Mr. Gavin is the former CEO and Vice Chairman of Drake, Beam, Morin (DBM), an international career management and transitions management firm. Prior to joining DBM, Mr. Gavin spent eight years at Right Management Consultants where, as President and Chief Operating Officer, he guided the organization through growth of revenues from $125 million to approximately $500 million. He subsequently orchestrated the sale of Right Management Consultants to Manpower (NYSE:MAN) in 2004.
"Careerminds is at the forefront of the new generation of outplacement and career transition services," said Mr. Gavin. "They are a best-in-class solution provider that provides real innovation on all fronts—technology, career consulting, scalability, and affordability. I've been a leader in the outplacement space for many years and Careerminds is the first organization that is truly transforming how outplacement serves companies and job seekers."
The Company recently secured the remainder of its venture capital funding, totaling $1.285 million, in which Mr. Gavin is a participating strategic investor.
"Jack is an outstanding asset to the organization," said Careerminds CEO Raymond Lee. "His long history of dynamic leadership roles in the outplacement space are invaluable to us. Blending Jack's insights with Careerminds' unique technology, career consulting, and methodology will only add value to our customers and the individuals we serve every day. We look forward to a productive relationship and building a first-class company during his tenure."
Mr. Gavin is a graduate of Temple University and currently serves as Operating Partner at LLR Partners, a leading Philadelphia, PA-based private equity firm with over $1.4 billion under management.
]]>The Company had its final closing on a $1,285,000 Series A round of institutional funding, led by Wilmington-based Innovation Ventures, LLC. Several investment groups participated in the round, including Philadelphia-based Gabriel Investments, Philadelphia-based Trestle Ventures, New York-based ARC Fund, among other strategic independent investors. Duane Morris, LLP and Lancaster, Pa.-based McNees Wallace & Nurick, LLC acted as primary legal counsel for the transaction. Duane Morris, LLP represented Careerminds and McNees Wallace & Nurick, LLC represented the investors.
The Company intends to use the proceeds for sales and marketing development, technology, core-platform enhancements, and general working capital. Also as a result of the closing, Jack Gavin will serve as Chairman of the Board. Mr. Gavin is the former CEO and Vice Chairman of Drake, Beam, Morin (DBM), an international career management and transitions management firm. Prior to joining DBM, Mr. Gavin spent eight years at Right Management Consultants (NYSE:MAN) where he served as President and Chief Operating Officer. He is also a strategic investor in Careerminds' Series A round of venture capital funding.
"Careerminds is definitely on the rise," said Kevin Kleinschmidt of Gabriel Investments. "In a world of aging, traditional outplacement firms, Careerminds is the first real innovator that is poised to change the way Fortune 1000 companies think about career transition services. Their differentiation is clear, their team is strong, and their solution is exceptional. It's a scalable model that could be a disruptor to the big players."
Venture funds from New York, Philadelphia, and Delaware participated in the round. Said David Freschman, Managing Principal at Innovation Ventures: "A remarkable aspect of this deal is that a variety of VC firms up and down the East Coast invested in Careerminds. That speaks highly of how well investors regard this growth Company."
The Company's unique approach outplacement uses a proprietary, convenient, and highly relevant career transition methodology for job seekers in a difficult economy. It blends personal coaching with breakthrough technology to put displaced individuals back to work faster than the national average. The Company's price points are up to seventy percent less expensive when compared to traditional firms, making the service attractive to organizations that are sensitive to their bottom lines during a reduction in force.
"Capping off this round of funding helps us reach our growth goals with greater agility," said Careerminds CEO Raymond Lee. "Careerminds continues to acquire Fortune 500 clients and grab market share. Our aim is to pool the strategic strengths of our investors in an effort to bring our unique solutions to market quickly and with maximum efficacy."
About Innovation Ventures, LLC
Innovation Ventures, L.P. is an SBIC venture capital fund focused on growth and early-stage investments in the areas of chemicals and materials; electronic materials and devices; information technology; nanotechnology; software; biotechnology (excluding human therapeutics); and business information services related to the legal, financial services and manufacturing industries. IV invests in enterprises located primarily on the East Coast, with a particular emphasis on the Mid-Atlantic region—Pennsylvania, Delaware, and New Jersey.
For more information about Innovation Ventures, visit http://www.innovationventures.com
About Gabriel Investments
Gabriel Investments consists of Philadelphia-area business men and women who have joined forces to fund and aid the development of local companies through their collective business experience and contacts. Gabriel’s leadership has depth in all functional areas including general management, marketing, sales, product development, marketing communications, and finance. Individuals in the group have been the founders, Presidents, CEOs and members of the Board of Directors for an extensive list of successful businesses in and around the Philadelphia area.
For more information about Gabriel Investments, visit http://gabriel-investments.com
About Trestle Ventures
Trestle Ventures operates as a venture fund, but with many of the benefits of an angel network. The investor group that makes up Trestle Ventures is a team of seasoned entrepreneurs and executives. Because we’ve been in your shoes, we understand the day-to-day issues you face and will serve as trusted advisors offering our knowledge and expertise at building a successful company. We leverage the experiences and successes of our team and limited partners to work closely with our portfolio companies. We actively participate on the company’s board of directors and assist with developing long term plans, structuring transactions, recruiting senior management, and developing and negotiating strategic relationships.
For more information about Trestle Ventures, visit http://www.trestleventures.com
About ARC Fund
ARC Angel Fund invests in seed and early-stage companies with high growth potential. We focus primarily on Software, IT, Internet, Tech-Enabled Services, Business Services, Digital Media, Mobile, Healthcare IT, among others. The Fund has a primary focus towards NYC and the surrounding North-East and Mid-Atlantic area companies and is composed of experienced venture capitalists, private equity professionals, serial angel investors and experienced entrepreneurs from the NY metro region. ARC Angel Fund Limited Partners typically invest alongside the Fund as one did in Careerminds.
For more information about ARC Fund, visit http://www.arcangelfund.com
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Careerminds Vice President and Partner Justin Schakelman during an interview with The Wall Street Journal's MarketWatch provides insights to how to factor social networking into the job search process.
]]>The app reflects Careerminds’ larger social responsibility efforts and serves individuals in career transition who need free expert advice. “MyCareermind is something we’re very excited about, particularly because it’s a no-cost, high-touch resource for millions of job seekers who are looking for professional advice on job search topics that can be confusing, if not frustrating,” said Careerminds Vice President Justin Schakelman.
Job seekers who use Facebook to network with peers, colleagues, and other professionals may visit MyCareermind which is freely available on Careerminds’ Facebook page. Individuals are able to ask questions and Careerminds will select submissions at random and respond each week with answers via video for viewers to watch. “It’s a powerful way for us to share our knowledge with job seekers who are hungry for sound advice. Facebook is a natural medium for us to give back to the community in a productive and engaging manner,” said Careerminds CEO Raymond Lee.
If you or someone you know is an out-of-work Facebook user and is looking for free, expert job search advice, visit Careerminds’ MyCareermind app at:
http://www.facebook.com/#!/pages/Careerminds/166474331486?v=app_111348728935010
About Careerminds
Careerminds provides strategic solutions to organizations seeking affordable, web-based outplacement services. Using a Web 2.0 e-learning platform that delivers affordable, online career transition services, Careerminds provides a high-tech and high-touch blend of on-demand career transition education supported by senior-level career consultants to help displaced workers reenter the workforce quickly.
For more information about Careerminds, visit: http://www.careerminds.com
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]]>The Tampa, Fla.-based company recently entered into a business partnership with Careerminds to resell its e-outplacement and MyBrand® services to organizations throughout the southeast and beyond. The Watters Group brings a wealth of experience to the partnership with Careerminds, including work with Cadillac, Florida Tourism, Walt Disney Attractions, Chevrolet, Applebee’s Restaurants, Albertsons, California Tourism, California Wine Commission, Hertz, Long's Drug Stores, Samsonite Luggage, among others.
“We immediately saw the value Careerminds provides companies and people in transition. Its comprehensive, personalized, technology-driven, and highly affordable approach to outplacement is something the industry has needed for a long time,” said Watters partner John Watters. “We wanted to be a part of the evolution.”
“Our relationship with Watters is built on a common interest in offering and delivering innovative solutions within the outplacement space,” said Careerminds CEO Raymond Lee. “We’re a natural fit and expect to have a bright future together. The Watters Group is respected by leading organizations that are always on the lookout for progressive solutions to their outplacement needs.”
About The Watters Group
The Watters Group provides marketing, management, and career consulting services for companies interested in utilizing innovative programs to build and manage their business. Marketing Consulting: The marketing practice combines a wealth of traditional marketing experience with the latest in alternative and social media to ensure that clients are ahead of the curve and getting the best return on dollars spent. Career Consulting: Our career consulting services deliver specialized and highly focused executive search, state-of-the-art outplacement, and unique career development programs.
For more information about The Watters Group, visit http://www.wattersgroup.com/
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Philadelphia jobs report half empty or half full?
A new report says only half of companies in the region are expecting to hire new workers next year.
The study, done by Delaware based Careerminds and Rutgers University shows only 50 percent of the region's employers are looking to expand in 2011. Justin Schakelman of Careerminds says the survey shows employers are trying to do more with fewer workers.
"For those individuals who have a very singular one-dimensional background with their skillset, yes you are going to have to look at becoming more dynamic as a contributor to the workplace," said Schakelman.
Jonathan Lane of Rutgers Camden School of Business says constant training and education are the keys to staying employed.
"Those who are now in the process of earning their degrees and those who are out there in the workforce already are going to need to continually sharpen their skillsets if they want to be employable in the long run," said Lane.
The study finds that eight percent of local companies are expecting to lay off workers next year.
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