Welcome back to another busy week in review for UK business owners and entrepreneurs! It seems technology is capturing the nation’s headlines (and ours) this week – with QR digital tracing, and cabled roads soon to be tested in Britain which can recharge an electric vehicle’s batteries when driven over. Of course, it’s always news when a heralded Google employee changes course. There’s a bit of research from a recruiting giant about the value of employee referrals, as well as the launch of our newest ebook for startup entrepreneurs!
When starting up a new venture, you should be absolutely certain all the i’s and t’s are dotted and crossed before you open the doors. The first ebook in this series gives detailed tips on naming your company, determining its legal structure and choosing just the right location. In this second ebook, we delve a little deeper into registering your company and trademarks, selecting the types of insurance coverage you need to protect yourself and the company assets, as well as advice on hiring a staff.
Glassdoor.com (one of the world’s highly touted job and recruitment sites) credits internal referrals for 50pc of their hires; saving recruitment and advertising costs. Their reviews and research led to helpful data as well – that referrals from employees lead to 2.6-6.6pc more successful job matches. On the other hand, education-based referrals surprisingly resulted in 13.5-17.9pc less effective hires.
Interestingly, employers from tech, consulting and finance sectors are the ones which rely most heavily on employee referrals – which may just have something to do with the growth rate of these businesses? Government, retail and food service give employee referrals the least amount of credence – which, in turn, could explain the higher turnover rates (and lower efficiency) commonly experienced by these industries.
This popular hairbrush company has doubled its sales year-on-year since conceived in 2007, without spending a penny on advertising prior to 2015. A fan of ‘lean’ principles, Tangle Teezer is intent on staying up with the latest technology; especially when it streamlines more than one task.
Now this award-winning startup is taking digital tracing (frequently used to preclude tampering with medicines) to a whole new level. Imagine each product you sell having its own unique QR code. It allow a manufacturer to track the movement of the product, as well as when it is sold. Not only can this technology eliminate counterfeit crimes, but this tracing technique will provide marketing data for this company which is working on expanding its international reach.
Even the most sought after jobs in the world can run second when it comes to an employee’s personal passions. Software engineer, Ahmed Aly, worked three years on Google’s algorithim and organizing the Code Jam contest, only to jump ship when offered his dream job – with a programmer coding contest site, HackerRank.
Of course, you can’t please everyone, and Google appears to be ‘human’ after all. Apparently Aly was so passionate about programmer competitions, that he decided not to do anything else. Maybe not a huge loss for Google (considering the talent within their ranks), but it was definitely a resounding win for HackerRank to have brought this fiercely-dedicated entrepreneur onboard.
The fact that electric cars still take about 30 minutes to recharge has made EVs a less desirable alternative for Green or price-conscious consumers. However, with the government’s commitment to keep Britain at the forefront of this new technology, we just might see an upsurge in confidence and sales of these vehicles in the not-too-distant future. The investment of £500 million over the next five years will allow testing of non-public roads, and hopefully work to boost jobs and growth.
The first charged-road was created in 2013 by researchers at KAIST (Korea’s Advanced Institute of Science and Technology) who designed and built a 12km track in Gumi, with specialized electric cables designed to power specially outfitted passenger buses. Sending electromagnetic fields from the buried cables to the bus, this video takes you onboard the bus, while the process is explained. Fascinating!
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Download the second ebook in our series for free: Entrepreneurs At Work – The Logistics of a Startup
Download the first ebook in our series for free: Entrepreneurs At Work – Business Starting Point