| Current Status | Pre-Revenue |
| Amount Invested | RM60000 |
| Funding Required | RM600,001 to RM1,000,000 |
| Description |
We believe hiring should start as early as the students’ admission into universities, not when they have graduated.
That is why we collaborate with public and private institutions – affording them the opportunity to fine-tune their education in parallel with the current needs of the industries. This would create well-equipped graduates, with the right skills to match the requirement of the recruiters. At the same time, the matching done on our platform will allow us to monopolize the supply of fresh graduates to the industry. We match job seekers to recruiters based on skill relevancy, driven by Big Data from participating institutions. |
| Business Opportunity |
The online job portal market we are planning to penetrate is worth RM240 million in Malaysia alone. While Jobstreet currently owns 70% of the total market share, they have yet to address a key issue that is still making the hiring process unnecessarily tedious and difficult for recruiters – the skill mismatch between applying candidates and the recruiter’s expectations.
To be fair, we can’t blame it all on job portals. Their main function is to simply be the intermediary between recruiters and job seekers. In this fairly simple relationship, there is plenty of oversight, as far as information is concerned. In a bloated market of resume-peddling, there is no system in place to verify any of the information available – job seekers would ‘pad’ their resumes in order to look more attractive to potential employers. At times, they would even seek out jobs outside of their interests, skill set or job scope out of convenience. |
| Revenue / Business Model |
We utilize a 3-prong approach for our platform, providing specific solutions to each of the stakeholders involved.
For the job seekers, the platform will serve as both a self-updating resume (via data gathered from the information sharing arrangement with institutions), as well as a gateway for them to link directly to recruiters. Among the services offered on the platform include matching jobseekers to available postings based on their skill relevancy rate percentage. For the institutions, our information sharing collaboration affords them an alternate source of income, as well as a means to market their alumni via the platform. They will also be able to gain valuable insight from key industry players onboard to better fine tune their syllabuses to meet the current demands of the industry. This would help them better prepare their students and produce higher quality graduates, always ready to enter the ever-changing job market. For the recruiters, the platform affords them a more streamlined hiring process, significantly reducing time and effort on their part with regards to the screening of candidates. As the matching rate is based on the relevancy of skills required, they are able to find the most qualified candidates with the most suitable skill sets for the job offered. On the platform itself, we will also offer participating recruiters more than 1000 customizable job description templates, as well as profile pages, to allow better representation of the recruiters to potential candidates. The platform also affords the recruiters an opportunity to improve the quality of local talent available, by way of information sharing exercises with us and the participating institutions. As mentioned, recruiters will be able to give more insight to the current needs and demands of the industry to participating institutions, allowing them to finetune their course structures to meet the ever-changing demands of the industry. In return, the platform charges a resume retrieval fee to the recruiters. As a result, job seekers are able to land jobs that are suitable for their aptitude and skill; institutions are able to gauge and improve the effectiveness of their courses, which would, in turn lead to grooming better graduates; while the recruiters will be able to significantly minimize the cost and efforts in their hiring process, with a pool of quality talents at the ready. |
| Management Team |
Chief Executive Officer: Siti Hajar Ramli
A former Head of Operations at Nubex Sdn Bhd who oversaw and managed the entire Nubex ecosystem. Graduated with a Masters in Quality Management, she fast-tracked her way from the Nubex’s Quality department to her last position in just 2 years. Chief Product Officer: Farah Damia A former Head of Human Resources at Nubex Sdn Bhd. An MBA graduate, that specializes in Human Resources Management, she conceptualized and initiated the Nubex Training System – standardized, department-specific training modules designed to efficiently train all incoming Nubex staff. |
| Company Background | Pikoje, derived from the phrases “pick je” and “pergi kerja” was developed to address the issue of skill mismatch between job seekers and recruiters. By collaborating with key industry players and education institutions through our platform, we are able to utilize the collected Big Data to provide a higher relevancy rate, and thus better match the right candidates to recruiters in need of their services. |
| Funding Milestone |
For the initial round of funding, we require a total of RM 650,000 in investment, with a 10% equity dilution. Out of the amount raised, 80% will be channeled to our operating expenses, while 20% will be used for marketing. During this round, we expect to bring in 30,000 jobseekers and at least 500 recruiters to the platform. Reaching those goals will place our company’s valuation at RM 6.5 million.
With each milestone, we are expecting to increase the number of jobseekers and recruiters on board the platform, which in turn will increase our valuation. For the second round of fund raising, we plan to raise RM 3 million with a 10% equity dilution, which will take place around September of 2019. By then, we are aiming to have 100,000 jobseekers and 1,500 recruiters on board, with the company’s valuation increased to RM 30 million. For the third round, scheduled for January 2021, we plan to raise RM 12 million with 10% equity dilution, and us having 500,000 jobseekers and 6,000 recruiters on board. For the fourth round, scheduled for June 2022, we are expecting the amount of jobseekers to rise to 1,300,000 and have 12,000 recruiters on our platform, with the company tentatively valued at RM 250 million at a 10% share dilution. By December 2023, we would reach our IPO, with the company valued at RM 500 million at a 10% share dilution, with jobseekers and recruiters on the platform amounting to 2.5mil and 25,000 respectively. |
| % Equity Allocation | 10 |
| Company Name | Pikoje Sdn Bhd |
| Website/Facebook | http://www.pikoje.com |
| Business Address | C-516 Metropolitan Commerce Square, Damansara Perdana, 47820 Petaling Jaya, Selangor, Malaysia. |
| Contact Person | Siti Hajar Ramli |
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