It failed to figure out a scalable business for a big enough market.
Online recruitment solutions company, TalentPad has decided to shut shop after 18 months of operations. The company, which came into existence in Feb 2014, offered a differentiated service—helping organisations to specifically hire tech talent. The other differentiator was that the company tried to resolve an issue from the candidate’s perspective rather than that of the employer’s. However, while the services were free for the jobseekers, the recruiters had to pay for them.
The company boasts of an impressive clientele, which includes BookMyShow, MakeMyTrip, Snapdeal, InMobi and Capillary.
TalentPad, which had received its first level of funding from Helion Ventures, announced the closure of its services on its website on August 5, 2015. It had also acquired the tech recruitment platform, OptimizedBits, a couple of months back.
The reason why the company decided to shut shop was that it failed to figure out a scalable business for a big enough market, it said in the announcement. “One of the things that our entire team has been passionate about is making a big impact on a wide-ranging audience. We could not figure out a way to achieve that.”
There is still some time before it finally shuts down on September 30. In the interim period, it will not upload any fresh profiles of candidates. However, interested organisations can browse the existing list of candidates and call them for interviews.
In addition, candidates who are already in the process of being interviewed, will be offered its extended support till the time they join.
The startup company has also assured that in case the candidates leave within 90 days of joining, it will refund the entire fee to the respective organisations.
The company has stated that the privacy of the candidates will be maintained and all profile details will be permanently deleted by September 30.
All is not lost yet! Word has it that the company plans to come back after a short break with newer services.
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The excuse that they failed to figure out a scalable business for a big enough market is simply not acceptable. Its like monkey’s throwing dart on to a board where if it hits the board then it is deemed very successful. Everything through technology is the first mistake.
Secondly, should have had a revenue generation model that works. Having a great team of monkeys is not enough to generate revenues.
Third, the whole idea was based on too many assumptions that may or may not work. Assumption is the mother of all screwups, they should have read Murphy’s law before starting out.
I wonder what was the basis on which the Venture Capitalist firm Helion Partner invested. Didn’t their representative on board of talentpad aware of the rot and it is not going anywhere other than burning cash?