Amish Shah, CEO and founder of Millennium Search and managing partner at Sierra Maya Ventures, was recently heard voicing his opinion on Fox Business about the problem of too many tech startups rushing headlong into IPOs. On Money with Melissa Francis, Shah, along with Capitalist Pig Hedge Fund Manager Jonathan Hoenig, voiced their thoughts on the announcement that Zulily, a somewhat profitable flash deal site, has announced its plans to go public. This, following a similar announcement from Twitter earlier this year, has caused many investment professionals to wonder whether or not tech companies are being too quick to rush for IPOs.
As a tech startup investor, Shah has an interesting perspective on the issue at hand. While Hoenig stated he felt that this was a good thing and a natural outgrowth of capitalism, Shah disagreed. When host Melissa Francis asked whether this was a repeat of the tech startup bubble in 1999, Shah indicated that he thought it was.
“It’s definitely a repeat of 1999. If you look recently, we’ve heard of candy crush going public. Are you kidding me? A game like that going public out there? Yes, I am for capitalism as an investor, but there’s lots of risk in what Zulily is doing. I think there are better players out there that are going to be going public, like Square.”
Zulily and Twitter are considered high risk investments because they are posting little to no profits. Zulily had a profit of just over $2 million in the first half of the year. While these aren’t horrible numbers, they aren’t highly successful numbers either. Twitter is doing even worse, yet these tech startups are pushing for IPOs.
Zulily and Twitter aren’t the first tech startups to attempt to go public, and perhaps they should look at the successes, and failures, of their past counterparts. “They should learn from Groupon,” warns Shah. “If you look at Groupon, it’s a total bust.”
Hoenig, while he was happy to see these tech startups, indicated he would not be buying them for his clients. Shah indicated getting in on the secondary market may be a better choice for investors interested in investing in these start up companies.
The interview originally aired on October 9 and can be viewed here:
This September marks the 10th anniversary for Millennium Search. It was 2003, a year when Google was still private, and Facebook and Twitter were nowhere in sight. We were founded the same year as LinkedIn, when no one knew who they were. Now, they have become a true game changer for the recruiting industry, with every professional, company and recruiter maintaining a presence . Ten years ago, it was a world without iPhones, mobile apps and social networking sites. Back then, CRM/ERP, Security, Enterprise Applications, Data Warehousing/BI and Storage/Cloud Computing were all hot technologies. Today’s in-demand sectors are Mobile Apps, Gaming, SaaS, Consumer Internet, Social Networking, Big Data/Analytics and Cybersecurity. Over the past 10 years, we’ve enjoyed watching our clients go public, witnessed many M&A’s providing successful exits, and have helped thousands of people become millionaires along the way.
At Millennium Search, the mission is to remain boutique and provide a high caliber of service to our clients that is responsive, fast and efficient. In managing client searches, we will continue to use the latest recruiting techniques, combined with a base of old school values that build long-term relationships. On behalf of our candidate network, we will work even harder to vet out our clients to ensure they have a strong management team, sufficient cash flow, and the product and vision necessary to create successful companies with career opportunities, not just jobs. We’ve built a firm with the scope and expertise to fulfill the full range of talent needs specifically for today’s technology companies. We now offer results oriented solutions, whether retained or contingency, to fill executive positions as well as technical, marketing and sales roles. We are on the forefront of the latest technologies, working with hundreds of venture backed companies ranging from emerging technology startups to established household brands, with a reach spanning from the United States to groups out of Europe, India, China and Israel.
What will the next 10 years look like in the high-tech industry? We now live in an era of technology disruption, with the Internet of Things, Wearable Technologies, Drones, Driverless Cars and more. We essentially accomplish everything from our smartphones. Soon enough, we will replace a trip to the doctor’s office when we don’t feel well, using sensors to check and deliver vital signs through an app that allows for the instantaneous generation of an Rx. Already, you can get a ride, book your vacation, wire money, deposit a check, book a restaurant, buy tickets to the game, trade your stocks, buy a car, rent a car, find that long lost high school buddy, gamble or video conference your family in Europe in real-time, all from your phone. It will be amazing to watch new, life changing companies emerge over the next 10 years, just as Google, LinkedIn, Facebook and Twitter have done these past 10 years.
We feel high-tech will remain strong well beyond the next 10 year stretch because of improved and continuous connectivity, and we will continue to be in the middle of it all. Thanks to everyone who has supported Millennium Search, from our Friends and Family to Clients and Candidates. And most importantly, a special thanks to the entire Millennium Search Team who works hard every day to consistently deliver best efforts with quality results – our future is bright!
Technology Focused Executive Search Firm Partners to Aid in Talent Acquisition
Loggly, the world’s most popular cloud-based log management service delivering application intelligence, is continuing to grow its team. The company has retained Millennium Search, an executive search firm for technology companies and startups, to aid in their talent acquisition efforts.
Based in San Francisco, Loggly is a startup providing a log management and data analysis SaaS platform. Loggly allows application developers and operations engineers to manage logs across multiple servers through a single cloud-based interface, without additional hardware or software to download. The platform allows for smooth application debugging, monitoring, troubleshooting and data analysis. Loggly is backed by Matrix Partners, True Ventures and Trinity Ventures.
“Delivering the world’s most popular cloud-based log management service requires A-team talent across the board, from engineering to user experience. At Loggly, our focus is on log management and value to our customers,” stated Jim Nisbet, CTO and VP of Engineering, “So we partnered with Millennium Search to leverage their focus and efficiency on sourcing key talent acquisitions to ensure we can continue to our growth and improve our offerings rapidly.”
Loggly hired Millennium Search to aid in the search for a UX/UI developer role. Mark Cergol, Senior Executive Recruiter at Millennium Search, headed the search for the Loggly Account.
“Loggly has a great management team with a proven track record, a product that’s a leader in their space and strong VC backing,” says Amish Shah, CEO and founder of Millennium Search. “They match the three criteria that we look for in our early-mid stage clients, and are demonstrating success as a result.”
About Millennium Search
Millennium Search is dedicated to the ethical, rapid and successful placement of top-tiered talent in the high-tech sector around the world. It is our mission to provide a match that will result in success and growth for both the client and the candidate. Founded in 2003, The company works with venture backed startups in the Bay Area, the Northeast, and other startup hubs across the nation. To learn more about Millennium Search and its track record of successful placements for technology companies, visit www.msearchllc.com.
Palo Alto Based Data Company Partners with Technology Recruiting Firm to Expand Team
Serendipity, a data analytics startup in the Bay Area, is expanding its team. The company has partnered with Millennium Search, an executive recruiting firm for software startups, to jump-start their recruiting efforts.
Serendipity is a big data analytics company aimed at removing the need for data scientists from the analysis of large data sets. Currently in stealth, the Palo Alto based company hopes to put the power of data in the hands of users, and create a platform that successfully ‘consumerizes analytics.’ With a focus on a strong user interface and a simplified visualization of analyzed data, Serendipity will allow the everyday user to garner the powerful insights that large data sets provide.
Mare Lucas is COO of Serendipity, and is also CMO of GCE Cloud, the parent company of the data analytics startup.
“We’ve all seen the explosion of innovation in the consumer space – from mobile applications that deliver incredible user experiences through new devices that we can wear,” says Lucas. “ It’s time we look to reinvent the enterprise – and Serendipity is helping to lead that charge.”
“Data analytics is a space that is growing rapidly right now,” says Amish Shah, CEO and founder of Millennium Search. “Mare and her team are working hard to build what I am confident will be a top company in the space. We are excited to be working with them.”
Serendipity partnered with Millennium Search, a technology recruiting firm focused on growing software companies, to help jumpstart their recruiting efforts. Serendipity is ramping up the development of their product for launch, and brought on Millennium Search to help scale their development team. Prior to partnering with the data analytics startup, Millennium Search was retained to fill key positions at Serendipity’s parent company, GCE Cloud.
“It sounds like a cliche, but when you are in a startup, you are pushing everyday to get to that first version. You can’t absorb latency anywhere in your process. Millennium Search gets that and moves at my pace; maybe faster,“ says Lucas about Millennium Search. “From the quick response to my initial inquiry, to the professionalism of the recruiting team, they’ve helped me scale up my team at the speed I need. Their grasp of the technology space clearly comes across in the quality and fit of the candidates that they source.”
“Mare is a true professional,” says Shah. “She knows what she needs, and pulls the trigger quickly for the right candidates. In this market for top talent, you have to move fast with people. Mare and her team at Serendipity understand that well.”
About Millennium Search
Millennium Search is an executive recruiting firm for emerging and high growth technology companies. Based in Charlotte, NC, the firm has offices in San Francisco, New York City, Boston and Atlanta, They have a consistent track record of success placing top performers at startups backed by top venture capital firms.
Growing Online Gaming Company Partners With Search Firm for Key Positions
Charlotte, NC- Fanduel , the leading daily fantasy sports company, is continuing its partnership with Millennium Search LLC, a top executive search firm focused on recruiting for companies in the high tech industry. The continued growth and increasing popularity of Fanduel’s unique fantasy gaming platform has led the company to begin expanding its team.
Based out of New York City, Fanduel established a fantasy sports game that allows players to create fantasy leagues that can be played in a single day, rather than throughout an entire season. With options for Football, Baseball, Basketball, and more, Fanduel provides options for both free and paid fantasy league games. After a successful round of funding in April of this year, the gaming company continues to grow and gain traction among fans.
“It’s been incredibly exciting to see the usage of our site explode since our launch in 2009.” says Tom Griffiths, cofounder of Fanduel. “Every new season brings in a new crop of players who are pumped to try our new style of fantasy sports. With site growth comes headcount growth, and it’s been great working with Millennium Search on that.”
“This account is a very interesting one for me”, says Sandy Bleich, Senior Partner and Executive Recruiter at Millennium Search, who heads the Fanduel account. “Fanduel is looking for game changers who are bright, skilled, and have a passion for fantasy sports and experience in the sector. We have an excellent working relationship with their team, all of whom are highly engaged, responsive, and flexible. The relationship is paying off, and we are seeing the acquisition of top performers at Fanduel!”
“We’ve been impressed with the approach taken by Sandy and Millennium.” says Griffiths. “They take the time to understand your requirements and have a high signal-to-noise ratio when it comes to selecting candidates. We look forward to having them as a partner as we continue to grow.”
“Fanduel represents everything that we love about the tech world. We love the passion, innovation, and hard work that comes with an organization like this, and we live to create value for those companies,” says Amish Shah, CEO of Millennium Search and fantasy sports enthusiast. “I get excited about these guys, and can’t wait to see what’s in store for them in the future. We are proud to be working with them.”
About Millennium Search
Millennium Search is a boutique executive search firm focused on placing top talent at early stage, mid stage, and Fortune 500 companies in the high tech industry. Based in Charlotte, NC, the firm serves the technology sector in key locations including San Francisco, Chicago, New York City, Boston, Austin, Atlanta, and more. For more information, visit www.msearchllc.com.
“We discovered Millennium Search participating in conversations on Quora,” said SeatGeek Co-Founder Russ D’Souza. “We thought it was very smart of them to be hanging around where entrepreneurs are looking for resources.”
Launched in 2009, SeatGeek searches the inventory of all the web’s major secondary ticket sites and aggregates all available tickets in one place. The company was a finalist at TechCrunch 50 in 2009 and was named to PC Magazine’s list of the Top 100 Websites of 2010. SeatGeek currently employs 14 people.
“SeatGeek is not just a place to do ticket transactions,” D’Souza said. “If someone is looking for entertainment options but doesn’t know what to attend, we can make the best recommendations. With that in mind, we are looking to add significant revenue to the site through advertising deals, so the new digital sales director is a key role for us. The goal is to double our ad revenues.”
“We’re excited about finding the ideal candidate for SeatGeek,” said Millennium Search CEO Amish Shah. “We have the right experience and a deep pool of qualified candidates within our network, and we’re confident we will fill this sales position quickly with an A-player. SeatGeek has the right combination of management, product offerings and funding that we like to see in clients we support.”
Millennium Search Senior Partner Sandy Bleich is handling this search for the firm.
SeatGeek is the leading ticket search engine that enables fans to quickly and easily discover the best deals for sports, concerts and theater events. The company’s Deal Score™ and forecasting technology gives fans the buying intelligence they need to find the best prices from trusted secondary ticket markets and get alerts on the ideal time to purchase.
SeatGeek was incubated at DreamIt Ventures, a startup accelerator based in Philadelphia. The company has since received funding from Founder Collective, NYC Seed, and a number of NYC-based angel investors.
About Millennium Search
Millennium Search is a boutique executive search firm focused on placing top talent in early-stage, mid-stage and Fortune 500 technology companies globally. Headquartered in Charlotte, NC, the firm has offices in San Francisco, CA; Boston, MA; Bergen County, NJ; Long Island, NY; Midtown Manhattan (NYC); Charleston, SC; and Palm Beach Gardens, FL.