There are a few reasons the streaming service Netflix became ubiquitous and disruptive so quickly: namely, the technology and user experience. Netflix uses smart algorithms that offer suggestions based on your viewing history, and make finding shows and movies easy and enjoyable.
It’s no surprise that startups look to Netflix as an example of successful disruption. Finding the right movie isn’t like pulling teeth anymore, thanks to the Netflix model. But the ease and accuracy Netflix technology implements aren’t limited to the entertainment industry; far from it.
One example of the “Netflix model” being reimagined applies to WayUp, a startup that wants to make job-searching more like browsing for a new comedy series than slowly dying inside. Since finding a job can be a painful and frustrating experience for applicants and recruiters alike, WayUp hopes they can turn the process on its head.
How? According to an article in Fortune, WayUp’s smart platform uses data to match applicants with open positions, much like Netflix does with its suggestion algorithms. The company takes 40 critical data points for every applicant, and claims to use them to match applicants and jobs with more accuracy than competitors like Indeed, Monster, and LinkedIn.
Led by Trinity Ventures and its existing pool of investors, WayUp has raised $18.5 million in series B funding round. The company, founded in 2014, has raised $27.5 million in total so far.
It seems that WayUp is already seeing moderate success with its 3.5 million users spanning 5,300 US campuses and 300,000 employers. Companies using WayUp to recruit include major corporate players like Google and Starbucks. By integrating newer and more advanced machine learning into its service, WayUp hopes it will provide millennials with the personalization and accuracy the traditional job-searching experience is so void of.
The idea is fairly simple: users of WayUp get matched only with the jobs they are qualified for, sparing recruiters and job-hunters wasted effort and bad matches. The app also shows users targeted content that may help them get the jobs they’re interested in.
All of this may sound great in theory, but as with any new service, theories don’t hold sway all on their own without the evidence to support them. Luckily for WayUp, they’ve got that too: according to its CEO Liz Wessel, one in three of people who use the service to apply to jobs get hired. In a world where millennials are struggling to find jobs, those aren’t bad odds.