Nashua startup company seeing fast success
NASHUA – In just a few years, one local startup tech company has expanded its business to service clients across the country in all 50 states.
Performology is a Nashua-based startup company. Its officials were recently awarded for their work at the New Hampshire Tech Alliance Startup Shindig on May 30 at Oracle+Dyn in Manchester. This is an annual event that celebrates entrepreneurship in the Granite State with a night of networking and startup pitches from the Accelerate NH cohort.
Company officials got their start when President and CEO Bilal Jordan applied for the Flatley Challenge in late 2016. The company was awarded one year of free space at 200 Innovative Way in Nashua. Officials have operated from that location since. Since then, the company has collected other awards.
“Every year, we’ve had significant accomplishments here in New Hampshire,” Director of Operations Shaunae Nolet said.
In 2018, Performology participated in the New Hampshire High Tech Council TechOut event. Officials were finalists for that challenge, becoming one of six out of 40-plus applicants. More recently in 2019, they participated in the Accelerate NH Tech Alliance Shindig and were awarded a first-place prize $200,000 check through Millworks Fund II.
The company operates with six employees, including Jordan, but he said the firm is probably going to increase staffing capacity, perhaps doubling it within the next year. He said they are growing to the point to which they will eventually need more space.
“We help companies better connect their employees’ goals and compensation with company profitability,” Jordan said. “So, the concept we deploy is that, if employees’ compensation gets impacted by the same variables that determines the success of the company, it makes it a lot easier for everyone to work.”
He said there are three key benefits clients see, including an increase in employee engagement and satisfaction, a reduction in employee turnover, and an increase in growth and retention.
When looking at the typical workforce, he said the average employee does not really have a good expectation of what the goals are in relation to how their job, on a daily basis, impacts the company’s profits. While these employees come to work regularly and perform their job duties, the question comes up of how does this work relate to the bigger picture. Performology’s software answers some of those sorts of questions. He said the software works to answer the question of, “How does what an employee does on a daily basis affect the company’s mission and vision overall?” They then connect this to compensation.
Basically, the company is all about aligning staff with key corporate objectives, then connecting said objectives to compensation in an effort to incentivize employees.
The company also has a professional services department, which consults on designing a plan customized for each client. The software provides consistent communication of the plan, tied to the real-time up-to-date information on successful results, plus compensation earned.
“Up until this point, the company has been self-funded, but after winning the Millworks award, we’re also looking to raise our first outside-funded round,” Jordan said.
Nolet said in an email that Performology clients realize a significant return on their investment, with increased engagement and productivity of employees, which then, leads to increased results and revenue for the company. She said some firms see up to a 23% reduction in turnover and a 160% increase in productivity.
“This client success is leading the Performology rapid growth,” Nolet said in that email.
Furthermore, Alpha Loft Founding Partners, Oracle+Dyn and Borealis Ventures sponsored this year’s Accelerate NH Tech Alliance Shindig, and New Sky Productions was a gold star sponsor of the event.
“I think the tech community here is very strong, and one of its biggest assets is the fact that it is more personable, and they offer a significant amount of support,” Jordan said.
Performology can be found online at, http://performology.com/.
Adam Urquhart may be contacted at 594-1206, or at firstname.lastname@example.org.