Rocket Internet is expanding an online jobs platform it started in Myanmar into Sri Lanka and probably on to other countries, including Cameroon.
The expansion tells you a lot about Rocket, which is a Berlin-based Internet investor and conglomerate with an increasing presence in the world of technology and emerging markets. The company went into to Myanmar fast, on the first signs of an economic boom, and dealt with complications such as having to drive to collect payments from clients (almost every transaction in the country is conducted in cash). And once it had a model that seemed to work — the company pushed it out toward other markets, Sri Lanka in this case.
“The way the platform [Everjobs] accelerated in Myanmar without too much management and marketing efforts made us think our very user friendly and fresh job portal can also become a great success in other markets,” said Ronald Schuurs, the Rocket executive who is now taking the classifieds site into Sri Lanka along with executive Theo Poursanidis.
Eight-year-old Rocket, whose IPO valued it at more than $8 billion last year, now employs 25,000 people in 100 countries. It has dozens of companies (one estimate is about 75) under its umbrella and, according to its web site, had EUR757m in revenue in 2013.
Silicon Valley doesn’t always like what it sees about this kind of tech company: In the tech world, Rocket is the subject of many digs for its style of business, which involves cloning Internet ideas and scaling them and sometimes, retreating quickly when an idea doesn’t work out.
For instance, take a look at the language in this recent TechCrunch article about Rocket. Here’s how it described the company’s success a month ago: “Rocket Internet gained notoriety for a perceived policy of ‘cloning’ successful startups in a bid to make a quick buck by selling them later.”
Stories about Rocket have also shown up under headlines such as: Attack of the Clones. And entrepreneurs I’ve talked to take pains to distinguish themselves from a Rocket-style approach.
Why the unease? Rocket doesn’t have Silicon Valley’s attitude of equity-for-all; Schuurs said senior executives such as country managers can get equity, and he has equity in the company launching in Sri Lanka. But it is not universal through the company. It has also has, judging from its web site, an entirely male management team, which could rankle some.
