- More contracts signed, highlighting two multi-national recruitment firms
- Since the start of this year we have moved from a US based self-service business model to an Australian focused enterprise model. Today we're increasingly focused on selling our predictive assessment capability
- Our upcoming product release gives us the ability to deliver for non-tech specific roles. This has been our most common request from enterprise clients
Transcript of the August update
Please note that this transcript has been edited slightly for readability.
Welcome shareholders to the Gooroo Ventures monthly shareholder update. There are three things I'd like to cover off today:
- Sales progress.
- An update on our strategic direction.
- Product news.
More sales contracts
So as you know over the last three months, we've been deep in the sales trenches. As a result of the sales activity we're seeing lots of demonstrations being performed, trials are being undertaken and some great contracts being signed, a couple of which I'll talk about shortly.
What we're seeing is that this is a market that's crying out for innovation, and there's widespread recognition that the way in which organisations are both assessing and screening candidates is broken.
Our technology helps hirers simplify their hiring process, speed it up and predict which of their candidates are going to perform better. And that is the message that is resonating in the market.
I'd now like to talk about just a couple of the deals that we have signed over the last month.
Firstly we've signed a trial with one of the top 10 largest recruitment agencies in the world.They're using Gooroo to speed up their assessment process and provide a more accurate recommendation for their customers right across Australia.
Secondly, we've signed an ongoing contract with an IT recruitment firm who has offices right across Australia and in the Asia-Pacific. They're now embedding Gooroo into the way in which they do business every day.
Recapping our strategy
So to bring this all together, I'd like to do a quick recap on our strategic focus. As you may recall we started this year with a USA focused self-service model where we were connecting organisations with our community.
Based on what we've learnt our focus over the last three months has been toward Australian enterprises. So what this means is that we have now moved from a self-service sales model to a supported enterprise sales cycle.
And rather than focusing on connecting organisations with our community, we're increasingly selling our assessment capability that's based on artificial intelligence and neuroscience that makes our clients smarter and more efficient in their hiring.
This is a shift that we started about three months ago and as you can see from the contracts that we're announcing this is really resonating.
With that as context, I now want to give you an update on the direction that we're taking with our product.
Expanding beyond tech
Throughout this update, I've talked about the importance of our assessment capability. We have responded to this and over the next two weeks we'll be launching greatly expanded functionality to give greater levels of flexibility in assessment for our customers.
One of the really exciting things is that for the first time we'll be able to offer this assessment capability beyond traditional technology roles. This expanded functionality is a key feature that our enterprise clients have been asking for.
Also on the product front, we're in the final stages of filing a patent to protect core aspects of our intellectual property. On the back of our IP, you may have seen a recent announcement regarding the R&D tax incentive grant that we've claimed for last year. On or around October this year we're expecting a refund of $727,000.
Thanks shareholders, that's it for this month, but as always if you ever have any questions don't hesitate to contact me.
Investor & media enquiries
Mr Peter Nesveda
Corporate Affairs & International Investor Relations, Intuitive Pty Ltd
Tel: +61 3 9504 8420, Mob: +61 (0) 412 357 375
Email: [email protected]