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PlentyOfFish

April 9 2016

Speaker Series – Shannon & Sarah of PlentyOfFish

ftyang Archive, Business Seminar BrainStation, Business Seminar, PlentyOfFish, Sarah Frew, Shannon Smith 0

Date: March 31, 2016

Name: Speaker Series – Shannon & Sarah of PlentyOfFish

Presenters: Shannon Smith, and Sarah Frew

Talent is considered to be one of the most valuable assets in any organization. Moreover, many entrepreneurs do not realize the key success behind any innovative company relates to retention strategy. Brainstation invites Shannon Smith, the Public Relations and Communication Manager of PlentyOfFish, and Sarah Frew, the Human Resources Coordinator of PlentyOfFish, to share the strategy behind the success of PlentyOfFish. In this presentation, entrepreneurs will learn how PlentyOfFish attracts and retains top tech talent. In addition, they will discover the strategy on how PlentyOfFish become a thought leader in the Vancouver tech sector.

Shannon Smith is the Public Relations and Communication Manager at PlentyOfFish. Within short 6 years, she managed to help turning idea into one of the top dating site in the industry. To engage with clients, Shannon Smith started her blog on process of online dating. Sarah Frew is the Human Resources Coordinator at PlentyOfFish. She has the passion to help organization to attract top talent. Moreover, she managed to turn her passion into career in PlentyOfFish.

Shannon Smith shares the history of PlentyOfFish. The idea of PlentyOfFish came from the Founder, Markus Frind. He started the website to help young singles to find happiness in life. In 2008, Frind hired his first employee after the members reach to 10 million users. In 2010, the site had modest employee base with a strong customer base. PlentyOfFish site was monetized through self-serve advertisement platform and Adwords. In 2011, PlentyOfFish released its first mobile app for iOS and Android smartphone.

Currently, PlentyOfFish has reached the team of 75 serving over 100 million users. PlentyOfFish is now available over many platforms, such as iPhone, iPad, and other Android platform devices. With over 4 million active daily users and 5 different languages, PlentyOfFish changes the way they monetize their product. PlentyOfFish was acquired by the Match Group in July 2015. The acquisition provides PlentyOfFish a new General Manager and valuable information sharing to serve users a better experience.

Sarah Frew mentions the culture of PlentyOfFish focuses on “Fun and casual”. The organization integrates the philosophy of “Work hard and play hard”. Frew believes the success of the culture environment comes from collaboration, which is the number one priority in PlentyOfFish culture.

Frew states 3 important keys in hiring process.

People
Scale
Product

PlentyOfFish looks for staff members with multiple talent skills and strong passion with their work. Since the scale is over 100 million users, staff members must have the ability to turn these million users to million stories. Stories are considered as product in PlentOfFish. They expect to send stories out to the world to enhance the existing culture.

PlentyOfFish invests in many company retreats and team building activities. Smith emphasizes company retreat is an important annual tradition since beginning. It is an opportunity for staff members to strength team bonds outside of office. PlentyOfFish puts effort into team building activities, such as Escape Room, scavenger hunt and solve murder mysteries.

PlentyOfFish was relatively unknown in Vancouver tech sector. To become leaders in Vancouver, PlentyOfFish involves in charity. For example, PlentyOfFish hosts “Tech’s got talent” fundraising to attract 19 tech companies together and over 600 attendee. The event is able to raise over 50 thousand dollar donation. PlentyOfFish hosts a speaker panel called “Levelup Vancouver” featuring Bruce Croxon from Dragon’s Den. The event attracts over 400 attendees.

PlentyOfFish also hosts a game show. For example, PlentyOfFish hosts an event called “Tech Jeopardy”. It attracts over 200 attendees and collaborates over 9 different tech companies. Lastly, PlentyOfFish gives back to community. PlentyOfFish provides different industry meetups. PlentyOfFish gives staff members places for their host gathering events. PlenetyOfFish staff members volunteer in many community activities, such as Belkin House or servants of hope over the holidays.

“The innovation drives in dating”

To collaborate with other tech companies, Frew explains the company involvement with the “Hackathons” event. Team members will partner with a developer and build whatever they dream up. Successful ideas that have successful result are able to make it to production. For those who do not have programing experience, PlentyOfFish creates “unhackathons” event to solve people’s problem for business idea.

Frew shares the retention strategy behind PlentyOfFish. During the hiring process, each candidate will have 15 minutes interview. All candidates can meet with the Chief Operating Officer. The purpose behind this strategy is to allow all candidates to meet many of members as much as possible. Each candidate will be provided with challenges. Challenges would able to help organization to find the right fit. PlentyOfFish utilizes new hiring tool, such as video tools, to attract attention from people out in the world.

Smith shares PlentyOfFish retention strategy. Staff members are encouraged to take professional development courses. They are promoted a work life balance. Many retreats and team bonding activities are able to gather clients together. The Environment for PlentyOfFish has open door policy that allows all members to connect with upper management. Members are encouraged to utilize all resources, so they can be proactive in the market.

October 5 2015

Levelup Vancouver

ftyang Archive, Business Seminar Arash Fasihi, Bruce Croxon, Business Seminar, Laurie Schultz, PlentyOfFish, Roger Hardy 0

Date: September 30, 2015

Name: Levelup Vancouver

Presenters: Bruce Croxon, Arash Fasihi, Laurie Schultz, and Roger Hardy

Vancouver startups are creating an exponential impact to British Columbia’s economic, especially the technology sector. Moreover, entrepreneurs need to be aware the new movement. PlentyOfFish and RBC present this presentation to explore the upcoming changes in technology from many world class companies. This presentation invites Bruce Croxon, the Co-Founder of Lavalife and the ex Dragon on CBC’s Dragon’s Den, Arash Fasihi, the Founder of Cymax, Laurie Schultz, the CEO of ACL, and Roger Hardy, the CEO and Co-Founder of SHOES.com. Entrepreneurs will learn their valuable lessons from their journey of entrepreneurship. Moreover, this presentation will inspire entrepreneurs to take actions and lead their vision to the future.

Bruce Croxon, the Co-Founder of Lavalife, feels Vancouver is his home. When he first met Markus Frind, the Founder of PlentyOfFish, he saw the potential. Croxon is excited to see how Frind has evolved his company brand into an international recognition.

Croxon believes success comes from hard work. Entrepreneurs need to pick something they love to do. Traditionally, startups are facing technology barriers. Nevertheless, due to evolution of technology, technology barriers are disappearing for many startups. Entrepreneurs need to use this opportunity to collaborate their ideas with technology experts.

Croxon emphasizes 2 primary for all startups.

Vision
Value

During the first year of any startup, entrepreneurs need to plan their vision with their teams. It is important for teams to understand the hidden message in vision. Teams must have the characteristic of open-mind, teamwork and team-oriented. Values will help startups to develop innovation, build culture, and continue the right path.

Vision and values will help startups to set where they want to go and the people they want to work with. Entrepreneurs can use these as criteria to choose the right teammates for the team

“How to take the words on the page to action”

The Panel

Many entrepreneurs are facing the challenge to keep their momentum in their startups. To continue their momentum, Schultz suggests entrepreneurs to disrupt their existing rules. Entrepreneurs need to have the attitude to re-learn their businesses to gain new sparks in business.

Raising capital can be a challenge for many startups. Fasihi mentions if he has the opportunity to go back to starting point, he would find ways to raise capital earlier as possible. Money is important, and so as the talent.

In Hardy’s perspective, startup success comes with 3 key elements. The first key element is to have great people to work with, the second element is to seek opportunity, and the last element is to work together. Croxon states there is over 230 pitches per day in CBC’s Dragon’s Den. The pitches are ranged from good to useless. Croxon realizes young people are picking up essential business tips from the show. This shows young people are starting to grow the idea of startups. Young people in this generation are experiencing positive side of startups; in fact, young people are starting their journey of entrepreneurship early than before.

Vancouver is starting to become the next technology hub for startups. Fasihi believes talents will rise in Vancouver, but the risk of talents relocate to United States is also increasing. Schultz believes culture diversity will be strong in Vancouver. However, Vancouver is still lacking career opportunities in technology sector. New talents are looking for a reason to stay in Vancouver, and it is important to give them the environment they need to develop. Hardy believes even though Vancouver has good health care, education, and lifestyle, bringing people to Vancouver can be a challenge. Croxon agrees with culture diversity, but there is no obligation for large corporations, such as banks, to reinvest young people’s future. Vancouver is starting to see banks provide startup loans for new entrepreneurs.

In order to build startups in a city of lifestyle, Hardy believes in work hard and play hard. Entrepreneurs need to use lifestyle as the balance point to connect. Schultz indicates companies are starting to hire people with adventure DNA to improve innovation.

Building culture is important for startups because it gives people a reason to stay and to seek other opportunities. Croxon believes people hangout with people who think the same way. Culture is made up by the values, and it is important to share the values with others. Fasihi wants entrepreneurs to help upgrade their team experience and encourage them to seek new challenges and improve it.

Fasihi suggests entrepreneurs to access public data to create benchmark for their startups. Schultz suggests entrepreneurs to join peer groups to discuss problems, and set best practice matrix to measure and compare startups benchmark. Hardy suggests entrepreneurs to set internal goals.

Aside from providing salary compensation, Schultz and Fasihi recommend entrepreneurs to combine equity into people’s salary package. This will also a way to keep talents in the company.

Croxon mentions it is now easier to access funds than before; however, the funding gap is still exist. Entrepreneurs cannot raise funds by ideas. Fasihi wants entrepreneurs to use technology to influence the funding gap.

To scale the business faster, Croxon wants entrepreneurs to focus. In this generation, who ever solve the problem the fastest will be the winner; therefore, Hardy believes fast is the key to scale the business.