A North West tech company is reporting 500% growth in revenue and a “significant six figure net profit”. Virtualnonexecs.com
is a SaaS based business community for non-executive directors and board advisors which allows companies to engage and hire for free.
Founded in 2019 by tech entrepreneur Ian Wright, the online community has grown to over 12,000 members 20,000+ boardrooms across the UK and overseas. Speaking on the growth of the business, Wright says, “Having been an early proponent of online boardroom communities, the Virtualnonexecs philosophy has always been a simple one – ‘give to get’”.
He goes on to say that the core objective of the membership is to help companies who are experiencing growth and planning for potential exits including MBOs and IPOs. “Connecting these ambitious companies with highly experienced, well networked non-executive directors is a key driver in many of their rapid growth stories. By making it completely free to identify and recruit from the largest community of board advisors in the UK, we have dramatically increased engagement with NEDs and this has multiple positive effects; it improves governance in the SME sector and helps founder directors avoid making costly mistakes.”
Wright says that the UK is only the start of the journey for Virtualnonexecs, with talks being held in the Gulf Cooperation Council (GCC) and others in the US. “The business has already committed to a presence in New York from Q1 2022 where we will be launching VirtualBoardMembers.com” to cater for the US market, where demand is enormous and headhunter fees are prohibitively high for SMBs”.
“What makes our offer different to anything else out there is the ultimate flexibility to our membership. We recently decided to move to a Lifetime Membership which allows members to join and avoid the annual recurring payments they are faced with by others. Our approach is built around the individual and means that members who want more support or access to products, can simply add or remove them; to build a membership which suits the need of the member, not the business!”
Virtualnonexecs offers a suite of products which includes a highly interactive non-exec app, online weekly board networking through their algorithmic networking tool, BoardAi
, fortnightly fast networking via their landmark product, Virtual Speed Networking and a range of CV and career support products to ensure members start their non-executive director journey equipped with the right tools.
Mr Wright says, “Many highly experienced and successful business people feel immense frustration when they try to build a portfolio of clients. This usually stems from the fact they do not have the ‘right tools for the job at hand’ and by this, at the most basic level, it means they have outdated and over-engineered CVs. Our research shows that all FTSE Listed businesses use ATS (Applicant Tracking Systems) and here is where the problem lies – getting a human to actually see a candidate’s CV is a mission in itself! Our products check the validity of CVs to endure deliverability and even better, we have a team of consultants who are on hand to work with members to help them achieve portfolio success!”
“We are fully bootstrapped, have zero debt and are achieving triple digit annual revenue growth. Coupled with a booming international membership and a series of new revenue avenues to commercialise in 2022, the business is well poised for further expansion and we are fully expecting to exceed £1m EBITDA in the next 12 months. Oh and the company employs 5 people – imagine what we can achieve when we shift into second gear!” quips Wright.