Thrive: The future of career wellness

Thrive is a marketplace for outplacement services combined with industry-leading, job-search management tools. The company is the first of its kind, and aims to provide the best services for people no matter the stage of their career. At Thrive, we place a strong focus on Career Wellness and users’ professional development – not just helping them secure their next job. Here’s how L-SPARK helped us get to where we are today.

The Background

We met L-SPARK in 2016 when my co-founder and I were fresh to the startup game, and the company was very much in its infant stage. We knew little about starting a software business, and were desperately in need of some guidance. However, before we came across L-SPARK, we couldn’t identify anyone in the ecosystem that had the right expertise on building, growing, and monetizing a software business, along with raising capital.

The Approach

When we were accepted to the L-SPARK accelerator program, things really started to ramp up and we gained insights and experience that proved vital for the business. L-SPARK paired us with Hello Ventures investor Peter Becke. Peter had a huge impact on the business as soon as he was brought in, and guided us through challenges with customers and contract negotiations. In fact, as a result of the fruitful partnership, Peter now sits on the board of the company and Hello Ventures became an investor. 

Peter’s wide breadth of business experience working at multinational companies gave us invaluable insights into how to deal with bigger companies. Peter consistently provided a fresh perspective on challenges with other investors and how to delicately manage those situations as a CEO.

The Results

When we entered the L-SPARK program, there were just two of us, and we were making less than six figures in annualized revenue. Now, we have 11 full time employees and our annual revenue rates are well over a million dollars. We have nearly 100 customers around the globe, and have gone from being an amateur startup to a real business that’s growing in revenue.

The Takeaways

We gained so much from our partnership with L-SPARK, but one thing sticks out as a big takeaway for Thrive.

Since L-SPARK connected us with Peter Becke, he not only became an investor in the company, but also a good friend to the business. We learned that who you bring into the fold has a huge impact on your business in the long-term, so it’s vital to be strict with who you allow to invest. Partnering with Peter shed light on what it means to be a good investor – and thus how to identify bad ones. You can easily get let go bad employees, but you can’t get rid of bad investors. This collaboration was foundational in getting to the stage we are at today – surrounded by great people and on a solid path of growth.

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