Sidebar, a company dedicated to enhancing individual career growth through group coaching, has successfully secured $13.3 million in a recent seed funding round. The investment comes from notable backers such as Foundation Capital, Scribble Ventures, and Pinterest co-founder Evan Sharp. Led by former Facebook product manager Lexy Franklin, Sidebar aims to address the challenges faced by professionals in finding supportive peer groups.
Filling a Gap in Career Development
Franklin’s inspiration for founding Sidebar came from her own experience at Facebook, where she struggled to find a consistent and supportive forum for learning from her peers. Realizing that this challenge likely extended beyond Facebook, she set out to create a solution.
In a survey conducted by Oracle and Workplace Intelligence, it was found that a significant percentage of workers feel stuck in their personal lives, apprehensive about the future, and locked in the same routines. Additionally, the pandemic and remote work have intensified feelings of loneliness. Sidebar aims to address these issues by providing a suite of tools designed to support employees’ career advancement.
The Power of Small Peer Groups
What sets Sidebar apart from other upskilling platforms is its focus on small peer groups. The matching algorithm pairs individuals based on their level, role, background, and interests. The algorithm also considers whether a person is in transition, looking to stay in their current role or make a switch.
Sidebar emphasizes diversity and inclusion in its peer groups, aiming to balance demographics and ensure a range of perspectives. To mitigate algorithm biases, Sidebar periodically calibrates the groups. However, the majority of the platform’s features do not rely on the algorithm, providing additional reassurance.
Nurturing Growth Within Peer Groups
Once the peer groups are established, Sidebar facilitates bi-monthly group meetings on its proprietary videoconferencing software. These sessions, led by professional facilitators, encourage members to set and achieve their career goals, as well as overcome obstacles. To ensure confidentiality, members are prohibited from discussing specific workplace details.
In addition to the group meetings, Sidebar provides members with a goal tracking module, messaging features, access to live events, community forums, resource libraries, and session recordings. By nurturing a supportive environment, Sidebar enables members to challenge, encourage, and hold each other accountable in their career journeys.
An Exclusive Model with Promising Results
Sidebar adopts a selective approach to membership, requiring prospective users to submit an application and undergo an interview. Membership is granted to those who meet specific criteria, such as having 10+ years of experience in their field, being a founder of a company, or obtaining a referral from an existing Sidebar member. While this model may not be the most inclusive, Franklin believes it helps foster a strong growth mindset within the groups.
Despite its exclusivity and the annual membership fee of $3,600, Sidebar has witnessed substantial interest, with 5,000 individuals on its waitlist. Franklin also revealed that some companies have started sponsoring Sidebar memberships for their employees.
Future Plans and Expansion
With the recent funding, Sidebar plans to expand its team of 20 people by hiring engineers and scientists. The focus will be on enhancing the algorithm to improve the matching process and developing innovative ways for collaboration within the virtual platform and member tools.
In the long term, Sidebar may consider making its tools available to HR departments through benefits or training and development programs. However, no concrete plans have been announced yet.
Overall, Sidebar’s unique approach of utilizing small peer groups for career development shows promise in revolutionizing the way professionals grow and progress in their careers.
