WorkRecords labor platforms compared to travel and payments platforms ver 5.16
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WorkRecords is to labor what Expedia and Sabre are to travel and credit card networks are to payments. Platforms organize economic activity.
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WorkRecords labor platforms compared to travel and payments platforms ver 5.16
- 1. WorkRecords ©2016 All Rights Reserved Enterprise Labor - Mobile & OnDemand
- 2. WorkRecords ©2016 All Rights Reserved Includes all categories of workers: Full & part-time employees (W-2) Staffing agency temps (W-2) Independent contractors (1099) Outsourced department workers Service company workers Benefits for: Workers Employers Workplaces Value Proposition for Multiple Parties WorkRecords is analogous to two familiar OnDemand platforms
- 3. Airline websites Hotel websites WorkRecords ©2016 All Rights Reserved Airlines Hotels Ground Transport Cruise Lines Travelers buy from any supplier OTAs Suppliers sell to any buyer All marks are the property of their respective owners. Travel Platforms Travel Search Engines Global Distribution Systems (GDS) Online Travel Agencies (OTAs) Rental Car websites
- 4. WorkRecords ©2016 All Rights Reserved Hotels & Restaurants Industrial Service & Supply Companies OnDemand Companies Business & Personal Travel Companies Retailers Online & Traditional Credit Card & Debit Card Platforms Cardholders buy from any merchant Merchants accept payment from any cardholder All marks are the property of their respective owners. Chase Bank of America Wells Fargo Citibank Card Holder PlatformMerchant Platform
- 5. Worker Platform WorkRecords ©2016 All Rights Reserved Workplace Platform Hotels & Food Service Industrial & Distribution Retailers Online & Traditional Health Care Companies OnDemand Companies Agency Temps Workers select shifts from multiple employers Full & Part-time Employees (W2) Independent Contractors (1099) Service Company Workers Workplaces fill shifts with employees & contract workers All marks are the property of their respective owners. WorkRecords Labor Platforms Outsourced Departments
- 6. WorkRecords ©2015 All Rights Reserved Workers Gain Control of Their Schedules The worker has everything needed for a decision: job, pay rate, rideshare, expenses, shift time and day, etc. All marks are the property of their respective owners.
- 7. Estimates and US Bureau of Labor Statistics 2014; Economic Policy Institute 53%37% 10% WorkRecords ©2016 All Rights Reserved $928 $4,000 $7,480 $0 $1,000 $2,000 $3,000 $4,000 $5,000 $6,000 $7,000 $8,000 Travel Credit/Debit Cards Labor U.S. Annual Spend by Category ($ in Billions)
- 8. 77 Million Hourly Workers $2+ Trillion Annual Spend54 Million Salaried Total Workforce = 147 million 15 Million Self-Employed Estimates and US Bureau of Labor Statistics 2014; Economic Policy Institute 53%37% 10% WorkRecords ©2015 All Rights Reserved Hourly Labor is 53% of the U.S. Labor Market
- 9. WorkRecords ©2016 All Rights Reserved Enterprise Labor - Mobile & OnDemand
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- WorkRecords History— 6 years of development and refinement (PMF) 2 years of growing users WR is a multi - user system or platform, serving all participants in the labor supply chain Provides full accounting, tracking, and financial control plus active management views and alerts for real-time management of what for most companies is their largest variable cost. As John Donovan said recently, we were early when he 1st say a demo 2 years ago – now the market has come to us My background – finance/accounting in college, early experience in mortgage banking, RE development / construction and then retail business when I took over a family owned lumber and building materials company. In eight years I gained a lot of experience in: Retail management of low wage workers Supply chain optimization and ERP software when I invested and in and operated an industry system. In 1996 I founded and led a VC backed commodity lumber exchange. Weston Presidio; VPVP and Alan Stein were lead investors and BD. Unfortunately we failed in March 2000 when we ran out of money. In 2002, created a VMS in partnership with a large staffing supplier. Implemented and ran it for a year at Compucom before selling my interest I discovered VMS systems are not suited for blue collar (non-interviewed) types of workers, so founded WorkRecords Personally spent months inside plants, distribution centers, call centers, and hotels learning first hand how hourly workers are deployed, managed, and accounted for. Al showed up in 2012 with the perfect background to fit right in - Electronic Commerce/EDI/Supply Chain at Sterling Commerce and Corp Dev at AT&T He saw a demo and called me saying WR was the biggest opportunity he had seen since he was introduced to Facebook early when they were a college thing Overview Business Model Like Zenefits…WR gives away a mission critical enterprise app – T & A in trade for access to workers and data Economics are best when delivered to large companies with multiple large locations Direct Cost est at $10 / worker / year with SG&A another $10 Revenue from apps projected to easily exceed $100 / worker / year Delivering win-win outcomes for workers and workplace, while creating great wealth for our investors At the headwaters of labor data impacting everything labor…from onboarding, to scheduling, tracking, paying, rating, etc. Create a portable digital “WorkRecord” for every worker… Labor traditionally 1:1 employer:employee now many2many WR is like Visa for payments, Expedia/Sabre for travel Amazon and eBay for e-commerce Unparalleled efficiency, visibility and compliance capability The market is huge The hourly workforce, majority of US labor market—70M Targeting workers underserved by enterprise technology No known competition - yet Company Stage Nationwide platform built and operating with 24/7 support desk 100+ workplace enterprises with 300+ locations up and running Current backlog of ~3,000 locations (added 4 hotel chains this month alone) 500+ employers with 200k+ employees 2014 Invoiced over $136mm ($108 to hotels) for annual temp labor spend 2015 invoice run-rate > $240mm+ Fee income still small - < $2mm in 2015 2016 projected to ~ $15= million with backlog to pass $100 million within 36 months Scalable, employee light operations (23 FTEs) Need growth capital to deliver backlog and lock up more workplace accounts With capital will me much more than a unicorn
- WorkRecords History— 6 years of development and refinement (PMF) 2 years of growing users WR is a multi - user system or platform, serving all participants in the labor supply chain Provides full accounting, tracking, and financial control plus active management views and alerts for real-time management of what for most companies is their largest variable cost. As John Donovan said recently, we were early when he 1st say a demo 2 years ago – now the market has come to us My background – finance/accounting in college, early experience in mortgage banking, RE development / construction and then retail business when I took over a family owned lumber and building materials company. In eight years I gained a lot of experience in: Retail management of low wage workers Supply chain optimization and ERP software when I invested and in and operated an industry system. In 1996 I founded and led a VC backed commodity lumber exchange. Weston Presidio; VPVP and Alan Stein were lead investors and BD. Unfortunately we failed in March 2000 when we ran out of money. In 2002, created a VMS in partnership with a large staffing supplier. Implemented and ran it for a year at Compucom before selling my interest I discovered VMS systems are not suited for blue collar (non-interviewed) types of workers, so founded WorkRecords Personally spent months inside plants, distribution centers, call centers, and hotels learning first hand how hourly workers are deployed, managed, and accounted for. Al showed up in 2012 with the perfect background to fit right in - Electronic Commerce/EDI/Supply Chain at Sterling Commerce and Corp Dev at AT&T He saw a demo and called me saying WR was the biggest opportunity he had seen since he was introduced to Facebook early when they were a college thing Overview Business Model Like Zenefits…WR gives away a mission critical enterprise app – T & A in trade for access to workers and data Economics are best when delivered to large companies with multiple large locations Direct Cost est at $10 / worker / year with SG&A another $10 Revenue from apps projected to easily exceed $100 / worker / year Delivering win-win outcomes for workers and workplace, while creating great wealth for our investors At the headwaters of labor data impacting everything labor…from onboarding, to scheduling, tracking, paying, rating, etc. Create a portable digital “WorkRecord” for every worker… Labor traditionally 1:1 employer:employee now many2many WR is like Visa for payments, Expedia/Sabre for travel Amazon and eBay for e-commerce Unparalleled efficiency, visibility and compliance capability The market is huge The hourly workforce, majority of US labor market—70M Targeting workers underserved by enterprise technology No known competition - yet Company Stage Nationwide platform built and operating with 24/7 support desk 100+ workplace enterprises with 300+ locations up and running Current backlog of ~3,000 locations (added 4 hotel chains this month alone) 500+ employers with 200k+ employees 2014 Invoiced over $136mm ($108 to hotels) for annual temp labor spend 2015 invoice run-rate > $240mm+ Fee income still small - < $2mm in 2015 2016 projected to ~ $15= million with backlog to pass $100 million within 36 months Scalable, employee light operations (23 FTEs) Need growth capital to deliver backlog and lock up more workplace accounts With capital will me much more than a unicorn