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check out localbacon - aka jibe.com - they seem to be doing the same thing as you want to do with emp.ly

i think they completely revamped their initial model and just publicly relaunched today.

Yes, it is somewhat similar, but there are many ways to approach this market. It's the same like any recruitment business: although you should ideally cater equally for job seekers and employers, at the end of the day you tend to focus more on one side of it. Same for functionality, which side uses it more actively and for whom it is more casual. It will take years for social recruiting to formalize and to see, what actually works and what not. There will be a lot of experimenting in the nearest future.

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