Lensa
About the Company
Lensa is an innovative job search engine platform that leverages AI technology to help job seekers find their ideal career matches. The platform uses a combination of skills and work environment preferences to provide personalized job recommendations. Founded by Gergo Vari, Lensa aims to address the inefficiencies and challenges in the job search and hiring processes. The company prides itself on its user-centric approach, benefiting both job seekers and recruiters by offering a pool of qualified candidates.
Lensa's mission is to revolutionize the job search industry by making it more efficient and personalized. By utilizing advanced AI algorithms, Lensa ensures that job seekers save time and energy, while recruiters receive applications from candidates who are well-suited for the positions. The company has seen significant success, with millions of new subscribers and substantial revenue growth, reflecting the effectiveness of its approach.
Idea Behind Company
The idea for Lensa was born from Gergo Vari's realization of the broken job search industry during his early career in Budapest, Hungary. After graduating from McGill University, Vari struggled to find a job due to the lack of established job posting platforms. This experience sparked his entrepreneurial spirit and led him to create Hungary's first job search platform, Profession.hu, which became a market leader with a 75% share.
Vari's subsequent ventures in the recruitment and human resources technology space highlighted the need for a better approach to job searching. A visit to San Francisco and discussions with industry professionals revealed similar issues in the US job market, inspiring Vari to develop Lensa. The platform aims to provide a more accurate and efficient job search experience by utilizing AI to match job seekers with positions that fit their skills and preferences.
Creating the Company
Building Lensa involved leveraging previous experience in user interface design for job search platforms while incorporating innovative features. The founding team consisted of four developers, a Chief Financial Officer, a Head of User Relations and Sales, and Vari as the CMO. Focus groups played a crucial role in the development process, providing valuable feedback to ensure the platform met users' needs and expectations.
The initial prototyping phase focused on creating a competitive advantage through Lensa's AI capabilities. The development process, carried out in phases, included ideation, planning, and leveraging agile methodologies to ensure timely delivery and continuous improvement. The Minimum Viable Product (MVP) featured essential components like an intelligent job search engine and personalized job recommendations, which were refined based on user feedback from focus groups.
Launching the Business
Launching Lensa required extensive networking and strategic marketing efforts. The team attended numerous human resources and job search events to build relationships and source data. With the help of marketing agency Luck Boosters, Lensa achieved break-even in seven months. The marketing strategy included campaigns on Google and social media, which contributed to initial traction.
To further enhance marketing efforts, Lensa hired an in-house team for SEO and PPC campaigns, while also utilizing freelancers for flexibility. The company opted for a bootstrapped approach, relying on internal resources to maintain control over business growth. Continued networking and investing in high-ROI channels like TikTok, along with a multifaceted marketing strategy, helped attract and retain customers.
Earnings
Lensa has experienced significant growth in revenue and user base, with a profitable business model and strong gross margins. The company's focus on expanding user experience and AI development has resulted in over 200,000 monthly visits and a large email subscriber base. Future plans include expanding product features, particularly by offering the platform in Spanish to serve the Latinx community.
Lensa's short-term goals involve improving AI and user experience while increasing marketing efforts to drive traffic. Long-term objectives include promoting AI's role in reducing recruitment biases and addressing the US labor shortage. The company's talented team is dedicated to delivering the best user experience and expanding Lensa's reach in the job search industry.
