Joe Lonsdale and Jack Abraham Launch Terminal; Democratize Access to Global Talent in Emerging Technology Hubs
SAN FRANCISCO (PRWEB) October 16, 2017 -- Terminal (http://terminal.io/), launches today to solve one of the technology industry’s most pressing problems: scaling engineering organizations in a hypercompetitive talent market. Terminal is bringing the fastest growing companies to emerging technology hubs around the world, enabling the best talent to work for the best companies - anywhere. Starting with campuses in Kitchener-Waterloo, Montreal and Vancouver, Terminal provides a turnkey solution to build, run, and scale engineering “terminals” and teams for partner companies.
“Engineering talent is the most precious resource for any technology company - Palantir and Addepar are successful first and foremost because of their top tech cultures and the same is true for our best portfolio companies at 8VC. Yet many of the world’s best engineers don’t or can’t live next to the best companies and can’t work for them; Terminal is fixing that” said Joe Lonsdale, co-founder of Terminal and founding partner of 8VC. “Canada’s elite level of talent has always inspired me and I’m looking forward to Terminal bringing opportunities at the most exciting Silicon Valley companies to our great neighbor to the north.”
Terminal already employs nearly 100 top engineers across its campuses in Canada. These engineering teams are fully dedicated to and embedded in individual partner companies, all early-to-growth stage, backed by top venture capitalists. The teams are collocated in premium office space with the best startup amenities, and supported by a full-service central team of accounting, IT, HR, office management, and more.
“Innovation is not exclusive to any particular region, and I’m excited for Terminal to bring global opportunities to local talent pools all around the world,” said Jack Abraham, co-founder of Terminal and founding partner of Atomic. “Some of the best engineers I’ve ever worked with hail from emerging tech hubs like Waterloo, but it’s hard and expensive to tap into these talent pools, unless you’re a Google or Facebook. Terminal closes that gap, enabling engineers and entrepreneurs to join and learn from the fastest growing startups - from their hometowns.”
The Problem
Acquiring and retaining top technical talent is consistently the main inhibitor of growth for technology companies. Silicon Valley’s average turnover rate for engineers is 24 percent and there are 250,000 unfilled software development positions in the US, estimated to grow to 1,000,000 by 2020. In the Bay Area, the cost of hiring and the cost of living continue to leapfrog one another at an unsustainable pace.
Meanwhile, global technical talent is exploding. Seventeen of the top 20 coding schools and 83 percent of top-performing developer talent are outside of the U.S. The largest tech companies are all aggressively expanding their engineering presences across many of these international markets, and Terminal invites the best smaller companies to compete.
The Solution
Using Terminal, companies of all sizes can add hire the top engineers from around the world, at a much faster (3X on average) speed-to-hire, with much higher retention (less than 5 percent turnover on average), and substantial cost savings compared to hiring locally -- and without the cost or logistical nightmare of setting up their own operation.
“TalkIQ is tackling a hugely complex problem which requires the best engineers in natural language processing and machine learning,” said Dan O’Connell, CEO of TalkIQ. “Terminal has enabled us to attract the best AI talent and build a stellar team in Canada at unparalleled speed, which has been the key to our lead in the market. We’re looking forward to doubling down with Terminal in Waterloo and Montreal.”
How it Works
For companies, Terminal gives easy and instant access to global engineering teams. Terminal has assembled a team of technical recruiters from the likes of Google and Uber, who source, screen, test, and close top candidates for each company.
Each team works in a beautifully designed, inspiring workspace that blends the benefits of a company’s headquarters and a collaborative hub. Engineers plug in seamlessly with teammates across the globe through today’s leading tools, from Slack to video conferencing to interactive whiteboards. Terminal takes on all back-office operations to provide the best talent experience.
Engineers at all levels get to work in a community of smart, entrepreneurial developers. They earn equity in companies solving the most challenging world-impacting problems, vetted by top founders and venture capitalists.
“Remote engineering has been historically limited to offshore, mercenary project work that varies in quality and scalability. Terminal fundamentally changes this paradigm, providing companies enduring teams of elite engineers all around the world to build their most important core products,” said Dylan Serota, co-founder and GM of Terminal. “The future of work is now. And it’s global.”
To apply to partner with or join Terminal, please visit: https://terminal.io
Martha Shaughnessy, Terminal, http://www.terminal.io, +1 4159870285, [email protected]
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