Event report - Acadian Ventures Startup Summit
This was one of the best days I’ve spent at a tech event in many a year. Here’s why.
Disclosure: I’m an invested limited partner in Acadian Ventures Fund 2. This fund is managed by general partners Thomas Otter and Jason Corsello, two highly experienced HR alums.
This is a fairly detailed story so grab a beverage and buckle up.
The thought of supporting poorly or underserved segments of endeavour has been close to my heart for some years. It’s why I voluntarily supported a local cooperative venture, why I’ve invested in sustainable farming in Ukraine, zero carbon farming in London’s disused tunnels, vegan hospitality and now Acadian Ventures, which is focused on the burgeoning HR tech space.
So when I was invited to attend Acadian’s first startup summit, I took it as an opportunity to learn more about the fund, the types of firm it invests in and the ecosystem surrounding it.
It was well worth the travel pain (of which more in another story) and time investment. It was also an opportunity to converse with colleagues I’ve known for many years but have not met in person for at least three years.
My prime measure of event success is the extent to which it holds my attention. In this case I happily sat through a series of short presentations that were full on fat and fact. I can’t remember the last time I did that.
Thomas Otter, who I’ve known for many years during his time at both Gartner and SAP/SuccessFactors, kicked off with a compelling run down of why now is the time to ‘fix work together.’ This was set against the background of facts surrounding the global, changing workforce demographics, the long term impact of counter measures against the COVID-19 pandemic, and the rise of wellbeing as a prominent element that exercises the minds of those seeking fresh opportunities. As such, Thomas’s presentation created a coherent whole upon which the remaining presentations built.
I’m not a fan of VC presentations as I find them to be high on hype and buzzword bingo. This was different. All the partners and associates on the panel represent funds much larger than Acadian. But that fact wasn’t used to outshine any other panellist. Rather, each took the opportunity to confirm that the investment theses that applied pre-pandemic have not fundamentally changed coupled to aspirations for continued, at pace investment.
However, in a fresh twist, each said they are keen to help their investees’ management succeed. This aligns with Thomas and Jason’s insistence on regularly checking in with startup leaders. I like this approach because it demonstrates a genuine commitment to the firms in which the funds invest. This was later confirmed in side conversations with a few startup CEOs and advisors. The word that came up time and again was ‘professional.’
For reference, the panel was moderated by Jason and had representatives from LocalGlobe, Stride and SpeedInvest.
Next up was a demo by holivia, a French wellness application that links people to professionals who can help overcome common workplace stressors. The UI is gorgeous and the app has plenty of functional depth. I spoke with CEO, Jerome Crest and wondered whether the focus on cognitive behavioural methods would provide lasting help. Jerome acknowledged it is early days for a useful assessment of that approach but we both giggled at the fact France has a rich history and talent pool of different psychological theories from which to draw. I wish holivia well (sic.)
The growth, seed and scale up panels provided no nonsense insights into how successful startups are not afraid of making radical decisions, changing course, abandoning much cherished business models where it makes sense, even if that means temporarily reducing ARR in favour of building a more resilient, profit seeking model. In this context, Maya Dadoo, CEO of Mexican payroll specialist was especially impressive. Who knew for example that Mexico was so poorly served with payroll solutions?
During the growth panel, moderator David Clarke, technologist and Acadian advisor brought up the thorny problem of integration. One of the main challenges for HR startups is the ability to get access to data from other systems.
Historically, this has been problematic for firms wanting to integrate with SAP and Workday landscapes. While SAP today is arguably easier to deal with than Workday, the problem as I perceive it is that the mindset around commercial considerations by large ERP vendor sales reps is the bigger issue rather than the technology itself. Nevertheless, there are reasons to be hopeful.
Shakti Jauhar, head of HR digital transformation at McDonalds was on hand to provide that hope. In a past life, Shakti had a similar remit at PepsiCo. He said that he is keen on bringing startups into the broader HR mix where there is needed functionality that cannot be provided by incumbents.
I asked Shakti how he solved the data access problems in large ERP landscapes. His answer was both pragmatic and revealing:
“I went to SAP and told them what I needed. The outcome is data access that becomes available to any customer.”
Global customers have that clout, tied to big budgets, but as Shakti acknowledged, his approach is not one that finds commonality among customer groups. There is clearly work to be done. In the meantime, the startups I saw are unfazed.
The last product demo by Jonny Burch, CEO Progression opened the box on how careers are nurtured within teams and how portable career frameworks can be used to help firms retain talent while creating personal roadmaps for individuals. It’s a novel idea supported by deeply researched practices at companies like Amazon, AirBnB, Adobe and others.
And with the last panel, we were done.
It’s quite a while since I attended a tech event and my first full throated startup venture led gig. The format was tight, it kept (mostly but not wholly) to time, and was well paced. The quality of speaker was exceptionally high, unafraid to answer difficult questions and avoiding pappy marketing speak. Taken together, I came away confident. While small, Acadian is punching above its weight, attracting the kind of ventures that are likely to succeed, making a genuine difference to the evolving HR landscape and the world of work.
PS - If you’d like to access the programme summary, then follow this link.