I have personally always been interested in growth markets. Not only because growth markets create commercial oxygen and opportunity for everyone involved, but more so because there are a number of truly compelling characteristics.
Throughout my career, I have worked in a number of growth markets, from China to the internet boom around the turn of the century, but also online video and, in recent years, HR Tech. They all had the following elements alike:
ADVICE: If you are in a hurry, just read the three headlines and skip to the part below.
#1 Growth markets tend to be DISRUPTIVE
More often than not, growth markets are not just something existing that starts growing very fast. Nope. Markets that grow very fast, tend to disrupt or even replace something that was before, creating new efficiencies or business logic. China replaced other parts of the world for manufacturing in the initial stages of its boom. Between 2003 and 2007 I experienced GDP growth climb from below 10% to its all-time peak of above 14%. In these years, China changed the rules of global business forever. The global economy got disrupted. I enjoyed this because it meant that rules, either explicit or implicit, were changed and in the recalibration opportunity is abundant.
#2 Growth markets are CREATIVE
When something new, in this case a new market, emerges, creation is obvious and necessary. I clearly recall a keynote from Professor Roberto Verganti at the opening of the Academic Year at Delft University of Technology in 2016. The Professor of Leadership and Innovation at the School of Management of Politecnico di Milano, talked about the fact that, in a world where we are blinded by an abundance of ideas, innovation actually comes from the combination of ideas rather than individual ones. He also has some great knowledge on new models how to Develop Products in Internet Time. I can recommend his publications. Check out: http://www.verganti.com/research/
” Innovation actually comes from the combination of ideas rather than individual ones ”
#3 Growth markets allow for EXPLORATION
When we are in a situation where disruption happens and creativity is happening, we also find ourselves facing the unknown. Whatever future is in front of us, we cannot predict it yet because we have too limited historical information to work with. That is not so different from the explorers in the past setting sail to unknown lands and continents to discover. These explorers were curious people. They learned and adapted as they went forward in to uncharted territory. Maybe that is the primary reason that I have always enjoyed growth markets. You know that every day will be different and you will be facing new situations constantly.
To the point:
Now what does this have to do with video recruitment and HR Tech? I see a number of growth markets combined in video recruitment. The growth market of HR Tech, the growth market of Online Video and the growth market of Artificial Intelligence or Machine Learning. Our way of communicating has changed drastically with the emergence of online video. Suddenly visual content is replacing text on our social media timelines and the way we interact. HR Tech is one of the fastest growing categories, right behind FinTech, and delivering new innovations, tools and platforms almost on a daily basis. Video Recruiting are now starting to deliver more than just structured, visual impressions of candidates or engaging was for interaction. Video interviews start to deliver data on personality, powered by AI. Suddenly we are able to predict the best match, using verbal reasoning patterns, and soon also micro-expressions.
Video recruiting will disrupt the way we look at candidates and it will allow us to create new ways to engage with talent. We just need to make sure that we stay curious and keep exploring. The world before us can still be shaped.
I am proud to contribute to this growth market at Cammio. We will boldly go where no man has gone before. Our guiding principle will be to always put talent first on our exploratory mission. Join us and find out how you can out talent first.