A few years back, inspired by the book “Angel Investing,” we founded FundingUniverse.com and started holding SpeedPitching events–two hour events where about ten entrepreneurs could have a few minutes at small tables with 2-3 investors.
FundingUniverse SpeedPitching events have been successfully held in six states, and are held bi-monthly in Utah. They are very affordable for entrepreneurs and they are popular with angels and VCs because they get a little exposure to a lot of deals very quickly–and save them a lot of time.
Most investors will tell you that they know within a minute or two if they are interested in a deal. But most introductory meetings between entrepreneurs (who think everyone should love their idea and can talk about it passionately for a long time) and angels/VCs are half an hour at least. Often, they go a lot longer than that, because it’s hard to cut a meeting short without appearing to be rude.
Many investors have told me they love this approach to deal flow because it saves them time.
As an entrepreneur, given the stage that FamilyLink.com is at, raising capital is not taking up much time these days. What is taking up as much time as I can possibly give it is recruiting–finding candidates on LinkedIn, responding to candidates who find us, identifying needs for positions we need to create and fill, and then doing lots of phone and in person interviews.
I blogged early today about our plan to use a Billboard on I-15 to attract potential candidates here in Utah. But the more candidates that we get, the more time it takes to screen them, hold preliminary interviews, and then finally, get the top 3 or so candidates in face to face interviews with at least 5-6 hiring managers.
To streamline this process, what we really need to do is set up some kind of SpeedRecruiting event, where we can schedule 2 hours for all our top managers to meet with maybe two dozen or more potential recruits in a rapid-fire format. Each manager can have a prepared list of questions they want to ask each prospective employee. (It’s probably a good idea to ask the same questions each time to fairly assess the candidates for any given position.)
The goal of SpeedRecruiting would be to filter out candidates who aren’t nearly as impressive in person as their resumes suggest, and to identify top prospects for in-depth interviews with key hiring managers.
I can already see several potential flaws in this approach, but I’d like to know what other fast growing companies have done to speed up the recruiting process without ending up hiring employees that don’t end up as valuable contributors. Hiring too fast almost always ends in regret.
Have you seen any best-practices in this regard?
Help, we need suggestions here!