A VENTURE PROGRAMME SUCCESS STORY
Women-led HR tech startup Hireflow brings fresh ideas to the talent recruitment field
This success story was part of the EIT Digital Venture Programme, supporting entrepreneurial teams with deep tech business ideas to finalise their MVP and start their venture. Click here for more information and to apply for the 2020 edition.
A successful startup is transforming the world of recruitment with an easy-to-use product and unique approach. CV reading is the past; Hireflows is the future. The startup offers a state-of-the-art platform to help companies in their hiring process.
Reading the CVs of job applicants is a challenging and time-consuming task. Moreover, it is only the first step, before the rounds of interviews and job tests. Multinational companies face this problem every day, with recruiters reading dozens of resumés until they find suitable applicants. That steals valuable time from the really important tasks, like face-to-face interviews with promising candidates.
"As a recruiter, I faced this problem many times and as a young and determined person, I wanted to change this old-fashioned process of candidate-selection. There are some large enterprise systems solving recruitment issues in the US, but these are far too expensive for a smaller company. Thus, I and the co-founder of Hireflows tried to find an affordable and applicable solution,” says Olga Konstantakopoulou of Hireflows HR Solutions.
Hiring in a different way
In Hireflows, the built-in AI helps with sorting and listing CVs. Based on the job description, the platform makes a smart list of the candidates, using their given data, previous experience, and skills. Thus, the recruiters do not have to read all the irrelevant information, they can now focus on the other steps in the selection process. “We are currently working on widening the fields in which Hireflows can be used. The first job area was transportation, now we collaborate with universities and companies to build algorithms for other specific job types,” says Konstantakopoulou.
Using Hireflows, recruitment costs can be reduced to 1/5th of the typical overhead. But it is not just a financial improvement – the accuracy of selection is significantly better. Hireflows helps to find the best candidates in a shorter period with less effort.
Supporting business with the help of EU
The Greek team behind Hireflows enrolled with their idea in the EIT Digital Venture Program in 2018. The organisation supported the startup incorporation funding and helped it during the administration process. After Hireflows incorporated, several other associations saw potential in the women-led company. They are operating now with the support of the Elevate Startup accelerator, powered by The Ventury. In 2019, Hireflows reached the finals of the Startup World Cup, and it also developed its markets beyond Europe, into Asia.
Today, Hireflows has eight bigger partner companies from EU countries (Portugal, Austria, France) and in Asia (Japan). Companies and multinationals based in Europe appeal to the startup. “We are now focusing on companies in Central Europe to get involved in the collaboration,” says Konstantakopoulou. “But not just firms, we would like to strengthen the scientific background of Hireflows. That is the reason why we are currently working with universities too. Therefore, we are open to more collaborators in the future,” she adds.
Hireflows’ revolutionary idea has got the attention of some angel investors too. They are helping the growing company with its development. With this background, 2020 is dedicated to raising more funding and managing new collaborations. The co-founders believe in constant improvement, and they are listening to feedback from the market – that’s the reason why they are represented at the main fairs and events in the HR field.