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Reporting period: 2019-08-01 to 2020-01-31

The current problem affecting the recruitment market is the challenge of evaluating whether a job candidate would be a good hire and fit the company culture; without a good fit, it is unlikely that the person will be successful in the job. The information currently available, (CV, motivation letter) forming the basis on which recruiters select candidates, is largely one-sided and does not give insight to cultural fit. Neurolytics aims to use computer vision and automation to transform the job candidate assessment process.
Neurolytics therefore positions itself to be the reference software that provides insight on cultural fit at the pre-selection phase of the recruitment process.
This would shorten and speed up assessment time, as well as, result in improved decision making in hiring. This is made possible with the use of video analysis methods of the candidates’ faces during an online assessment. Neurolytics applies computer vision technology (using computers to understand digital images and video) to detect and interpret candidate’s psychophysiological biometrics, providing objective information about their cultural fit.
The project aims at assessing and comparing technological options of software and demonstrating its use for talent assessment. It is currently at TRL6, and this stage, Phase 1, consisted of performing an analysis of key stakeholders, market size, competitive background and of threats/opportunities for entering the market. Our feasibility study indicates that recruitment, particularly talent assessment, is the most attractive market in which to develop and apply these cutting-edge computer vision techniques. Firstly, recruitment is facing mounting pressure to increase both efficiency and effectiveness leading more and more companies to turn to automation and search for innovative solutions. This new approach to recruitment benefits companies, candidates and general society. Companies ensure a more effective and efficient recruitment process and increased employee retention in the long-term. Job candidates are evaluated more fairly, learn more about their own work culture preferences, and avoid spending time considering companies that would not suit their preferences and even accepting jobs in companies that would make them unhappy. The result of this is improved match making in the job market is increasing equal opportunity and access to the labor market, enabling the upskilling/reskilling of the working age population, and helping increase employment of youth with little work experience. Concerning the IPR and FTO, Neurolytics objective is to examine as appropriate aspects of IP management by doing a freedom-to-operate analysis and IP landscaping to account for adverse contingencies that may arise as the product nears the final phase of commercialization.
A business plan details the introduction of innovative solution on the market, which includes the costs, the incomes, and the forecast of revenue until 2022. The market research is based on the identification of priority areas, clients’ needs, potential early-adopters, main competitors and their solution in economic and technological maturity. The assessment of the pricing and the value proposition were drawn and they are tested directly in the market. Neurolytics business model is scalable as our solution will be mostly standardized and will have decreasing marginal costs with an increase in volume. Starting out, there will be more costs associated with sales and setup, as this is an innovative product and enterprise solution.
Still, once the solution has been setup, the cost of providing the service are low, and thus the return per customer increases exponentially. Retaining customers will be key to success. The software’s beta version has been piloted with a handful of clients and participating HR managers’ and candidates’ positive feedback indicates interest for the solution and adoption potential by further clients. Client feedback on the test assessment reports has been implemented, and continuously feeding data into the mathematical model refines it. Minimum requirements for parameters of video quality and environment necessary to extract the biometrics in sufficient quality have been identified. Neurolytics’ product is now much closer to the market, with better chances to attract the international interest and to succeed in its commercialization. Our FS aims at accelerating the development and go-to-market
Neurolytics builds an international network aimed at realizing the full commercialisation in the next three years. The successful project also gave us a much greater visibility and increased the credibility of the company in Netherlands and at the European level. The socio-economic impact of this project is not limited to recruitment. Following the projected commercialization of this project in the next three years, there is definite potential for this technology to address challenges in other industries such as healthcare and education. The project’s success has provided greater visibility, increasing the company’s credibility in the Netherlands and Europe. The specialized expertise in psychophysiological biomarkers, positions Neurolytics to transcend the state-of-art by incorporating advanced computer vision techniques, combining independent psychophysiological measurements, and applying them to provide insights for talent assessment.