The robots are coming for our jobs, and that’s why we invested in Mentorloop
Not a day goes by without another influx of news reports and studies about the coming impact of artificial intelligence and automation, and how they will eat up tens of thousands of jobs, from factory line workers to performing highly complex functions in the financial industries.
With AI and automation becoming pervasive, it will be the humans who sit over the top that are the differentiator: those who design the software and bridge the gaps in between its output, those who provide the front line servicing, those with the strategic and creative insights to define new industries and service models.
Every organisation will be defined by two critical factors — the quality of their technology/automation, and the quality of their people.
And this is why we’re thrilled to announce we’ve invested in Mentorloop, a software platform that enables organisations to attract and retain the best talent, and to tap into the skills and knowledge of their entire workforce through mentoring. Most organisations have mentorship programs, but very few believe the programs are well run. Mentorloop solves this problem, matching participants based on their proprietary algorithms, as well as managing the ongoing relationship between mentor and mentee to ensure an effective program.
Launched by Heidi Holmes and Lucy Lloyd in 2016, Mentorloop has a rapidly growing list of customers across four continents. These clients are from a broad range of industries: from insurers such as RACV to universities like Monash, to the Australian Olympic Commission as it enables its elite athletes to move into equally rewarding work after their competing years are over.
Mentorloop is rampersand’s 17th portfolio company, and we are very pleased to form part of a fantastic consortium of investors in what was an oversubscribed seed round of $725,000, together with our friends at Blackbird Ventures and Tempus Partners, as well as Adrian Stone, Andrew Walsh and other high quality angel investors.
This is a particularly pleasing investment for me personally, having first met Lucy and Heidi a number of years ago, when Mentorloop was not even a fully formed idea. I have watched as they iterated their thinking, overcame the inevitable barriers of creating a new concept, and have grown on to build a young business that will clearly form their lives work.
At the same time the need for the Mentorloop platform has only grown, and mentorship will not just be a critical business tool, it will be a multi billion dollar industry. And we look forward to helping Lucy and Heidi build it.