Headhunters in tech from left to right: Jared Furtado and Jana Rich
Towerhill associates/Rich Talent groupHeadhunters help big companies like Dropbox, Uber, and Plaid hire visionaries for top roles and the process is much more involved than simply scanning resumes.
Headhunters have to have multiple conversations with senior people at the company, dissect job descriptions, and more as they try to find the right fit.
Two top tech headhunters share common mistakes they see, like companies that use language that causes them to miss out on up-and-comers with fresh perspectives who can rise to the challenge, or descriptions that are too vague.
Sometimes companies will get bogged down with a long wish list and it's up to the headhunter to cut through the weeds to figure out what's really important.
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Headhunters discreetly keep Silicon Valley companies competitive by finding top talent to fill C-suite positions, taking meetings with high-level movers and shakers in the hopes of placing them in new, lucrative positions.
The process of finding a suitable executive for a hot tech firm is different from how recruiters fill engineering, sales, or product roles: through job sites and scanned resumes, according to cofounder of boutique headhunting firm Towerhill Associates, Jared Furtado.
The most sought-after execs don't upload their resumes to job sites or update their LinkedIns, says Furtado, whose firm has worked with the likes of Uber, Dropbox, and Plaid. That's where headhunters come in.
"You want to keep a search exclusive-feeling: You don't want to just have it blasted out," Furtado said. "That's why job postings, they can be good — because you can certainly get that out there that this company is hiring — but then from a job seeker standpoint, it loses that high-touch feeling. It stops feeling exclusive. And top tier candidates aren't spending their time looking at job postings."
Furtado and cofounder of Rich Talent Group, Jana Rich, laid out the typical process: Client companies will come to a firm to fill a high-level placement — a CTO, or a VP of data science, for instance — and a headhunter will have multiple conversations with members of the executive team to discover the most important attributes a candidate should have. From there, a headhunter will scan through their personal database of potential candidates and ask externally for referrals from colleagues who are in the industry.
Most headhunting firms are paid one of two ways: On contingency or on retainer. Contingency means that firms are paid based on whether or not they find a candidate, whereas firms on retainer are paid a yearly fee.
The real asset of a headhunter is their network: knowing the cream-of-the-crop will help them fill open positions. Towerhill Associates has a database of hundreds of thousands of names it has collected since its inception in 2008 and Furtado himself has placed execs at big-name companies and pre-seed startups alike. Rich Talent Group serves more than 80 high-profile clients like Asana, Airbnb, and Facebook and has placed the CEO of Evite, the president of Uber, and the head of communications at Coinbase, among others.
Furtado and Rich both said there are plenty of bumps along the way when it comes to the hiring process, though, and highlighted three key mistakes that companies tend to make:
Headhunters have to cut through long wish-lists, vague boilerplate language, and unclear or unattainable goals
Companies often come to headhunting firms with a too-long laundry list of must-haves, or use language in their job descriptions that ends up eliminating up-and-coming female or minority candidates right off the bat, says Rich, who has been in the headhunting business since 1996. This can force the company to miss out on diverse voices in their boardrooms or executive suites.
"For example, 'they have to have lead a team of X number of people,' which can really exclude a lot of women, and people of color," Rich said. "So [I'll be] really pushing on them like, 'Okay, this might be the first time this individual has led a 100 person team. But are you open to that?'"
Furtado and Rich both said that companies too-often use boilerplate candidate character descriptions that they haven't quite defined themselves, like "strategic" or "hands-on."
"Even the concept of strategic, what does that mean?" Rich said. "Let's really unpack, what does that even mean? Does that mean they're smart? Does that mean they can think about new business models? And why? When you say strategic, what are examples of projects you have to work on? Because strategic can mean radically different things depending on what it is we're actually talking about."
Vague language makes the process of finding the perfect candidate to lead the company difficult, which is why headhunters often have multiple discussions with current high-level people. Getting a fuller, more concrete understanding of the role helps them pluck the right candidates to interview.
Rich asks questions like: "What are the actual reasons and motivations around why they're seeking to fill this role? And what are the metrics for success going to look like? What are they must-haves versus the nice-to-haves?"
She also often asks client companies why a certain position exists, and what role it plays in the company's overall success: "Our work with them is to try to get the criteria as specific as possible."
Sometimes Rich and Furtado will connect with a company after it has already tried and failed to work with another firm or find someone to fill the role internally. When a firm struggles to fill critical, executive-level positions, headhunters have to help them refine their goals.
"You kind of have to play, detective. What happened?" Furtado said. "If you interviewed 30 candidates for an executive position, that's a lot. Where were the expectations? Maybe the type of skill set you're thinking for, not one person has that. Maybe you have to break this up into two roles."
Rich said the role of a headhunter often requires thinking outside the box and ahead of the client company to find the right fit. Part of the reason companies will use headhunters is to get an outsider's view of what the company can benefit from: Headhunters collect anywhere from 10 to 15 new prospective executives everyday, and are often at the forefront of finding exceptional talent.
"One thing I love," Rich said, "Is that companies will say, 'I wouldn't have found that if it weren't for you and your team.'"
SINGAPORE, Oct. 27, 2020 /PRNewswire/ -- With the Royal Danish Embassy, Singapore and Cyber Youth Singapore officially supporting the event, global technology experts and solution providers unearthed the new opportunities for AI adoption in Singapore.
Dr Ben Goertzel, CEO & Founder of SingularityNET Foundation, Hong Kong; Sandra Jensen Landi, Ambassador to Singapore, Royal Danish Embassy, Singapore; Sutowo Wong, Director at Analytics and information Management, Ministry of Health Singapore, Richard Dutton, Head of Machine Learning at Google, USA; Kirill Petropavlov - AI Director at Bank of Singapore; shared crucial insights on new developments in AI during the COVID era.
"Everyone is deploying AI and those who are willing to move faster in the direction of AGI are going to have a competitive advantage in delivering more value and receiving more value," said Dr Ben Goertzel in his keynote on the advancement of AI to Artificial General Intelligence (AGI).
Sandra Jensen Landi, Ambassador to Singapore discussed how Denmark is focusing on Human-Centric AI for building trust, transference and the greater good. She stated, 'Digitalisation in Denmark is not about technology, it is about empowering citizens, it is about human needs. Our policies are aimed at putting citizens in control of his or her data & to make free and accessible data available to improve everyday living and to drive corporate innovation as well."
The conference was hosted on Vmeets, an advanced virtual events platform specialised in providing a modern digital experience setup for immersive and interactive virtual events that create real engagements, deliver data and drive revenue.
At the virtual events platform, participants were able to discuss on many trends and challenges such as; transforming into a Human-Centric AI organization post-crisis, future of work, deploying enterprise AI, how AI can transform customer experience, cloud tech, cyber security in a post-COVID era and more.
World AI Show - Singapore was officially sponsored by; Platinum Sponsor - Tech Data and Dataiku; Gold Sponsors - AspireNxt; Exhibitors - NeoSOFT Technologies and BCS Technology International Other partners included; Supporting Partner: Royal Danish Embassy in Singapore and Cyber Youth Singapore; Association Partner – Artificial Intelligence Society of Hong Kong; PR Partner – PR Newswire Asia.
About World AI Show
World AI Show is a thought-leadership-driven, business-focused, global series of events taking place in strategic locations across the world. It connects top AI experts, enterprises, government representatives, data scientists, technology leaders, startups, investors, researchers, academicians, and global AI innovators – to discuss the impact of AI on commercial applications and the revolutionary ways it can transform businesses and government functions.
Visit singapore.worldaishow.com to know more.
Hørsholm, Denmark (23 October 2020) – Allarity Therapeutics A/S (“Allarity” or the “Company”) today announced several updates related to its planned filing of a new drug application (NDA) with the U.S. Food and Drug Administration (FDA) for dovitinib, a pan-tyrosine kinase inhibitor (TKI) that is one of Allarity’s priority programs.
The Company is announcing an update on timing for its originally planned first NDA filing for dovitinib as a treatment for renal cell carcinoma (RCC). This NDA is based on non-inferiority to the approved drug sorafenib. The Company’s preparation of the application itself is progressing as scheduled, however the third-party contract manufacturer of the registration batch of the drug is experiencing delays, in part as a result of the ongoing coronavirus pandemic. A registration batch is a mandatory component of the NDA filing. Due to this reported delay, Allarity is now expecting to file the NDA in 2021.
Separately, the Company remains on track to file its first pre-market approval (PMA) application with the U.S. FDA for the use of the dovitinib DRP® companion diagnostic to select and treat likely responders to the drug. If regulatory authorities provide the expected PMA approval of the Dovitinib DRP® and an NDA approval of dovitinib, the Company believes it can make the drug available to DRP®-selected RCC patients as an effective new therapy to treat their disease.
Dovitinib, originally developed by Novartis, addresses a significant unmet need for improved therapies for the treatment of RCC, and is a potential therapeutic alternative to sorafenib. Annual sales of sorafenib, under the trade name Nexavar®, were approximately USD $715 million in 2018. The global RCC market is projected to grow to USD $6.3 billon by 2022. In addition to the RCC market, dovitinib has promising potential as a monotherapy in a number of other indications, including estrogen receptor (ER) positive metastatic breast cancer, hepatocellular cancer, endometrial cancer and gastrointestinal stromal tumors, as well as in combination therapy with other approved drugs, including immune checkpoint inhibitors.
Steve Carchedi, CEO of the Company, noted “Although we are disappointed with the unanticipated contract manufacturing delay for our priority dovitinib program, and the resulting setback of our planned first NDA filing for this promising cancer therapeutic, we recognize the delays are a result of the ongoing coronavirus pandemic that is affecting many facets of our industry. We remain fully committed to advancing the near-term filing of our first dovitinib NDA towards hopeful U.S. approval and to bringing this beneficial cancer therapeutic to RCC patients. Moreover, we are enthusiastic about remaining on track with our planned PMA filing for the Dovitinib DRP® companion diagnostic this year.”
About Allarity TherapeuticsAllarity Therapeutics (Nasdaq First North Growth Market Stockholm: ALLR.ST) develops drugs for personalized treatment of cancer guided by its proprietary drug response predictor technology, the DRP® platform. The company has a mature portfolio of six drug candidates, including compounds in the pre-registration stage. The product portfolio includes: stenoparib (2X-121), a PARP inhibitor in Phase 2 for ovarian cancer; dovitinib, a pan-TKI in post-Phase 3 for renal cell carcinoma; IXEMPRA® (Ixabepilone), a microtubulin inhibitor approved in the U.S. for the treatment of breast cancer; LiPlaCis®, a liposomal formulation of cisplatin in Phase 2 trials for breast and prostate cancer; 2X-111, a liposomal formulation of doxorubicin under manufacturing for Phase 2 in breast cancer; and irofulven, a DNA damaging agent in Phase 2 for prostate cancer.
About the Drug Response Predictor – DRP® Companion Diagnostic
Allarity uses its drug specific DRP® to select those patients who, by the genetic signature of their cancer, are found to have a high likelihood of responding to the specific drug. By screening patients before treatment, the response rate can be significantly increased. The DRP® method builds on the comparison of sensitive vs. resistant human cancer cell lines, including genomic information from cell lines combined with clinical tumor biology and prior clinical trial outcomes. DRP® is based on messenger RNA from the patient’s biopsies. DRP® has proven its ability to provide a statistically significant prediction of the clinical outcome from drug treatment in cancer patients in nearly 40 clinical studies that were examined, including an ongoing, prospective Phase 2 trial. The DRP® platform can be used in all cancer types and is patented for more than 70 anti-cancer drugs.
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Forward-looking statementsThis announcement includes forward-looking statements that involve risks, uncertainties and other factors, many of which are outside of Allarity’s control and which could cause actual results to differ materially from the results discussed in the forward-looking statements. Forward-looking statements include statements concerning Allarity’s plans, objectives, goals, future events, performance and/or other information that is not historical information. All such forward-looking statements are expressly qualified by these cautionary statements and any other cautionary statements which may accompany the forward-looking statements. Allarity undertakes no obligation to publicly update or revise forward-looking statements to reflect subsequent events or circumstances after the date made, except as required by law.
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This information is information that Allarity A/S is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication on 23 October 2020.
Dovitinib Program Updates_Oct 2020