Monster.com uses customer base to build ecosystem for startups
US-based employment website Monster.com has been making inroads into the startup ecosystem by leveraging its customer base to crowdsource funds for entrepreneurial ventures in India.
In January this year, the company came up with a survey to judge the pulse of its 49 million user base around startups. “Within Monster, we were also exploring the startup space as our 49 million users have aspirations to start something of their own,” said Sanjay Modi, managing director of Monster India.
It was then that the company went ahead and created an umbrella called ‘Make India Work’ – an ecosystem for startups. “Breakthrough came when we started looking at angel funding and crowdsourcing, we said that these 49 million users could be potential funders for startups,” he said. These job seekers got an immediate connect, which was absent earlier. “We have also provided a framework for those who wanted to startup. With mentors, funding, we are giving an entire eco-system for those wanting to work for a startup and those wanting to start one,” Modi said.
Currently startups don’t fetch any significant revenues for Monster. “But it will definitely get bigger,” he said. Monster, which has five mentors including Maheshwar Peri and Arunachalam Muruganantham, CEO, Jayaashree Industries, is looking at adding more mentors and roping in venture capitalists.
The company has also launched a new product —’social job at hiring’. This was a result of its acquisition of a company called ‘Talent Bin’ in the US about two years ago. The offering through this acquisition is a product that crawls the digital landscape. “So this product crawls Twitter, FB, Google and gives a list of candidates based on skills as per the clients’ requirement,” Modi said.