How Esranur Kaygin Grew Hirize to 10M CVs Processed Monthly
Who is Esranur Kaygin?π
Esranur Kaygin, co-founder of Hirize, is originally from Holland and has a background in economics and experience as a headhunter and venture capitalist, having successfully exited her previous startup, Recruit for U.
What problem does Hirize solve?π
Hirize helps businesses quickly and accurately sift through thousands of resumes to find the best candidates, eliminating the frustration of outdated technology missing great potential hires.
How did Esranur come up with the idea for Hirize?π
Esranur Kaygin's journey to developing Hirize began with her firsthand experience in the HR industry, where she realized the limitations of existing technology in accurately parsing resumes. As a former founder and someone with a background in venture capitalism, she noticed the inefficiencies and inaccuracies, especially in high-volume recruitment environments. Her insight was that traditional HR tools relied too heavily on basic keyword searches, leading to valuable candidates being overlooked.
Kaygin collaborated with Eren Yasarkurt, a longtime friend with technical expertise, to investigate the deficiencies in current HR technology. They noted that many systems dismissed good candidates based on rigid criteria, like unexplained gaps in resumes or unconventional job titles. This frustration led them to explore how AI and machine learning could provide a more holistic and fair approach to evaluating candidates, minimizing biases commonly found in other HR tools.
Before moving forward with Hirize, Kaygin and Yasarkurt examined the market, recognizing that while technology labeled as AI existed, it was not being used to its full potential in the recruitment industry. They validated their idea by identifying a significant pain point: the struggle HR departments face in processing an overwhelming number of applications accurately. By creating a solution focused on understanding the applicant as a whole, rather than through fragmented data points, they aimed to dramatically improve recruitment efficiency. This realization encouraged them to fuse their experiences and expertise to create a tool that could revolutionize the recruitment process.
How did Esranur build the initial version of Hirize?π
Hirize was developed using advanced AI and machine learning techniques to create a highly accurate document parsing API, achieving around 95% accuracy in CV processing. The project began in December 2021, when co-founders Esranur Kaygin and Eren Yasarkurt started writing the first lines of code, having identified significant gaps in existing HR technologies. With a focus on predictive modeling and big data analysis, Hirize built its software architecture to move beyond basic keyword searches, addressing common issues like bias and misinterpretation of unconventional job titles or resume formats. The initial prototype was built quickly, launching in beta by mid-2022 and continuously refined through customer feedback to eliminate errors and increase efficiency. The development process was challenging, especially as they programmed the tool to omit sensitive personal information, but it ultimately led to a robust product capable of handling large-scale applicant tracking systems.
What were the initial startup costs for Hirize?π
- Funding: Hirize raised a pre-seed round of approximately $1 million from European venture capitalists and two angel investors in 2022.
- Salaries: The majority of the funds were spent on employee salaries, particularly for developers. The founders did not take salaries themselves.
How did Esranur launch Hirize and get initial traction?π
Beta Programπ
Hirize initially launched a beta version of their platform in October/November 2022 to engage potential users and fine-tune their product. They managed to attract 1,400 beta signups, of which 80 became active users. This beta phase was crucial for testing the API's integration into HR systems and gathering user feedback.
Why it worked: The beta program allowed Hirize to build relationships with potential clients and demonstrate the effectiveness of their product in a real-world setting. It provided a controlled environment to identify and address any issues before the full launch.
Conversion Strategyπ
After running the beta program, Hirize initiated their pricing plan about two months before May 2023. From the 80 active beta users, 12 were converted into paying customers, achieving a monthly recurring revenue (MRR) of $14,000. This conversion was a result of successfully integrating Hirize's API into their clients' HR systems.
Why it worked: The key to converting users was ensuring that the product was deeply integrated into their clients' workflows. Once clients depended on the API for their operations, they were less likely to discontinue use, which facilitated conversion to paid plans. Additionally, focusing on ideal customer profiles helped target users more likely to convert.
Networking and Strategic Partnershipsπ
Hirize also made strategic use of networking to spread the word about their product. Being part of programs like NVIDIA Inception helped them connect with technology partners and potential investors. Additionally, leveraging Esranur Kaygin's venture capital background, they reached out to known contacts in the industry for investments and partnerships.
Why it worked: By reaching out to an established network, Hirize was able to gain credibility and visibility in the tech industry. Their involvement in noteworthy programs like NVIDIA Inception provided additional validation for their product, attracting interest from potential enterprise clients.
What was the growth strategy for Hirize and how did they scale?π
Beta Programπ
Hirize utilized a beta program to engage potential users and gather feedback before fully launching. They initially had 1,400 sign-ups and converted this interest into 80 active users and eventually 12 paying customers. By offering their service for free during the beta phase, they allowed companies to integrate and test the product, helping ensure a smooth transition to paid plans.
Why it worked: This approach allowed Hirize to demonstrate the product's value before committing financially, which could have enticed early adoption. Additionally, companies that had already integrated the API into their systems were more likely to become paying customers because switching would involve a significant time and resource investment.
Strategic Partnershipsπ
Joining NVIDIA Inception was a strategic move that likely aided Hirize in gaining credibility and visibility among potential clients and investors. This partnership provided access to valuable resources and networks, which could facilitate business growth and refinement of their AI tools.
Why it worked: Being part of a reputable program like NVIDIA Inception offered Hirize a badge of trust and innovation, which is attractive to technology-driven businesses in need of reliable AI solutions.
PR and Networking in Tech Eventsπ
Kaygin leveraged her network and presence in tech events such as Miami Tech Week and Viva Tech in Paris to raise Hirize's profile, connect with industry stakeholders, and attract investment for future growth phases. Her involvement in these events, coupled with her experience in the VC industry, likely led to successful funding rounds and increased market awareness.
Why it worked: Personal relationships and firsthand product demonstrations in industry events can significantly enhance business credibility and create opportunities for funding and partnerships, which are crucial for scaling a tech startup.
Enterprise Sales Modelπ
Hirize targeted enterprise clients by positioning their API as a critical component of enterprise systems like Oracle and SAP. This direct sales approach, focusing on large HR vendors and enterprise companies, meant fewer but larger transactions and recurring revenue.
Why it worked: Enterprise customers are generally more stable, have higher lifetime value, and their integration with Hirize's system likely reduces churn. The focus on direct B2B sales to large companies enables sustained revenue streams from clients that continuously need resume parsing services.
What's the pricing strategy for Hirize?π
Hirize prices its AI-powered parsing API based on usage, with a free trial and paid plans starting @ $ $79 for a Demo, $ 350 for standard users and $500 for premium plan users.
What were the biggest lessons learned from building Hirize?π
- Embrace Technological Evolution: Hirize improved the recruitment process by incorporating advanced AI, moving beyond outdated keyword matching to deliver more accurate resume matching. This highlights the importance of leveraging cutting-edge technology to solve persistent industry challenges.
- Build Through Beta Feedback: The company ran an extensive beta phase before launching their pricing plan, converting insights and feedback into a robust product. This underscores the value of iterative learning and customer-driven development for product-market fit.
- Bias-Free Innovation: By programming Hirize to omit personal identifiers like names and ethnicity, they minimized recruitment biases. This showcases how intentional design can promote fairness and inclusivity, essential values in modern business environments.
- Leverage Strong Networks: The foundersβ background and connections in VC facilitated their fundraising efforts, demonstrating the significance of networking and credibility in securing investment, especially in challenging markets.
- Strategic Location Advantage: By choosing Miami, Hirize took advantage of the city's supportive startup ecosystem and favorable geographical positioning, illustrating the impact that strategic location can have on business growth and talent attraction.
Discover Similar Business Ideas Like Hirizeπ
Dive into how Peoplelogic.ai leverages AI to transform team data into actionable insights, helping managers make sharper decisions and growing to generate $1.2M annually on a pricing model starting at $3,588 per year.
Handshake's case study demonstrates how three young founders, driven by personal challenges and a mission to democratize job access for college students, turned a $700-a-month house into a platform connecting millions of students with employers, all while raising substantial capital including a $200 million Series F round that valued the company at $3.5 billion.
More about Hirize:π
Who is the owner of Hirize?π
Esranur Kaygin is the founder of Hirize.
When did Esranur Kaygin start Hirize?π
2021
What is Esranur Kaygin's net worth?π
Esranur Kaygin's business makes an average of $14K/month.
How much money has Esranur Kaygin made from Hirize?π
Esranur Kaygin started the business in 2021, and currently makes an average of $168K/year.
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