Know Someone, a Leeds-based tech startup aiming to revolutionise the recruitment sector, says it has defied the odds in securing £500,000 from Innovate UK.
It said navigating the notoriously competitive Innovate UK landscape, where success rates hover around 3-5% and academics often dominate, underscores the potential of its digital platform for recruitment.
Know Someone will now accelerate its R&D efforts, further refining its approach and testing before an official launch to market later in the year.
The platform encourages job referrals between prospective candidates and companies, providing an opportunity for third parties to make recommendations.
When a role is successfully filled, the person responsible for the lead receives a fee.
“This is an excellent application with a clear business need,” assessors from Innovate UK commented. “The problems that this project is attempting to address are well detailed. The project plan is realistic and thorough – and the team has a strong skill mix.
“The commercialisation opportunities are well understood and exploited, and the project team clearly understand the impact of their innovation outside of the project.”
Alexander Isherwood, chief technology officer at Know Someone, said: “Having led the application process for this funding, I am immensely proud of what we have achieved.
“This funding is not just a financial boost, it’s a validation of our innovative approach to tackling the challenges in the UK recruitment sector.”
CEO Geoff Shepherd added: “Know Someone is in a terrific place. For our stage of development, we now have sufficient funding to take us to the next level.
“We’re building an amazing product and team. We’re deeply grateful to Innovate UK for its support.”