Twitter and Foursquare investor Union Square Ventures is hiring two associates and by doing so are proving the point that an online presence is the most valuable asset we can own. I’ve been making this point a lot over the last year. Our online presence will become the most valuable asset we own, even more valuable than our home.
To find candidates USV blogged about the openings on their website and Fred Wilson a partner in the firm posted about them on his blog. No recruiter, no Monster.com postings, no 3rd party sourcing. Just two blog posts. USV and Fred have built a huge following. They already had an audience.
I have no visibility into how many applications were submitted, but if the number of comments is any indication, it’s over 100.
What really makes this interesting is that USV asked candidates for just 3 things: a link to their LinkedIn profile, a way to be contacted and a cover letter. They asked the cover letter contain nothing more than links to the candidates online presence. That’s it. No resume required.
USV is using online presence as the key criteria to identify the ideal candidates for their next associates. I love this idea. It’s a heck of a filter. Anyone who hasn’t taken the time to build their online presence is automatically filtered out. No need to reply. Harsh, but it’s where things are going.
What I like about this approach is it focuses on what what the candidates do, not what they say. It’s hard to B.S. your way around an empty Twitter and Facebook profile. You can’t “hide” the fact that you don’t have a blog or haven’t posted in 6 months. By focusing on applicants online presence, USV will have amazing insight into how candidates, think, write, interact, engage, and collaborate. An online presence is a living resume that doesn’t lie.
I think USV is going about this the right way. You can learn a lot about someone by following, reading and engaging with their online presence. An online presence isn’t a polished document with an agenda like a resume and that is exactly the problem with resumes. They hide as much as they share. Watching and engaging with someones online presence is the closest thing to be a fly on the wall. You get to see the real person.
If you don’t have an online presence, you’re not going to a job with one of the most prestigious venture capital firms in the country and that is too bad, because you could be a wonderful fit for them. If you are one of the lucky ones who is hired, your online presence catapulted you into the exciting and lucrative world of venture capital and that is worth something.
How much is an online presence worth? In this case it’s worth 2 years at Union Square Ventures; investors in Twitter, FourSquare, Disqus and more of the Internets hottest properties. That’s worth a lot.
USV will not be the last company to hire this way. More and more companies will use an online presence in their hiring decisions.
An online presence will be the most valuable asset you will own. Start investing!
By far, your most thought-provoking post… My primary concerns is around privacy and the implications of broadcasting every thought and action to a large and anonymous crowd.
Things said within the context of a particular post could easily come back to haunt or harm. Youthful indiscretion and the inevitable slip-of-the tounge are bad enough, but magnify it by a huge social graph and you are potentially facing real, long-term consequences. I have at least one facebook aquaintence I had to block because I found their posts offensive. I now wonder what long-term impacts he will experience because of what he chose to say on the internet.
Bern,
The transition to a social graph as an asset can and will be painful for some. However, as it becomes more common place people will be more deliberate in what they say and how they say it. An indiscretion or slip-of the tongue could have long-term consequences as the once invisible flash of greatness could also have long-term benefits.
I like the thoughts behind this post, especially the thought of your social leverage equalling the playing field. I’m a big believer in social leverage (in fact your statement about receiving help from followers of followers is one of the reasons behind the huge outcry against Twitter’s decision to remove the opt in “see all @s” feature this week, but I digress). If you build your trust network well, putting in the effort it takes to grow the real friendships and connections that can sustain a growing network, you do find your life improved. Even more, you find that you are suddenly able to improve the lives and businesses of others by using your social leverage wisely. It’s a good thing, and it is an asset of the present, not just the future.
Leslie,
You’ve been working at this longer and better than most. Our
relationship is an example of this
I think it’s only going to get more pervasive and more life altering.
//keenan
Jim: I think you are right on target with this post. Authentic followings are possible when you have something truly good to say. One of things that I have been thinking about is how we are trying to attract followings with Twitter. A short cut to coming up with remarkable content is to tweet out links to other people’s content. I recently wrote about how web users are “owners” and they will tweet out content that will put them in a positive light within their social graph.
Let me know what you think.
http://christophermingryan.typepad.com/thewaywewatch/2009/05/television-viewers-are-renters-web-users-are-owners.html
Chris,
Your post is spot one. I like how you use the term “ownership” for web advertising. The psychology is spot on. I’m not sure there is specific rhyme or reason on when and how people take ownership, but I do think it’s critical for companies to start recognizing that there is a difference and getting their users to take “ownership” has a greater return.
Thanks for pointing me to it. Good post.
Yes, you’re right, and really in a profoundly fundamental way.
The “ownership” in the creation, promotion, and distribution of ideas, products, services is passing to the individual, “we the people,” and away from “institutions.” You can even say that the tools or means of creating wealth — once “owned” by institutions, corporations, factories, facilities — is now in the common domain — ours, “for the people, by the people.”
The social web is democratizing the means of wealth. The new “factory” for creating wealth is on the Social Web. And through it, and how we are able to leverage the “inventory” of our connections, we generate financial value in the future.
Juan,
It will be a dramatic cultural shift. How we build, use, manage, and
leverage our social networks is fundamentally changing.
Great discussion – I love the terminology and the concept of active leveraging of presence (in a benign way) to illustrate influence.
My question is, what will really determine that influence as the playing field does start to leverage. Right now it’s still dominated by celebrity (Godin, Brogan both fall into that category, although probably an interesting comparison).
Will it be a Social Media popularity contest? Is it a matter of finding and leading the tribe that’s right for you, making it less about quantity and more about quality? Being genuine, playing nice, helping others – all of those things will be required, but what will put someone in the top 10 – 20 % of influence?
Fun discussion.
Shawn
Skinkade,
Influence will be measured horizontally against peers within similar
vertical groups. There will always be celebrity, however it’s not
about being the celebrity, it’s about having a social graph one can
leverage to improve their well being. Rather than a resume, a blog
can provide tremendous insight to employers. If you have a crappy
blog, with little substance and tons of followers, it won’t help you
as much as a great blog with powerful content and fewer followers.
The same holds true for the number of followers. If you amass 1000
authentic followers, and can get them to “respond” to requests and
needs that will be far more valuable than 10,000 inauthentic followers
who don’t know you and aren’t responsive to your engagement.
The value of a social graph will be measured by how well you can use
it to drive your life’s purpose, career, dating, collaboration,
information etc. It’s closest to your statement of finding and
leading or participating in a tribe or tribes thats right for you.
You don’t need to lead a tribe or be a Seth Godin to wield
influence. Everyone will wield influence some more than others.
Just like some people live in 10m dollar homes, some in 600k dollar
homes and others in 200k dollar homes. Regardless of the size, almost
everyone has a home. Everyone will have internet influence, how much
one has will determine their life.
Hi! What you mentioned above is an accurate account of what ‘will be’
However, looking at the scenario today, I am trying to understand how much an expanded social network would really help in truly defining an individual, atleast as far as recruitments are concerned.
The point is, even though a person may come with glowing recommendations through his/her social netwok, how do we test the reliability of the sources?
Moreover, having followers is heavily dependent on certain parameters, say, the ‘oprah’ of bloggers would still have her own discretion in choosing who he/she wants to glorify. So this again turns from a ‘merit only’ proposition to a ‘contacts only’ one.
I do agree that in certain sectors, like sales for example, this becomes necessary, but what about sectors like Technology and Healthcare, which require pure talent?
A well construed introspection on matters of future opportunities requires an equivalent statement. Thanks for triggering the thought!!
Amitabh,
I agree, an expanded social network, by itself doesn’t define an
individual. The concept is one’s online presence in it’s total,
including blogs, group participations and other writings combined with
their followers. It won’t be acceptable for professionals in the
future not to have some written presence such as a blog, wiki
participation, group participation etc. This will create a living
resume, giving recruiters and employers insight into the talent and
capabilities of candidates.
to your point technology and healthcare talent will be evaluated by
their participation in groups, by blogs, etc. To compete we will need
to express ourselves online to demonstrate our capabilities, similar
to professors today.
think of an online presence being all encompassing. Providing
insight via, ones bog, followers on Twitter, Contacts on Linkedin,
Friends on Facebook, comments on blogs, (care of disqus), and
participation in groups. etc.
Thanks for the insightful comment.
How do you convert your social graph into immediate cash?
Ed,
Your online social graph isn’t a short term or current asset. It’s a
long-term asset. Like that of your home. How much would value
would you give it if it got you a job 50% faster than if you didn’t
have it. To measure the value of your online social graph, add up
every time it created an opportunity that made you money, or saved you
money.
Ask a VC what his/her social graph is worth if it found them one of
their portfolio companies that exited at 50 million. Ask a fledgling
author what their social graph is worth when it helped promote and
sell 250k copies of her first book. Ask the start up band, what their
social graph is worth while they use it to sell 100’s of CD’s a week
and sell out venues as they tour small clubs around the country. Ask
the HR manager who got the Dir. job at a competitor because of the
impressive posts she had on her blog.
Our lives will go through our social graphs and online presence. How
far you go can and will be measured in cash and opportunity.
This is an amazing discussion!
So glad I found it from Paul Dunay’s slideshare presentation on Facebook marketing.
It makes me want to spend more quality time on social media sites because I now know the long-term value it will bring to me!
Thank you so much.
Anthony,
Paul has a great blog and some killer ideas. Things are changing,
staying in front of them is a good idea.
From my Facebook post today: http://www.Facebook.com/TheGinaCarr aka The Tribe Builder
Tribe Builder of the Week: Jim Keenan aka “A Sales Guy” who reminds us that: “At the end of the day everything is sales.” It is so nice when I come across people who are really thinking some cool thinks. This guy really gets it – social media, relationship marketing – and the focus on the bottom line. If you haven…’t “LIKED” Jim Keenan, it probably means that you just haven’t found him yet.
Here’s to you big Jim. Keep up the good work and keep building your tribe!
Great article. you are my new favorite blogger so keep up the good work!