An investor seeking to conduct due diligence on an organization within the Indonesian mining business?
Until you possess an present rolodex of contacts, it’s tough for one to get straight related to a person with sufficient information of it.
That’s the place skilled networks are available in. Reportedly experiencing double-digit progress yearly, skilled networks primarily help funding managers and technique consultants with their due diligence and analysis course of by linking them up with consultants for insights.
They supply what is probably essentially the most invaluable commodity in enterprise — connections.
Whereas international giants comparable to Gerson Lehrman Group (GLG) and AlphaSights satisfaction themselves on having a multinational presence, Singapore-based Sealed Community is concentrated on the world’s fastest-growing area — Southeast Asia.
Launched by Benjamin Lee and Leo Wen Ge, a former funding skilled at Temasek-backed VC agency Wavemaker Companions, Sealed is on a mission to attach the area’s high minds with organisations from the world over.
Nonetheless, in a area as numerous as Southeast Asia, connecting folks to it’s simpler mentioned than performed. “After we began, we realised that many consultants in Southeast Asia are both not on English language platforms or have a minimal on-line presence,” Lee shared with e27 in an interview.
In true entrepreneurial spirit, Lee — who beforehand labored at unicorns Seize and Sequoia China-backed Huobi — managed to show the hurdle right into a aggressive benefit for Sealed. “This has rapidly became a supply of energy for us as we’ve been capable of acquire traction amongst native consultants in nearly each nation within the area.”
One other problem Lee famous was the issue in hiring because of the nascent information of skilled networks within the area. Many job seekers struggled to adequately comprehend the companies provided by Sealed and the worth proposition it provided.
“We finally managed to seek out the suitable hires from assembly with many individuals and getting a pool of credible traders and advisors to help us,” Lee mentioned.
Regardless of the lack of expertise of the skilled community business among the many normal public, its worth was effectively understood by those that wanted it. Apart from traders and consultants utilising it to achieve in-depth insights into a selected business, skilled networks are additionally utilised by skilled companies companies and startups for quite a lot of functions, starting from scoping market entry must strategic recommendation.
Additionally Learn: Crossing the end line: Trade consultants give key recommendation on nailing the due diligence course of
Stressing that Sealed companies are sector-agnostic in nature, Lee additionally observed requests have picked up for consultants primarily based in Indonesia and Vietnam, which he believes is a part of elevated financial curiosity inside the area.
“We’re additionally seeing sturdy demand for skilled engagements in sectors, together with fintech, e-commerce and last-mile logistics,” he added.
The way it works
Sharing on the standard strategy of an skilled request, Lee famous shoppers normally ship in a mission temporary to clarify how they want to have interaction consultants. With screening questions and goal firms among the many required fields, the mission temporary serves to allow Sealed to determine related consultants inside quick discover, which Lee stresses is paramount for the time-sensitive wants of shoppers.
After scanning by its inside database of over 20,000 consultants, the corporate shortlists on common 10 to reply the screening questions. Thereafter, their profiles and solutions are shared with shoppers, who will make the ultimate decide.
As soon as chosen, engagements happen by a name starting from half-hour to an hour, with Sealed taking a reduce of the paid payment.
“We get our prospects fully by heat referrals and phrase of mouth. Our traders and advisors both beforehand or at the moment occupy senior roles at technique consulting companies and funding funds. They’ve helped us tremendously in buying our prospects,” Lee shared when probed on how Sealed acquires its shoppers.
Additionally Learn: The enterprise of serving to different companies: Visenze reveals their strategy to B2B buyer acquisition
Sealed has notable names comparable to Far East Ventures (the VC arm of Far East Group) on its cap desk. Up to now, it has raised US$1 million. It additionally counts amongst its backers distinguished angel traders comparable to Koh Boon Hwee (GIC Funding Board Director, former Chairman of DBS and Singtel) and Steve Melhuish (Co-founder of PropertyGuru).
With over 40 company shoppers on its books and its consultants boasting a web promoter rating (NPS) of 8.7, Lee shared Sealed has its sights set on regional growth.
“With the aim of turning into Southeast Asia’s main skilled area, we goal to have a neighborhood workplace in each Southeast Asian capital. We additionally intend to onboard extra strategic and well-connected traders throughout the area,” he added.
The CEO additionally shared the corporate is seeking to broaden its product choices previous its present session calls to incorporate opinion polls for executives and quick to mid-term consulting engagements.
Lee believes that enabling other ways for shoppers to interact consultants will enable them to faucet into adjoining industries comparable to technique consulting, B2B data companies, and market analysis, collectively estimated to be price over US$330 billion globally.
He additionally plans to develop the engineering workforce to boost the expert-client matching course of utilizing a suggestion algorithm. To attain that, Lee is seeking to increase north of US$2 million both by the tip of the yr or early 2022.
With Southeast Asia shaping to turn out to be the subsequent financial darling of the world, it might be robust to wager in opposition to his imaginative and prescient.
Picture Credit score: Sealed Community
The submit Dial an skilled: How Sealed Community launched SEA to the idea of skilled networks appeared first on e27.