Seed round funding is a key indicator for startups. Sure, it helps young companies (like engin sciences) get off the ground and test business models without going through the even more rigorous process of securing later-stage financing. Seed funding typically occurs once the company has developed a minimum viable product, demonstrated some traction, and has a clear plan to grow its business. For engin, we are using the funds to expand our core team, explore and monitor marketing best practices, and further developing MVPs.
And a cursory glimpse at current investment numbers shows that the tech industry (among others) has struggled under rising interest rates and a continued downturn, marked by sinking valuations – and of course those thousands of layoffs. Funding to tech companies has slowed at the same time that investors have found it harder to make money by backing startups. Deloitte’s recent analysis includes specific themes playing a critical role in 2023 and beyond include “leading through macroeconomic uncertainty, beleaguered by softening consumer spending, lower product demand, and falling market capitalizations”. And the past several years of fintech excitement has led to, as Benzinga states “a gap in the financial services market when it comes to integrating crypto into the mainstream financial system”.
So we at engin are pretty excited to be successfully swimming upstream as a small tech company, having received seed round funding in 2023. It is hard, cold documentation that knowledgeable investors believe in our company’s potential and are willing to invest in it.
We already see the impact as we continue to gain more traction and visibility in the market, which we anticipate will lead to more funding opportunities in the future.
We know that an uncertain economic environment and its challenges are not going away. Economists are still predicting interest rate hikes, ongoing recession and supply chain disruption fears. News site Innovation and Tech Today writes “Tech startups that can demonstrate resilience, agility, flexibility, collaboration, and creativity will be the winners who adapt, overcome and thrive in 2023’s new normal.” And that new normal includes AI and generative tech breakthroughs.
The dam has burst. Statista describes that AI will contribute $15.7 trillion to global GDP by 2030, with $6.6 trillion coming from increased productivity – and $9.1 trillion from enhanced consumer experience. Like any revolution there will be winners and losers; but the careful, focused investigation with AI tools will yield great time savings and profits.
While some sectors are struggling, the cannabis industry continues to be one of the fastest-growing industries in the US. The industry has grown beyond its humble roots to become an economic giant that includes a massive retail sector, multi-million dollar cultivation facilities, delivery services, media outlets, and software platforms. But even with the cannabis industry’s growth and success, it still faces many challenges. One of these challenges is finding qualified employees. Successful cannabis recruitment marketing takes a team dedicated to optimizing job distribution and amplifying a company’s employer brand to leverage major job boards like Indeed, LinkedIn, ZipRecruiter, and other — while automating the entire process to fend off recruiter fatigue and find motivated enthusiastic employees, exciting about shaping their careers and an industry. This unwieldy, costly situation is in need of efficiencies. Time to incorporate recruitment marketing strategies.
The goal of recruitment marketing is to attract job seekers to an employer, not merely to specific roles within a company, but by leveraging and amplifying awareness of a cannabis employer brand and raising awareness at the top of the talent pool.
Recruitment marketing tech is changing hiring for cannabis (and other emerging) industries by providing new ways to reach candidates and engage with them, with techniques engineered to strategically position and advertise a hiring company in the efficient and impactful ways.
Recruitment marketing can leverage strategies to find, attract, and nurture prospective candidates.
Data-driven metrics include powerful tools impacting hiring plans and decisions, using or improving upon ATS, AI, big data, cloud computing as well as more conventional recruitment marketing tools. Most recruiting managers and management experts agree that high availability of data is driving emerging employment patterns that lead businesses to attract new employees.
Recruitment marketing refers to a variety of strategies that an organization uses to find, attract, and nurture prospects before they apply for a job.
With a bit of seed round fertilizer, a committed recruitment marketing tech team can change hiring for emerging industries by providing new ways to reach candidates and engage with them. These techniques and technologies are designed to effectively analyze and strategically position the long- and short term creation of growth opportunities.