Standout Jobs
The business, the turning points, and the decisions behind them.
01 / WHAT IT BUILT
What the company did
Standout Jobs was a Montreal-based recruitment startup founded in 2007 that gave employers mini career sites with Web 2.0 tools - job posting to boards, candidate tracking widgets, and candidate management - for about $149 a month, using social-media principles to bring a consumer-style experience to hiring. The company raised about $1.8-$2 million from Montreal venture firms and angel investors in Montreal and New York. After struggling through the 2009 recession, it was acquired by Talent Technology in October 2010 - a distress sale in which the founder sold the assets and returned 'cents on the dollar', with investors losing most of their money.
02 / Standout Jobs FAILURE REASONS
Failure reasons
Standout Jobs failed for reasons its founder dissected in a detailed postmortem: he raised too much money too early (~$1.8M) without the validation to justify it, since the founding team could not build an MVP on its own; raising the money 'felt like winning' and committed them to assumptions they had not tested. The 2009 recession then gripped the economy just as they were running out of cash with only middling traction. When the founder proposed a big pivot mid-2009 (a B2C play around identity and referrals), the board decided to 'stay the course'. By fall 2009 he was the 'last man standing' in an empty office, trying to get a deal done.
03 / EVENT HISTORY
Events in the structured record
- Company founded
Standout Jobs was co-founded in Montreal as a recruitment startup selling Web-based hiring tools to employers.
- Launch and fundraising
The company launched (in California, not Montreal) and raised about $1.8 million from Montreal venture firms and angel investors - which the founder later said was too much, too early.
- Recession crisis
By mid-2009 the recession had a 'death grip' on the economy; the company was running out of cash with middling traction. The founder's proposed big pivot was rejected by the board; by fall 2009 he was the last man standing in an empty office.
- Acquired by Talent Technology
In October 2010 Standout Jobs was acquired by Talent Technology in a distress sale: assets sold, investors got 'cents on the dollar'.
04 / CONTEMPORARY REBUILD ASSESSMENT
Difficulty of rebuilding this project today
Material for this section is being gathered and checked. It will appear here once ready.
Overall assessment: Not completed
05 / CAUSAL CHAIN
How the factors connect
- 01
In October 2010 Standout Jobs was acquired by Talent Technology; financial terms were undisclosed.
- 02
Founder: from fall 2009 until the acquisition closed he was the 'last man standing', and he ended up selling the assets and returning 'cents on the dollar' - investors lost most of their ~$2 million.
- 03
No loss figures, debts, or creditor claims beyond the investment loss were publicly disclosed.