A rapidly growing VC firm faced increasingly complex payroll and benefits requirements that took time away from core business activities.
TriNet’s full-service HR solution provides access to enterprise-level benefits and makes managing payroll simple.
Dr. Navin Goyal may have taken a circuitous route to co-founding LOUD Capital but his passion for ethical responsibility stemming from his medical background has remained steadfast. After being challenged with acquiring local resources to help build his mobile anesthesia company, Navin and his co-founder identified a gap in the Midwest start-up ecosystem and venture capital market. As a result, they established LOUD Capital, an early stage VC firm that provides capital, talent, connections and education to build companies that have a significant societal impact.
The Venture for People® ethos that LOUD developed is centered around several principles—empower and educate everyone on entrepreneurialism and venture funding to inspire the next generation and pursue investments in diverse and underserved communities. Almost half of their portfolio companies are owned by minorities or women and their Pride fund aims to empower LGBTQ+ entrepreneurs. “Investment is a huge opportunity to empower, so it made us think ‘Wow; are we looking everywhere? Are we giving this same opportunity to everybody?’” acknowledged Navin, LOUD Capital CEO.
The ‘LOUD’ in their moniker signifies their active investing approach—not only investing with a capital transaction but in the growth of the founder, team and strategy to ultimately affect positive change in communities. “It’s very fulfilling to me because we aren’t just writing a check. We’re really developing relationships with ambitious founders,” said Navin. One company that epitomizes what LOUD represents is revitalizing hydrogen power to support a vision of an energy-efficient future. “Whatever fund, whatever business we're doing, we really want to get involved with companies and people that are trying to do better, not just make money for investors,” said Navin. “We believe we can make money while pushing society forward.”
In the beginning, LOUD briefly used a simple SaaS (software as a service) payroll platform until the organization rapidly developed. Within a few months, they hired more full-time, eligible employees rather than leveraging consultants, prompting a brisk decision to work with TriNet as an outsourced HR solution. After working with PEOs (professional employer organizations) at previous endeavors, COO Ryan Retcher says he “strongly believes in the PEO model because of the strong value it provides to a quickly growing organization in ensuring that HR is a strength and not a weakness.”
The streamlined online payroll service is one of the most valuable TriNet solutions for the Columbus, Ohio-based VC firm. Ryan is responsible for payroll among many other critical executive roles, so he appreciates that the platform is simple. It was also important that the time management component for hourly employees could reconcile their hours with each payroll run.
When it comes to benefits, Ryan sees them as a way to show employees they are appreciated. “We really value being able to offer top-tier benefits to our team; it's something that we pride ourselves on,” said Ryan. “We take care of our people and that starts with making sure that they have access to great benefits.”
The greatest resource for Ryan personally is what he refers to as his “lifesavers” – HR, payroll, compliance and benefits experts at TriNet. Whenever his employees have had HR concerns, TriNet quickly resolves them. “I know that TriNet is always going to take care of the issue and that goes for the Solution Center that employees call,” said Ryan. “That's exactly why I really value TriNet. I don't have time or the specific expertise in a lot of these areas to make sure I'm giving appropriate advice, that I'm doing things the right way.” For Ryan and his team, being able to reach out to specialized HR support and have full confidence in their expertise is invaluable.
The LOUD team is also leveraging TriNet to help them determine how to retain a talented international employee amidst mounting challenges surrounding visas. Between the cloud-based platform which allows them to submit documents and track case statuses, and access to a team of subject matter experts, Ryan doesn’t have to worry about navigating this unfamiliar area.
“Working with TriNet has allowed me to focus on actually being an executive, generalist and resource to the team that we built,” said Ryan. “I'm able to focus on strategy and building our organization with the executive team. I know HR is not something that I'm going to have to get pulled into the weeds too often, if ever. Without TriNet, I would have made a mistake. I would have done something on the HR lines inadvertently, out of ignorance or just lack of time or energy.”
“With TriNet, we don't have to worry about how to do all of these HR functions, figure out how to build systems or talk to HR experts externally. I don't have to piecemeal this all together. It's the peace of mind of knowing that we have this great platform and partner in place,” said Ryan.
“For the same reasons that we work with TriNet as an organization, we want to make sure HR functions and risk mitigation are addressed for our portfolio companies,” said Ryan. As a result, LOUD recommends TriNet to their founders and operators so they can stay focused on realizing their large visions to create a positive impact on society.
“From our perspective as an investor, as these companies grow and as they hire more people and there become more complexities in the business operations, a big inherent risk is that they inadvertently make a mistake when it comes to employment,” said Ryan. “Or, on the flip side, they can't attract the best people because they don't have a great benefits package to offer. So, when they need to hire someone that is a rock star, they take a look at what they can offer and it seems pretty basic compared to the giant corporations that they're trying to be coaxed to leave.”
“We're very pleased not only about the performance of the companies, but the experience that the founders are having with growing their companies,” said Ryan. “LOUD is also quickly growing and having the backbone of TriNet to really build on has been invaluable to us.”
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