workmaket babeonideas

Just lost your job? Keep working! This tech startup idea, Workmarket ensures you stay employed

The economy is down and your company is downsizing.

How the heck are you going to survive if your job takes the hit?

You wonder.

The bills are going to pile, the kids will be out of school, you may turn into a wreck unless of course, you get a new job fast.

But great jobs may take a while to find, and you wonder what you might do before you find one.

The answer? WorkMarket!

 

What is WorkMarket?

WorkMarket is a tech start idea providing the connection for on-demand labour between skilled professionals and businesses that have need of them.

It is the the SaaS solution that helps companies find, engage, manage and pay their freelance and independent contractor workforce from a single platform

 

Startup: WorkMarket

Founded: 2010

Founders: Jeffrey Wald, Jeffrey Leventhal

Founders’ Inspiration

Creating other successful work based startups, Jeff started WorkMarket to bridge massive inefficiencies generated in the management of freelancers his other companies like Onforce enabled them find.

 

Headquarters: New York, New York

Vision: To power the future of work. (imagined by them).

Website: http://www.workmarket.com

 

The Pitch (The idea in 20 words)

WorkMarket is an on-demand labour Saas enterprise platform helping companies find highly skilled freelancers for specified jobs.

 

Industry

Enterprise software, SaaS, Freelance, Work

Strategy

  • WorkMarket is a machine learning based platform combining intelligent automation and labour clouds to create a meeting point for businesses and freelance workers.
  • It provides a versatile database of pre-vetted freelancers and vendors to offer support services to existing corporate workforces.
  • Through the Workforce platform, thousands of business owned assignments handled by freelancers can be easily managed from one dashboard no matter where they are located in the country.
  • The startup hosts a powerful instant and electronic payment engine which enables ease of payments between companies and their workforce.
  • The application features a host of premium features for the enhancement of businesses on the WorkMarket platform such as contact manager and Bulk upload tools as productivity boosters.
  • WorkMarket provides concierge services for clients seeking automated and optimized workflow.
  • The app integrates with all popular cloud based applications used by businesses offering customised services for existing APIs.
  • WorkMarket ensures fairness and transparency between businesses and freelancers and will close its doors to businesses that get too many complaints from workers.
  • Businesses using the WorkMarket platform instantly improve profits as labour costs are reduced.

 

Revenue Model

Workmarket earns 10 percent on timely job postings by companies and charges a flat monthly rate if assigned to manage a more significant part of the client’s business.

 

Growth and Market prospects

Workmarket has grown by 125% annually since its founding and hosts global giants like Yahoo! as part of its clientele base who utilise them as a back office for their contract bloggers freelance workforce where they design custom systems which cater to scheduling, taxes and performance.

 

Funding

Workmarket is funded by investors;

  • Series A: $6 million – June 2010
  • Series B: $5 million – September 2011
  • Series B: $10 million – May 2013
  • Series C: $20 million – January 2015
  • Series D: $25 million – April 2017


Total Funding: $66 million

 

Investors

Workmarket has successfully raised investment funding from some of the best venture capital institutions in the world and also big corporate like Accenture. These investors include;

  • Foundry Group
  • Silicon Valley Bank
  • Industry Ventures
  • SoftBank Capital
  • Spark Capital
  • Union Square Ventures
  • Accenture

Future Strategy

The future strategy of WorkMarket is to build a workforce that understands and maintains a persona perception which recognizes there is always a market around its skills.

 

Industry Insights

There is an approximate 30 million freelancers in the United States, a number which is expected to grow as more and more people hit opt for greater life-work balance and more flexible work models. In this regard, contingent workers are billed to reach 50% of the American workforce by 2020. More industries will embrace this model as it reduces labour costs, offers a wider range of highly skilled talent pool from across the world and improve agility within organisations.

 

Disrupts

WorkMarket is disrupting the labour market through its cutting edge freelance management platform allowing workers determine who they work for and when they work and allowing companies reduce average costs on labour annually.

Opportunity for Idea Creators

This is an opportunity for idea creators. Workmarket is a game changer and the prospects for such enterprise that keeps work on the plate of a globally unemployed skilled workforce is novel and remains one for the taking.

On the look out to create more value within this industry sector way should be;

  • Developers
  • HR companies
  • And any other crazy head who thinks and can, can make things happen

Imagining another tech startup idea that enables professionals determine how they work and what they get paid create the new on-demand economy millions of people crave.

Who’s got this?

build an app or website by babeonideas blog

 

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  • Please leave us a comment. I will like to share in your thoughts and have a good conversation with you on this startup idea.

 

  • Click on the icons and share on social media. Somebody somewhere may need this information to move to the next level in life and that person may just be you, receiving a shared content.

 

  • Leave your email above. I will take you through my free starter course so you learn how to strategise for start-ups and get paid.

 

 

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