Local entrepreneur David Hill and business partner Jared Montoya recently launched a second capital raise for a new app called "WeGood?" aimed at helping managers offer weekly feedback to employees in order to increase retention rates and reduce absenteeism.
Hill and Montoya founded High Quality Leadership in mid-2020. The company has four departments: talent, engagement, leadership and organization. In addition to the new app, it offers resources like executive searches, engagement tools, leadership training seminars and third-party organization assessment.
Hill is a 2017 San Antonio Business Journal Fast Track winner for his former company EZNectar, which sold ready-to-eat nectar hummingbird feeders. He sold the company almost two years ago to Denver-based Classic Brands, which was acquired by Pennsylvania bird feeding company Perky-Pet.
Hill and Montoya partnered in 2019 after meeting while Hill was working on his Ph.D. dissertation on leadership theory.
Many don't feel valued at work these days, leading to record levels of absentee employees and resignations, said Hill. Middle management is often not trained in giving regular feedback to employees. The app offers a mechanism by which management can offer weekly feedback via a checklist focused on both "compass," or integrity and attitude, and "capacity," or work performance.
With a click, both supervisor and employee can request a meeting, and employees can request further information on their checklist feedback.
Some prominent names sit on the fledgling company's board of directors, including former Kroger President Geoff Covert and former Vice President of Product Supply at Procter & Gamble Bonnie Curtis.
High Quality Leadership launched its first SAFE, or simple agreement for future equity, funding round for the app Jan. 31, overseen by local attorney John Bray, during which it raised $100,000 in capital. This financing contract enables early-stage founders to raise capital before negotiating the value of the company.
In May, it kicked off a second capital raise with a goal of $300,000 by the end of the third quarter. In just the first weeks of the second capital raise, the company has raised $50,000.
Next January, they pivot to their first price round with angel investors and venture capital firms. Hill aims for at least $100 million in valuation within the next five years – and $20 million in revenue.
The app is in its alpha testing phase with a restaurant, manufacturer and cancer center Hill declined to name. Users will give feedback on the app which the company can then re-code and incorporate in the final version.
The minimum viable product version of the app will be available in the next few weeks on the Apple Store. Its full launch is slated for next year, according to Hill. At that point, the app can also be paired with human resources software so users can measure its impact on company attendance and retention.
