Question 1

1. You state: On average, Boon will make 20% of the total shift cost but could vary depending on a number of factors including but not limited to demand, distance, experience, discounts, etc. Based on your competitive analysis, on average, what is the cost difference between u...

Accepted Answer

All excellent questions! I’ve done my best to answer them all here. Let me know if you need more clarification on any of them. 1. Most temp agencies, all fees included (subscriptions, hourly markup and placement fees) run between 1.5 and 1.7 times the standard hourly rate. In some cases this can push 2 times the standard hourly rate. With Boon, it’s about 1.2x or 20% which is about 25-30% lower per hour. 2. A. The pilot phase will last about 90 days with a target launch in August or sooner de...

Question 2

Other than the personal experience you bring to the dental field, does starting in the dental/vet/medicial on demand staffing field provide competitive advantages to other startups in the on demand staffing field such as Wonolo or Uber Works? I am also wondering if you think y...

Accepted Answer

Hi Daniel, Excellent questions. Boon’s main aim and part our mission is to connect licensed professionals. One of our main advantages is the systems we have built in to run background checks, analyze licenses and credentials and verify required insurance. This sets us apart from other companies that are really just looking for what could be considered unskilled labor. Further, we are more than just filling jobs with an on-demand solution, our matching algorithm helps to connect providers to p...

Question 3

So you connect people to the medical experts. So how many of them have signed up with your platform and what's the average margin % you currently make and expect to make? Why do you have a net loss?

Accepted Answer

Hi Mike, We connect licensed professionals (nurses, dentists, assistants, etc.) to professional work opportunities with practices and health systems. An individual could not hire a provider as this is temporary staffing, not home medicine. We launched the platform on June 3 in the RTP region of North Carolina. The net loss is a results of building out the platform and testing it in stealth mode prior to launching publicly. Details on pricing can be found on the page, but at the highest level,...

Question 4

1) Why did you choose WeFunder to raise capital? 2) How much did you personally invest beside the $3,000 loan? 3) Where does the $30,000 cash balance comes from?

Accepted Answer

Hi Marc, Below are the answers to your questions: 1) As one of the core competencies of Boon, we wanted to go with WeFunder as part of "practicing good." We wanted anyone in the dental, medical and veterinary community to have a chance to invest in Boon at an early stage before going to traditional VCs. 2) The reviewed financials are from 2018 in which we only had 13 days of operation. In total I put in $26,000, the majority of which was in 2019. 3) Similar to the answer above, we allowed a f...

Question 5

Could you expand on Boon's competitive advantage against Cloud Dentistry and Ondiem?

Accepted Answer

Hi Marc, Absolutely. Boon is very different where it is a true on-demand platform. Both Ondiem and Cloud Dentistry claim "on-demand" but there is a complete interview process, negotiation, sifting through profiles, etc. The process can take days or weeks waiting for providers and practices to respond. Since we follow more of an Uber model, our providers are placed almost instantly and can arrive in under an hour. Our algorithms allow us to automatically set fair pricing, reduce some of the hi...

Boon

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