The professional networking market size is worth billions with LinkedIn alone being valued at a whopping $15 Billion. With 66.5% of the current population falling under working age population and over 45000 listed companies actively recruiting across the world, there is sure a lot of room to capture this market with LinkedIn and AngelList virtually having no competitors. Although the numbers show a strong trend, there’s still a lot of friction faced by recruiters and prospective recruits alike.
Statistics show that employers spend as much as 10 days to verify the credentials and as much as 30% of the annual pay if the hired candidate is not the best fit. Sure, most professional social networks help in finding the best match between recruiters and recruits, but there’s virtually no way to validate credentials or endorsements, which by far is one of the most crucial parts of a recruitment process. Further mining on some numbers, a survey conducted by careerbuilder found that 58% of hiring managers have caught job candidates lying on their resumes. This could incur heavy losses to an organization, both monetary wise and productivity wise. Although, LinkedIn tried to counter this problem by implementing endorsements , but anyone could endorse anybody. So, what value/weight-age can an endorsement have?
In the midst of all the loopholes in recruitment processes and LinkedIn turning into just another networking and social media platform, there’s a company tackling the real issues — Springrole. Springrole has revolutionized this industry by incentivizing endorsements. This is done by building a professional reputation network powered by blockchain technology to eliminate fraud from user profiles. Now, surely, a question arises, does this really need a token and a blockchain platform? YES — tokens are the veins of the platform. One needs to pay in tokens to give out endorsements and this has an inverse logarithmic correlation to the price of the tokens. The price of the tokens will increase as more people make endorsements. This will encourage people to be selective when endorsing and in turn will make endorsements more meaningful. So, to the part where people are incentivized to endorse — smart contracts in the network will reward endorsers when the people they’ve endorsed are recruited or paid. This virtually removes the need for a finder’s fee as the tokens would be rewarded to the endorsers.
Springrole already has a beta in place to test and experience their platform. You can sign-in via Google, Civic or Github. The beta enables you to reserve your profile on the blockchain and assigns a unique URL to your profile.
Springrole is also one of the very few companies that has a DApp in place. Having a beta and a DApp in place gives Springrole an unprecedented first mover’s advantage.
Currently, the professional social networking market is projected to grow at 5% from 2016 -2020 with a current valuation of $200 Billion. If Springrole can penetrate or capture even 2% of the market, that would be $2 Billion worth of market all to itself. With increase in adoption of Distributed Ledger Technologies and increase in penetration of internet users, the numbers look pretty optimistic.
Springrole is backed by Big names such as Mike Jones, who is the CEO of Science.Inc and Alex Waters who has held roles on the Bitcoin core development and has founded several startups including Coin.co. It also has a slew of big partnerships including Civic, a secure identity ecosystem, Science-Inc a blockchain investment firm and most notably Flipkart, an e-commerce site with over 100 million registered users.
This project has a huge potential to change the recruitment space with tons of adoption to be seen in the foreseeable future. Incentivizing the participants of a value-driven network can only recursively increment its own value.
You can sign up for the beta here and get some ETH airdropped to your address to try out the platform — https://beta.springrole.com/
If you want to know more about Springrole, join their community here