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