Question 1

Hi - You have a fantastic product with great traction. A few questions: 1. If customers pay a monthly subscription fee, how are workers paid? Does the customer negotiate directly with the potential hire? 2. You state your currently monthly recurring revenue is $135K. How truly...

Accepted Answer

Hey Jeff, thanks for some great questions! #1 - We are really first and foremast a software product - so the employment relationship today is very much between the worker and the employer. At least in our initial beachhead industry of retail & restaurants/franchises, the vast majority of workers are W-2 employees, either part-time or full-time. So they have a direct employment relationship with our customer, the employer. #2 - Many of our customers are on quarterly, semi-annual, or annual...

Question 2

BTW - I could not find the HigherMe funding page on the Wefunder Explore page. I also searched for "HigherMe" and nothing.

Accepted Answer

I believe the profile is still in "private mode" before launching publicly, so it can only be accessed by folks with the direct link.

Question 3

People are the single most important resource. But selecting the right people is notoriously difficult. A tool that helps managers select good people has tremendous value. How does HigherMe help managers select people with the personal characteristics necessary to be efficient...

Accepted Answer

Hey Michael! We work individually with each new customer to come up with a specific set of assessments that candidates engage with as part of the application process, to better identify who's likely to be a fit. We also let candidates record a short video cover letter so that employers can get a better sense for the candidate's personality - having a bright, cheerful personality is hugely important in these industries. For larger clients, we can also actually do an exhaustive deep dive on his...

Question 4

Hi, Interesting offering for sure. I see the mention of future state including machine learning / AI - what are you thinking there? I ask in part because machine learning requires a massive data set for the best results, and in another question you mention that the qualificati...

Accepted Answer

Todd, great question - I have a bit of a background in data science myself, so I appreciate the question. This industry, to me, is one big data science problem - but it's the perfect industry for it because of the size of the data set. To give you a sense - our biggest client, a national brand that you've heard of, hires 8,000 people for *one job title* every year, and receives over 100,000+ job applications for that role annually - it's not like the white collar world where hiring is more ad...

Question 5

Your idea sounds great but as with many other startup cash burn is huge risk. Your SEC doc showed cash at $376k (down from $631k previous year) and net loss of $1 million. 1. What is your monthly cash burn? When do you project to achieve neutral/positive cash flow? 2. Are you ...

Accepted Answer

Hi Joo, Great questions - I'm glad you asked. We have been fanatical about managing cash in this company. I'm not sure if you're familiar with Paul Graham, the founder of YC, but he wrote a great article called "Default Alive or Default Dead" that talks at length about managing cash & burn - http://www.paulgraham.com/aord.html - we very much follow this mantra in deciding where to spend money. As a recurring revenue business, the vast majority of our costs come upfront, before we acquire ...

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