Startup
Definition: An entrepreneurial venture which is newly emerged and fast-growing, that aims to meet a marketplace need by developing or offering an innovative product or service.
Revenues: Pre-Revenue to $10M
Employees: Generally 2 to 25 employees
Common challenges: moving from a loose collection of contributors to an employment structure; quickly setting up core health and financial benefits for hiring and retention; establishing basic HR policies and procedures
Case Study
Company: POC Medical Systems, Inc.
Industry: Medical Diagnostics
Founded: 2014
Locations: Livermore, CA
Employees: 28+
Mindshare Client Since: 2016
Website: www.pocmedicalsystems.com
Business
POC Medical Systems is a young company helping to shift the focus in healthcare from specialized treatment of late-stage diseases to an emphasis on early detection. Founded by experienced technology and biomedical professionals, POC develops inexpensive and easy-to-use medical devices for diagnostics and information sharing.
Challenge
To support its transition from a product development group of independent contractors to a viable company with full-time employees, POC needed to quickly and cost-effectively establish employee benefits and HR infrastructure to attract, hire and retain quality people.
Solution
Within 4 weeks of our initial meeting, we were able implement a combination of benefits and HR infrastructure to get the company off the ground, including: a comprehensive health benefits package, 401k retirement plan in time for late year deferrals, assistance with payroll setup, and setup of an HR and benefits administration system for onboarding new hires and managing benefits.
Outcomes
- Able to quickly establish benefits for incoming employees.
- Able to quickly leverage technology systems for management and administration of payroll and benefits.
- Able to stay focused on critical work of product and business development