Archive for February, 2010

Start Up Lesson #1: Look Beyond Yourself

Wednesday, February 24th, 2010

As noted in my previous post, our initial start up objective for NextUp was relatively simple. We wanted to build a company that could deliver recruiting services to the Reliability Engineering & Predictive Maintenance industry. We have lots of experience providing services to companies in the space so we understood the needs of both the professionals and the companies that hire them. It was natural for us to pursue this market.

Because of that background we knew that the industry had a supply/demand problem when it came to talent management. RE/PdM professionals are very technically skilled and they have a unique experience/skill set so its not a labor force that can be quickly scaled. The industry is growing rapidly, resulting in a situation where the demand was far outpacing the supply of talented people.

This is not a small industry but it was clear that this was a very neglected market. In doing our market research, we were not surprised to find that there were very few recruiters who specialized in finding these professionals. The depth of the neglect was surprising because there are so many firms and websites dedicated to the engineering and maintenance profession. That was then it occurred to us that we had likely found something truly difficult to find these days – an uncontested market. What made it so, and therefore made the industry unique is that is a niche within a niche, or what we have come to call a “micro niche”.

Once we came to understand the micro-niche, we quickly realized that there were hundreds, if not thousands of these to take advantage of. We also learned if we could build a defined profile of a desirable micro-niche and a delivery model that could be quickly replicated and mass customized we would be able to deliver services to any micro-niche we wanted.

Building a business model that is going to be replicated and scaled requires a different approach than one that is a single instance. By assessing the market and stepping back to look at the big picture, we quickly realized we had an opportunity that was far larger than what we envisioned. Whether or not we end up pursuing other micro-niches, it was clear to us that we needed to build our model to allow for the possibility.

Looking beyond ourselves, allowed us to think critically and ultimately create a business model that we believe will be much more successful.

Start Up Lessons Learned

Monday, February 22nd, 2010

Since August of 2008, I have been working on a start up initiative outside of my traditional Vann Group duties. The original focus was simply to leverage our unique in-house capabilities and launch a recruiting offering for the vastly under served Reliability Engineering and Predictive Maintenance industry.

As I began to dive into the project I was amazed to find that not only was our use of organizational development best practices rather unique, the market for recruitment services was incredibly fragmented and the delivery model broken. The effort grew and evolved into something exciting and what we believe will be a disruptive and scalable solution. Of course, building something new is never easy, and along the way our team has learned our share of lessons in bringing the idea to market.

Over the next couple of weeks, I will be posting about those lessons learned. Some of them will no doubt be familiar, which in hindsight makes them frustrating. At the same time, there are some unique insights that I hope will help other entrepreneurs on their start up path.

As I post, I welcome any feedback and insights about your own experiences.

Vann Group Announcements

Sunday, February 21st, 2010

As all my faithful readers know, this blog has essentially been on hiatus since late August where I promised all sorts of wonderful things would be occurring with this site and the Vann Group world. Needless to say, we’ve been extremely slow in finalizing our activities and initiatives. While many are not yet complete, we are at the point where I feel comfortable informally announcing them publicly.

To begin, I am pleased to announce that NextUp Careers, our career portal for reliability engineers and predictive maintenance professionals has finally launched. It took a year plus to finally get to launch and was extremely painful and stressful but also an exhilarating and fun experience. NextUp will prove to be an interesting case study because its an entirely different approach to the traditional job board. There have been some incredible lessons learned throughout this that I will share in the coming weeks.

I am also pleased to formally announce the launch of Hire EQ. Hire EQ is an outsourced recruiting solution designed to meet the unique hiring needs of small/mid-size businesses. We believe that Hire EQ is the first model of its kind as recruitment process outsourcing has always been a service that only corporate America could take advantage of. There are a lot of exciting elements to Hire EQ but the part that I’m really excited about is the addition of David Pollard to our team. Dave is a long-time friend and client. He is also the owner of Talent Fusion, one of the top RPO companies in the country and an innovator in the recruitment space. Having Dave drive Hire EQ is a huge benefit for us and it speaks to how disruptive we believe Hire EQ will be.

I am also pleased to announce that within the next couple of weeks we will be announcing the formal launch of Joe Strategy. Joe Strategy is a strategy focused blog that will provide insights on best practices, planning tools and general insights and analysis. The site will be geared towards small/mid-size businesses and professional service providers. The latter is a different audience for us, but we are focusing on them because the vast majority of professional service providers are small/mid-size businesses and as we can attest from first hand knowledge, the world of professional service providers is changing drastically and the disruptions will continue.

When we formally launch Joe Strategy, we will be releasing our white paper entitled “The Crowd, the Cloud and the Demise of Professional Services as We Know It”. We’ve received some great feedback from our reviewers on it, and I hope that it will make many think about the impact of technology on professional knowledge advisers/providers.

This blog will also be active. Whereas Joe Strategy posts will be focused on strategy, this blog will continue to revolve around general business topics and insight. Over the next couple of weeks, I will be blogging about my start up lessons learned.