Equitas

Idea

Introduction

We have created a fairer way to conduct live interviews so companies can hire the right person for each role.

The whole reason Equitas exists is to create fair hiring. We help people make faster, fairer hiring decisions with our interview intelligence software for in-person or remote, live interviews so that they can build diverse, successful teams.

Studies have shown that companies that are racially biased when hiring are less likely to remain in business, based on the assumption that they will pay more for employees who fit their bias. 83% of candidates say a negative hiring experience will negatively impact their view of a company and 76% say that a diverse workforce is important when deciding on job offers. Employers know that people are their most important asset as a company and yet how they hire is an area neglected.

Monetisation strategy

Currently, our YTD (9 months) revenue is £168k. Based on the last 9 months until March 2023, our annual run rate is £224k.*

An Annual Enterprise license with an average Annual Recurring Revenue (ARR) of €25,000 with a fair usage cap on the volume of interviews. Our goal is to increase current client ARR to £60,000+ from year two onwards, due to a plan to double the number of employees in the next year with restructuring within healthcare.

As part of the sales process, we have been running proof of concept with prospective clients. Smaller POC contracts could range from £5,000-£10,000, with larger enterprise pilots potentially ranging from £20,000-£50,000. We price these POCs at 10-20% of total contract value.

The initial beachhead market of Irish and UK healthcare is £14m (232 trusts with an ACV of £60,000). Globally the market is £25bn+ (based on an estimated 4.4bn interviews conducted annually).

*Based on unaudited management accounts.

*The above image is based on the company's own research and calculations.