2. Drafted moved from a recruitment app to a layoffs app
Drafted is a small start-up that helped large companies to hire though their company network. When COVID-19 hit, and the market experienced a sharp downturn, the small business quickly realised that their customers needed the opposite help when it came to recruitment.
As companies began to layoff skilled staff, Drafted changed their direction to create the Layoff Network.
“We built this in 10 days and have over 2,000 users on the app. Fortune 500 companies have also started using the app to recruit top talent that is just hitting the market,” describes founder, Vinayak Ranade.
The business idea lesson:
Don’t underestimate the power of a freebie when launching your new business and growing your market.
During the crisis, Vinayak made the Layoff Network free for anyone to use in the short-term to help build reciprocity and also to get their name out into the market.
“We hope that people will remember what we do now when the market takes a turn for the better.”