Most HR tech competes for the same corporate accounts. Talential targets the SME majority — high-turnover sectors where hiring is broken and peer trust is the only signal that works.
Needed enterprise scale to justify SaaS fees. Competed in a crowded segment — every player fighting over the same 4,000 large companies in Vietnam. Burned through Series A, couldn't close Series B.
In high-turnover sectors, CVs don't exist and algorithms can't assess reliability. Peer endorsement is the only trust signal that works. No competitor owns this in SEA.
Bubble size reflects relative market presence. Every existing player competes in the corporate / keyword-matching quadrant. The SME + peer-trust space has no incumbent.