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Conversation
Highlights
Welcome to another episode of Category Visionaries — the show that explores GTM stories from tech’s most innovative B2B founders. In today’s episode, we’re speaking with Fraser Patterson, CEO and Founder of Skillit, a construction staffing platform that has raised over $13 Million in funding.
Here are the most interesting points from our conversation:
- Origin Story of Skillit: Frustrated by the challenges of hiring and retaining skilled workers, Fraser leveraged his unique background in construction and academia to launch Skillit, aiming to solve the skilled labor crisis through a tech-enabled platform.
- The Aha Moment: Realizing the potential of using knowledge as a leading indicator of skill, Skillit was born out of the necessity to digitize and streamline the hiring process in the construction industry, offering digital craft assessments to accurately assess a worker’s skill set.
- Innovative Features: Skillit stands out by providing data-rich, 360-degree worker profiles, far surpassing the capabilities of traditional job boards and enabling employers to find, filter, and connect with skilled workers with unprecedented ease.
- Digital Skill Assessments: Skillit’s approach to digital skill assessments for physical trades by using knowledge-based questions to accurately gauge a worker’s expertise is a game-changer in the construction hiring process.
- Business Model and Growth: Offering a subscription and usage-based model, Skillit caters to the needs of employers with varying hiring requirements. The platform has seen significant growth, with customer growth of 540% year-over-year and skilled worker growth of 1000% in the same period.
- Vision for the Future: Fraser envisions Skillit not only as a solution to the current skilled labor shortage but also as a platform that could potentially transform skilled labor into one of the greatest assets on earth by training and upskilling talent to meet the world’s housing, infrastructure, and clean energy goals.
Actionable
Takeaways
Identify Industry Pain Points Through Personal Experience:
Fraser's transition from a general contractor to an entrepreneur was fueled by his direct encounters with the skilled labor crisis. Founders should deeply understand the pain points within their industry, preferably through personal experience, to innovate solutions that address real needs.
Leverage Technology to Solve Traditional Problems:
Skillit's use of digital craft assessments exemplifies how technology can be used to tackle age-old issues like staffing in the construction industry. Founders in any sector can look for ways to apply technological solutions to streamline operations, improve accuracy, and enhance user experience.
Create Comprehensive Digital Profiles for Better Matching:
The success of Skillit's rich, 360-degree worker profiles highlights the importance of detailed digital representations in facilitating better matches between job seekers and employers. This approach can be adapted by founders to improve efficiency and satisfaction in various marketplaces or service platforms.
Focus on a Niche to Drive Initial Growth:
By concentrating on the construction industry and addressing its unique challenges, Skillit was able to carve out a significant market position. Startups can benefit from focusing on a specific niche where they can solve problems more effectively than broad, generalist platforms.
Build for Engagement and Retention:
Fraser emphasizes the importance of creating products that customers love, noting that engagement and retention are critical growth engines. Startups should prioritize user satisfaction and product-market fit to foster long-term success and efficient scaling.
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