Munich Startup: Who are you and what do you do? Please briefly introduce yourself and your services!
Talentbay: We are Marcus Otto (55) and Michael Wenglein (46), the founders of Talentbay. Passionate investors with many years of experience in the digital and tech worlds. NFON and Propertybase, for example, are among the projects we have successfully led. Talentbay is a new platform in Europe that connects students directly with their future colleagues.
The match on the Talentbay website or in the Talentbay app is based on our proprietary algorithm and takes into account parameters such as university selection, degree program, interests, and professors, as well as the company's requirements profile. Talentbay currently employs a team of 12 permanent and freelance employees. Effective January 1, 2021, we welcome Marc Irmisch-Petit (52), the former European head of Monster, as CEO.
More criteria than a standard CV or profiles on business networks
Munich Startup: But that's been around for a long time!
Talentbay: There's nothing comparable in Europe. We start the recruiting process much earlier than most platforms and networks. Talentbay connects high-potential candidates with companies long before the HR department has advertised a specific position. Typically, the students are still enrolled at university, which allows ample time to get to know each other. This allows companies to build a network of potential employees in a straightforward and practical way as a first step. The proprietary algorithm we developed takes into account significantly more criteria than a standard resume or profiles on business networks.
“We need to rethink recruiting: faster, more efficient, and more practical.”
Munich Startup: What has been your biggest challenge so far?
Talentbay: Build awareness, especially among companies, and engage stakeholders in this process: We need to rethink recruiting: faster, more efficient, and more practical. This can only be achieved if students come into direct contact with their potential future colleagues. This is more honest than reciting your company's philosophy to every applicant in the interview.
Munich Startup: How is business going?
Talentbay: We've just launched, launching the beta version of our Talentbay app and website in October. So, we're just at the beginning. Now, our first priority is establishing Talentbay in Germany.
Initially, interested companies will have access to profiles of around 600,000 students – including approximately 100,000 doctoral students. The second step will be international expansion. Here, we benefit from economies of scale because the technical platform has already been built.
Munich Startup: What does Munich mean to you?
Talentbay: Munich is a great location for founders – especially in our case. This is where our target groups meet: We find tomorrow's high potentials at, among other places, the Ludwig Maximilian University and the Technical University of Munich – where we, Marcus and Michael, also studied. So the campus also has an emotional value for us.
In addition, numerous companies are located in Munich: from DAX-listed corporations and offices of global market leaders to medium-sized companies and startups like us. The mix is simply perfect.
Career platform for the Tinder generation
Munich Startup: How can your startup become the next unicorn? Or will we see you soon at Epic Fail Night?
Talentbay: With Talentbay, we deliver sustainable added value – and that's how we remain successful. Talentbay simplifies and improves the job search process, which has remained stagnant for decades. Ultimately, we are the career platform for the Tinder generation. But let's be realistic: a valuation of more than $1 billion is just a dream for now. We are happy to have already found enough powerful investors and are working daily to adapt Talentbay to the needs of our target groups and continuously improve it.
Munich Startup: Quick exit or long breath?
Talentbay: With Talentbay, we pursue a vision: We want to improve the recruiting process – for both students and companies. For future-oriented fields like AI, IoT, and synthetic biology, we need the most creative minds to ensure Germany remains internationally competitive. We want to contribute to ensuring that high-potentials find their dream jobs here in Germany and don't emigrate to Silicon Valley. We want to achieve this, and it requires a lot of perseverance.
