Backed by Google Ventures and Stanford University’s X-fund, emerging entrepreneurial firm MindSumo is helping college students and possible employers avoid mismatches while at the same time crowdsourcing innovation. And the formula is working.

“Challenges” are real-world projects designed to encourage participation and creativity from students in real-world projects. The “challenges” also help companies find employees – and prospective employees to find out if a certain company is where they want to work.

Each project costs clients – including numerous Fortune 500 firms – lasts 4 weeks, costs $10,000, and generates 150 unique concepts, according to MindSumo.

Projects are designed to provide:

  • Product development
  • Marketing insights
  • Technology applications
  • Operational improvements.

“MindSumo has been profitable for nearly 2 years and has experienced YoY growth of over 150% the last two years,” company co-founder and President Keaton Swett says.

“With a team of nine, MindSumo is on track to do close to $3 million in revenue for 2016.”

It’s one of the “showcase” companies for the upcoming CED Tech Venture Conference.

WRAL TechWire is profiling presenting companies for TechVenture in partnership with the CED.

Here’s our Q&A:

  • What is the focus of your business?

MindSumo connects college students to employers through real-world projects called “challenges.” By completing challenges, students can prove their skills to employers and learn how to apply their knowledge to solve real-world problems.

Employers can crowdsource creative solutions from a student audience, while gathering concrete work samples that demonstrate which students are the best fits for internship & job openings.

  • What is the top pain point/business application you are seeking to address?

Employers currently waste countless millions on hiring and training employees who end up being a poor fit within their first year. MindSumo dramatically reduces the likelihood of this happening since employers can interact with candidates through the challenge experience to determine whether their skills meet the needs for the job.

It’s almost like a “try before you buy” model that lets both the candidate and employer give the other party a test drive before making any sort of long-term commitment. When hiring decisions can be based on verifiable skills provided by MindSumo challenges, both employer and student will be more confident that they have found the right match.

  • What makes it unique?

MindSumo is unique because it replaces worn out recruiting methods (resumes, career fairs, etc.) with real-world projects that students can use to prove why they are qualified for open positions. It’s more of a meritocracy, which can benefit students who don’t attend top universities.

Additionally, the projects that are posted on MindSumo can generate creative new solutions that can explored and implemented by the employers, so it’s like killing two birds with one stone (recruiting + uncovering innovative solutions)

  • Why should investors be interested in your firm?

MindSumo already has launched over 1,000 challenges, and counts nearly 100 of the fortune 500 as customers.

MindSumo has been profitable for nearly 2 years, and has experienced YoY growth of over 150% the last two years

With a team of 9, MindSumo is on track to do close to $3 million in revenue for 2016

MindSumo raised a seed round in 2011 from notable investors like Google Ventures, Stanford University’s X-fund, The Data Collective, StartFund, and others.

Business facts:

  • Website – http://www.mindsumo.com/innovate
  • Email address for inquiries – Keaton@mindsumo.com
  • Physical addresses – 212 Market Street Suite 203, Durham, NC 27701; 33 New Montgomery St. #220, San Francisco, CA 94105
  • CEO’s name – Trent Udvar-Hazy (California office)
  • President’s name – Keaton Swett (Durham office)