Unexpected Business Challenges Faced by Entrepreneurs: 17 Inspiring Stories from Asia & Australia

TekRati

March 18, 2022

Original Source

We put too many of your eggs in one basket.

Previously, we were a tech recruitment marketplace where up to 90 per cent of our revenue came from placing overseas talents in Singapore companies. When COVID-19 struck, it quickly became a cause of concern when international borders shut.

Amongst the many things we did to mitigate the effect, two main ones were the most crucial.

First, we pivoted from a recruitment marketplace to a digital recruitment firm enabled by technology, with a strong focus on local talents. Doing so allowed us to continue serving our existing clientele with the same employees and capabilities. It was especially crucial in the short term to ensure survivability.

Secondly, we launch a full-stack tech career platform with products for every step of a tech talent career. We knew diversification was needed to ensure we do not rely on one growth stream in the long run. COVID-19 resulted in many losing their jobs and income, so it’s no surprise that the most successful product is NodeFlair Salaries. It is a platform for the tech community to share their salary data, verified by payslip and offer letters. The investments allow us to reach over 250k users globally in 2021 alone.