Riipen Networks Inc.

Successfully Funded!

$177,228
completed of $121,000 146%
41
investors
Campaign Closed
Overview

Riipen Networks Inc. is the only big data company that provides continuous employer branding and an improved recruitment process for emerging talent through its skill-building assessment platform, Riipen.com. We replace the inefficient, outdated resume with short-term, skill-specific projects as the starting point of how companies and students engage with each other.

For companies, Riipen facilitates a new, convenient, continuous, and single way to build their brand on all campuses at once – targeting the next generation of employees, consumers, and decision makers, early on in their post-secondary education thereby creating brand ambassadors. As students do industry-based projects in and outside of the classroom, companies are able to compile a curated list of students and recent grads with the right skills to succeed at their company.

For schools, Riipen makes their students more employable upon graduation by facilitating industry projects that help build skills, many of which are not taught in school. Schools pay for private branded portals where projects, initiated by professors, alumni, or co-op and career services staff, are only available to their students.

The Idea

Riipen was founded by students for students. It was born out of the entrepreneurship specialization at UVic by a group of students that looked at the majority of their peers who had graduated and still did not have a job in their field. After researching and finding out that graduate underemployment was at its highest rate in history and the skills gap between academia and industry was at its widest point in history, the team started Riipen as a social enterprise to help solve this social problem. The team found that employee turnover rates were also the highest the world has ever seen and conceptualized Riipen as a platform that could reduce all of these together, as they were directly interconnected. 

 

Product or Service

Riipen.com is currently in its third iteration and has been conceptualized as a mix between LinkedIn and Monster with a dating site twist. We released our MVP in December 2013. In August of 2014, after feedback from customers and users, we released Riipen2.0, which included a completely rewritten client & server code; decoupling server into a pure RESTful JSON API, which enabled us to build apps on other platforms (iOS, Android, Windows); revamped user model with multiple users per organization; internal messaging service; featured projects and organizations; case-based learning algorithms for matchmaking and gamification; and better analytics. In September 2015, we launched school private portals which allowed professors to submit assignments which are then matched to industry partners. So instead of stale old cases or fictitious problems, students get to work with real companies, gaining them relevant experience of employable skills. 

 

Market

We have two major customer segments: post-secondary schools and organizations that want to engage with emerging talent at those schools because they are the next generation of consumers and the next generation of employees. While this could be any organization, our primary focus is on medium-large firms throughout North America, which are: (1) continuously recruiting entry-level computer science and business students due to high employee turnover and an increased gap in skills between what they learn in school and what industry needs; and (2) located in urban centres with at least one post-secondary education institution. Secondary segments included in those geographical areas are startups, small businesses, and non-profits. In North America alone there are 100,000 degree-granting, post-secondary institutions and over 5 million organizations that fall into our primary and secondary markets.

 

Revenue Model

Riipen charges, on average, $100 for a company to participate in a single class project.  
Riipen charges, on average, $2000, per semester for a school to have a private branded portal with Data Analytics.

 

Use of Proceeds

 

Intended use of funds listed in order of priorityTotal amount ($)
Marketing/promotions$15,000
Business development$110,000
Product development$80,000
Operations$12,000
Legal$25,000
Total$242,000

 

Exit Strategy

Riipen plans to grow dramatically over the next several years and will be reinvesting its operating cash flow in to the continued growth of the company. Once operations have reached optimal level, management will consider the best strategy for its shareholders. This may include a strategic merger or acquisition, or an initial public offering.

 

Investment Highlights

Please note that every dollar invested in Riipen goes directly to combating graduate underemployment.

Offering

  • $242,000 of a total $1.98Million round
  • Post money valuation $7.87Million
  • $506 minimum investment

 

This Offering is available to:

Friends and Family of Officers and Directors

Business Associates of Officers and Directors

Any Crowdfunding Investor

Accredited Investors

 

FAQ's

How Long is a Typical Project?
There are two main types: 1) Projects that we transform from in-class assignments that professors have made, which could be a week to a full semester, as it is up to the discretion of the professor because it is for academic merit and we have no control over in-class assignments. 2) Projects initiated by industry are generally 2-4 hours.

 

Is this free labour from students?

NO! Most in-class work that students do is ONLY recognized for its academic merit, but many assignments have industry relevance and unfortunately the value of industry experience is not being recognized and so students graduate and can’t get a job because they have no relevant experience. But this is not true! They’ve done work. So, for in-class projects, companies are giving their time in order to give students the added recognition they deserve for doing industry-relevant skills and work while inside the classroom. If they like what the students did, the students get added to their “talent pool” and they are considered for future positions. For projects initiated by a company, that don’t have academic merit, the work that the student does is NOT being used by the company, it is a subset of the skills related to work that is needed, and companies are using the subset of skills to identify capable student to hire outside of the platform. 

 

Investor Taxation Benefits

BC investors are eligible for a tax credit of 30% of their investment, as Riipen qualifies as an Eligible Business Corporation.

  • EBC for BC residents
Meet the Team
Richard Tuck
Chiief Executiive Offiicer
Dave Savory
President & Chiief Operatiing Offiicer
Dana Stephenson
Chiief Connectiing Offiicer
Braden Simpson
Vice President, Board of Directors
Paul Koros
Controller
Updates

Riipen

March 30, 2016

Campaign update

We launched our equity crowd-funding campaign on FrontFundr in early February as part of our larger seed round. Our goal was to raise $121,000 in 4 weeks. We were extremely excited and proud to announce that we had surpassed our target and are oversubscribed on our campaign. Due to this overwhelming success and the fact our EBC Tax Refund was approved for 2016, we've extended our campaign on FrontFundr until either April 15th or if we reach $200,000.

 

Other highlights since the campaign launch include:

  • Closed an active lead investor for our seed round outside of FrontFundr
  • Successfully launched 10 in-class projects with approximately 100 new company participants
  • Re-signed SFU and BCIT for follow on semesters
  • Invited to present to the New York State Post Secondary Education Taskforce on implementing experiential learning to 1 million students starting this September
  • Signed up new client schools (Douglas College, Kwantlen Polytechnic University, Camosun College, Royal Roads)
  • Successfully executed our 3rd Experience Fair, watch the highlight video here.

When we launched our crowd-funding campaign we hosted a small networking event with a short investor style presentation about Riipen and a quick demo of the platform. This helped us get the campaign off the ground and we will be hosting a similar event at SFU Venture Labs brand new space in the Harbour Centre next Thursday April 7th at 6:00 pm.

 

If you are interested in attending please RSVP at https://www.picatic.com/riipenequitycrowdfunding.

 

If you can't make the event but want to learn more about the company or potentially investing please let me know. 

 

Sincerely,

Dave Savory,

Chiief Operatiing Offiicer - Riipen

Investors
41 total, 29 anonymous
Martin Hauck
Documents
Cap table
Articles of incorporation
Start-up Crowdfunding Offering Document
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