We are working on creating a platform that will help companies with fixed duration resource requirement engage companies that have skill matched resources available for the similar duration.
Following milestones have been achieved:
Market Identified: B2B
Product: Under development (DONE - Wireframing, User stories, Case Stories, DB Designing; IN PROCESS - Algorithm Development, User Modules, Admin Modules)
Total interested companies: 50
Total empanelled companies: 20
Time spent in market: 2 months
The market is cumulative of temp staffing for professional services, gig economy, contractual staffing and add business services to it. Globally, it is upwards of 390 Billion USD while we have considered contractual staffing for IT roles only. With Non Technology companies in our target group, this number can easily change incrementally.
Problem or Opportunity
Companies find it really difficult to scout fixed duration resource engagements. Traditional methods of Temp Staffing or Contractual Staffing are highly priced, without passing on the cost benefit to either hiring or providing company. Gig portals provided a glimpse of future with flexible workforce, but if you ask hiring managers, they will tell that the quality of resources and their accountability to get the work done is volatile.
Solution (product or service)
The web platform (under works) will help companies in putting their resource need and availability. We are creating it in a way that the details of any company, their requirement or the resource details are not public information. The details are announced to the matching engine which will run in background and show possible engagements with reasons and score of matches done. Since it is all rating and performance driven, with regular engagements, the system will become robust enough for any company to trust the network and engage the resource.
Temp Staffing companies like Addeco, Randstad etc
Gig Portals like Freelancer.com/ guru.com etc
Advantages or differentiators
First to market with direct engagement killing the time consuming process of interviews/ rate negotiations;
Completely performance driven engagement making it a hub of performance guaranteed resources through companies directly
Have already started work on future value added services through the solution, making us proactive to the market needs.
The revenue will be generated through advance slot purchase. A slot is a job for a month or a resource available for a month.
For Hiring Company:
They will purchase advance slots for the duration of each job being put on the platform. For instance, they have 2 jobs of which 1 is for 3 months and another for 5 months. They will purchase a total of 8 slots priced at 100USD per month per slot.
For Providing Company:
They will purchase advance slots for the duration their resource is being put for engagement (irrespective of the engagement being achieved or not). For instance, if they have 2 resources available for 1 month and 7 months, they will also purchase a total of 8 slots priced at 60USD per month per slot
We will create a network of companies who can hire or provide resources for fixed duration.
Once the engagement is initiated, the companies will rate the resource's performance and hiring company's resource/process management monthly.
Further engagements will be driven completely by the way a person performs in an engagement.
Money will be spent on
Improving the Product;
Bringing mobile application;
Future value adds
Creating global partners;
Marketing & Sales campaigns
Offer for investor
We are looking to raise USD 160,000 for an equity of 20% in company;
We expect to be able to provide an exit in 3 years at 10X or 5 years at 25X.
Indirect competition becomes direct competition;
Companies see it initially as a Good to have solution rather than must have solution
Risk of False positives through engagement initiation but not completion.
Performance levels of resources vs rating standards of companies can get complacent.
Incubation/Acceleration programs accomplishment
Cleared initial rounds of investment evaluation by Innovation Fund from Japan