Why invest into idibu? Miles Hunt interview with Steve – Part 2
On 18th November 2016 Benula Capital invested into idibu. The man behind Benula is Miles Hunt. He came to our annual get together in Barcelona – a great opportunity for me to interview Miles on different topics.
This second one focuses on: 1. Why have Benula invested into idibu 2. How do Benula see idibu evolving as a business. Part 3 will focus on the best investments he has made.
Steve: Why have you invested in idibu?
Miles: So, why idibu? Two or three things: the first is again, you go back to focus on the sector. One of the primary drivers of change in our industry is technology. The other would be changing behaviors of clients and candidates. But technology I think is the driver of so much change. And also, it’s a great enabler for organizations to themselves transform their business and change in line with the markets.
So, where idibu is positioned, I think what’s interesting is, it’s in a very, very sort of rarefied place. There are lots of technology solutions that recruitment companies or corporates have got. Corporate internal resourcing functions are using ATS or CRM in the case of recruitment companies. So, those databases – there are dozens and dozens of proprietors there and one or two very, very good ones.
You don’t want to be competing in that space because it’s so competitive. Equally, there are one or two enabling software that which I think people are using to help them in a way that they market or the way that they access candidates. But it’s generally they are standalone and they’re not usually integrated with all the different technology ecosystems out there.
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Where idibu sits – and there are only two or three other players in this market coming from being an intermediary between the CRM and also historically the job boards, doing job posting as its primary function, creates this fantastic platform, this capability and this existing position which when – if you’ve explode that out into a broader candidate and talent marketing platform that supports the existing CRMs or enhances the effectiveness of it, acting very much as a sort of a… An expression that’s used to me recently, a personal trainer, fitness coach to make sure that the quality of information coming into their CRM is both high quality and going in the right place so it can be used in the future… Then, there’s very little competition.
There are very few people doing what Idibu does. And because of its very strong client base and network and relationships with CRMs around the world, I think it’s in a very, very interesting position to take advantage of the change in nature of the industry. So, it’s in a very interesting place.
And of course, the other thing which I tend to do when it comes to investing in businesses, spending time with you and the management team, Martin and the team , getting to understand the ethos of the business, its capabilities and the potential for it, I’m really comfortable I know the opportunity exists. I’m really excited about what that represents for everybody involved in the course of next two to five years.
Steve: And do you have any particular fixed ideas as to how you see idibu evolving?
Miles: Well again as you know as we’ve been showing to the market and the latest development we’re releasing to the market. idibu has moved from being transactional, supporting job posting, to providing a means of engaging and attracting talent in whichever capacity that represents, whichever recruiting organization we are talking about in a way which I don’t think anyone else I’ve come across does. And therefore, that’s a different proposition, a different market proposition than a value proposition to what it was before.
I think our challenge collectively is helping the market understand that transition from old idibu to new idibu.