Can competitions replace headhunters? Nortzhone seems to thinks so. The Swedish venture capital firm has invested 29 MSEK in a Swedish startup called Sqore, which is trying to change the way companies look for talent, tech site Breakits podcast reports in it’s latest episode.
Here’s an example of how Sqore works: A bank wants to hire four programmers. Instead of putting an ad on a website and asking applicants to send and e-mail, the bank gets in contact with Sqore.
Sqore sets up a competition were programmers are asked to solve a problem. Those who come up with the best solutions get a substantial cash reward – which makes the contest attractive to participate in.
After the competition is over the bank gets a list of the top participants. The underlying concept is that problem solving is a better way to determine who can do the job than a resume.
Sqore already has a revenue of 17 MSEK and 35 employees, according to Breakit.