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Why is Shark Tank's Mark Cuban investing in a job start-up
Angela Antony, a former White House staffer having embarked on writing a book as part of a Harvard Law School project, found herself buried in economic reports revealing the inefficiencies of the hiring process and the headache which it causes the HR department of any company, especially that of startups.
During her research, Antony discovering that 46% of candidates hired leave their companies in a period of 18 months, and according to a recent Gallup poll, disappointed employees who part ways with a company cost organizations about USD$450 billion a year in productivity losses in the United States alone.
Antony crossed paths with entrepreneur, Shark Tank panelist, and investment guru, Mark Cuban, who reveled in the challenge of this dilemma and decided to partake in a solution. Offering to back Antony, Cuban recommended that she set aside all the reports and files, and instead establish a company aimed to solve the problem. And, that's how Scoutible was conceived.
Now Scoutible has 10 people and employs psychologists, engineers, and experts in artificial intelligence. The company uses video games to streamline its selection process.
Candidates participate as characters on a sort of mission, and that enables the gathering of necessary data to measure different attributes and capabilities, such as problem-solving skills or risk aversion. It concludes with a numerical evaluation of the probability which makes it possible for applicants to stand out in a given role.
According to Antony, these data are much more effective than traditional methods, such as the curriculum or the interview. And Cuban has trusted her: he has already invested a million dollars and a round of another 5 million is on its way.
The above article was written and published in Spanish and has been translated into English. Click here to read the original article.