“How can we compete with Google and Facebook for talent?”

I’ve heard this question many times from entrepreneurs. There is a perception that European start-ups can’t compete with the cash and equity and lunches and massages of the US multinationals stationed here.

It’s an understandable concern. And one that can be overcome.

The first thing to note — lest start-ups pit themselves as opponents of multinationals — is that global tech giants are net contributors to the local talent pool in the UK and Ireland. Thousands of talented immigrants are attracted here by the prospect of working for big brand tech companies. While the resulting competition for talent is stiff, it is not zero sum.

Second, the multinationals employ a lot of people here. A quick-and-dirty LinkedIn search returns the following number of employees at ten well-known US tech firms in Ireland and the UK.

LinkedIn search, March 2017

LinkedIn is imperfect and these numbers are an under-estimate. But let’s proceed with them for a moment. Assuming the average annual attrition rate is 10%, about 3,400 people leave these ten companies in the UK and Ireland every year. That’s a lot of untethered talent!

Caveats apply, of course. Some of these workers are jumping to other multinationals. The majority are not the software engineers that are most in demand at startups. But the fact remains that there is substantial turnover at multinationals and, given the size of their employee base, the number of free agents churned up is high. With a little ingenuity, talented people can be prised free.

Let’s say you find someone at a multinational that you want to hire, there are a few things you should know.

1. What “customer segment” is your candidate in?

Look at this professionally drafted two-by-two matrix. If you try to lure someone away from Microsoft or Dropbox without knowing which box they’re in, you could be wasting your time.