competition and other awards
Invention/Patent
Photos
Product Video