Details
1 | We're building a dataset of diverse talent to power the AI behind our platform for hiring Black, Latinx & Women freelance professionals. |
2 | Only company that's focused on building tools to power marketplaces for diverse freelance talent. |
3 | Total addressable market for flex work in the US is $25B in net rev a year, & growing at 20% a year. Int'l growth rates are up to 80% a yr |
4 | Global workforce is rapidly shifting towards freelancing - 1 in 3 US workers currently freelances. Soon, 1 in 2 US workers will freelance! |
5 | Freelancers are increasingly using technology to find work, which positions us perfectly to help them! |
6 | Incluzion is providing more flexible earning & economic growth opportunities to historically marginalized groups. |
7 | Only company that provides a marketplace and social community for freelance professionals. |
Several years ago Incluzion's founder found it difficult to find diverse freelance talent when hiring for his 1st startup. Only after exiting the company & becoming a freelancer did he realize other companies had the same issue. Because of the press he received from landing on the INC5000 list, companies began reaching out to him, looking for black freelance web development professionals. The problem of finding diverse flexible talent was a much larger problem that needed to be addressed.
After exiting his first startup, working on projects as a freelancer and pivoting from another startup that also focused on diversity, Jibril continued to reflect on how he could use his life experiences to help others. For 2 years he'd worked as a board member for his hometown's African American Chamber of Commerce, creating relationships with local Black, Hispanic and Women business groups to provide solutions for economic empowerment.
He was also able to grow a successful company and create his own economic empowerment, by accessing skillsets at the right time, while providing overseas talent with the opportunity to earn money in a remote and flexible way.
However, Jibril wanted to provide other minority and non-mority owned companies with a similar opportunity to access the skills of diverse professionals in the USA and empower US professionals with the opportunity to access flexible work.
Incluzion is the first talent marketplace that will leverage a dataset of Black, Latinx and Women professionals to power algorithms that connect companies with skilled "contract to hire" freelancers in any region of the world; where companies work with freelance professionals in a project, freelance, remote, contract-to-hire or full-time capacity.
Incluzion's Mission: To elimiate the issue companies have connecting with diverse talent and provide professionals with an additional ways to leverage a flexible work-life balace.
Incluzion also provides a dedicated social community that serves as a safe space for talent to network, collaborate and share.
In 2019, more companies are realizing that they can save 30% in costs by hiring flexible talent vs full-time employees. Technology is providing hiring managers with a way to circumvent recruiters and staffing companies through talent platforms and marketplaces.
Workers are also shifting. By 2027 more than 50% of the workforce will be professionals who want to sip cocktails on the beach and work. Talented professionals are increasingly wanting more flexibility and technology is giving them the opportunity to do so.
There's a major shift in the way companies hire and the way workers work. But as companies search for diverse talent, no recruitment firm, staffing firm or talent marketplace is focused on highlighting flexible Black, Latinx and Female talent.
Here's Jibril's pitch for Atlanta Tech Village Monthly Startup Pitch-off:
Incluzion generates revenue in multiple ways:
Incluzion has a team whose experiences comprise of startup operations, entrepreneurship, business strategy, HR leadership, workforce development and technical experience.
Incluzion has financial statements ending October 28 2019. Our cash in hand is $1,200, as of October 2019. Over the three months prior, revenues averaged $0/month, cost of goods sold has averaged $0/month, and operational expenses have averaged $646.33/month.
Management’s Discussion and Analysis of Financial Condition and Results of Operations
You should read the following discussion and analysis of our financial condition and results of operations together with our financial statements and the related notes and other financial information included elsewhere in this offering. Some of the information contained in this discussion and analysis, including information regarding the strategy and plans for our business, includes forward-looking statements that involve risks and uncertainties. You should review the "Risk Factors" section for a discussion of important factors that could cause actual results to differ materially from the results described in or implied by the forward-looking statements contained in the following discussion and analysis.
Overview
1. On the frontend, Incluzion is a skills-agnostic freelance marketplace that connects companies with talent. We all provide skills matching, escrow & payments. 2. On the backend, Incluzon complements its marketplace by providing contract staffing & direct hire placement for talent with emerging tech skills. 3. Incluzion also provides a dedicated social community that serves as a safe space for talent to network, collaborate and share.
In five years we hope Incluzion will have reached critical mass as the goto primary or secondary talent marketplace companies will use to hire diverse on-demand talent for contract & freelance jobs. Incluzion will integrate with various ATS (Applicant tracking systems) so companies hiring can easily submit new opportunities. Incluzion will also facilitate work between talent and companies in the US, African & other regions of the world where there is a need to connect with diverse talent.
Given the Company’s limited operating history, the Company cannot reliably estimate how much revenue it will receive in the future, if any.
Milestones
Spendwith Corp dba Incluzion was incorporated in the State of Delaware in June 2017.
Since then, we have:
Historical Results of Operations
Our company was organized in June 2017 and has limited operations upon which prospective investors may base an evaluation of its performance.
Liquidity & Capital Resources
To-date, the company has been financed with $44,421 in equity.
After the conclusion of this Offering, should we hit our minimum funding target, our projected runway is 6 months before we need to raise further capital.
We plan to use the proceeds as set forth in this Form C under "Use of Funds". We don’t have any other sources of capital in the immediate future.
We will likely require additional financing in excess of the proceeds from the Offering in order to perform operations over the lifetime of the Company. We plan to raise capital in 6 months. Except as otherwise described in this Form C, we do not have additional sources of capital other than the proceeds from the offering. Because of the complexities and uncertainties in establishing a new business strategy, it is not possible to adequately project whether the proceeds of this offering will be sufficient to enable us to implement our strategy. This complexity and uncertainty will be increased if less than the maximum amount of securities offered in this offering is sold. The Company intends to raise additional capital in the future from investors. Although capital may be available for early-stage companies, there is no guarantee that the Company will receive any investments from investors.
Runway & Short/Mid Term Expenses
Spendwith Corp dba Incluzion cash in hand is $1,200, as of October 2019. Over the last three months, revenues have averaged $0/month, cost of goods sold has averaged $0/month, and operational expenses have averaged $646.33/month, for an average burn rate of $646.33 per month.
Our intent is to be profitable in 12 months, and hope to start generating revenue in Q1 2020. We don't have any other immediate sources of capital to reply upon, but do hope to raise an institutional round of funding sometime in the future. We don't know what our revenues and expenses will look like 3 - 6 months from now, but we don't have any major expenses or revenue bumps that we're anticipating (we anticipate linear growth).
If needed, the founder may contribute funds to the company to fund short-term operations.
1 | Uncertain Risk An investment in the Company (also referred to as “we”, “us”, “our”, or “Company”) involves a high degree of risk and should only be considered by those who can afford the loss of their entire investment. Furthermore, the purchase of any of the SHARES should only be undertaken by persons whose financial resources are sufficient to enable them to indefinitely retain an illiquid investment. Each investor in the Company should consider all of the information provided to such potential investor regarding the Company as well as the following risk factors, in addition to the other information listed in the Company’s Form C. The following risk factors are not intended, and shall not be deemed to be, a complete description of the commercial and other risks inherent in the investment in the Company |
2 | Our business projections are only projections There can be no assurance that the Company will meet our projections. There can be no assurance that the Company will be able to find sufficient demand for our product, that people think it’s a better option than a competing product, or that we will able to provide the service at a level that allows the Company to make a profit and still attract business. |
3 | Any valuation at this stage is difficult to assess The valuation for the offering was established by the Company. Unlike listed companies that are valued publicly through market-driven stock prices, the valuation of private companies, especially startups, is difficult to assess and you may risk overpaying for your investment. |
4 | Your investment could be illiquid for a long time You should be prepared to hold this investment for several years or longer. For the 12 months following your investment there will be restrictions on how you can resell the securities you receive. More importantly, there is no established market for these securities and there may never be one. As a result, if you decide to sell these securities in the future, you may not be able to find a buyer. The Company may be acquired by an existing player in the educational software development industry. However, that may never happen or it may happen at a price that results in you losing money on this investment. |
5 | We may not have enough capital as needed and may be required to raise more capital. We anticipate needing access to credit in order to support our working capital requirements as we grow. Although interest rates are low, it is still a difficult environment for obtaining credit on favorable terms. If we cannot obtain credit when we need it, we could be forced to raise additional equity capital, modify our growth plans, or take some other action. Issuing more equity may require bringing on additional investors. Securing these additional investors could require pricing our equity below its current price. If so, your investment could lose value as a result of this additional dilution. In addition, even if the equity is not priced lower, your ownership percentage would be decreased with the addition of more investors. If we are unable to find additional investors willing to provide capital, then it is possible that we will choose to cease our sales activity. In that case, the only asset remaining to generate a return on your investment could be our intellectual property. Even if we are not forced to cease our sales activity, the unavailability of credit could result in the Company performing below expectations, which could adversely impact the value of your investment. |
6 | Terms of subsequent financings may adversely impact your investment We will likely need to engage in common equity, debt, or preferred stock financings in the future, which may reduce the value of your investment. Interest on debt securities could increase costs and negatively impact operating results. Preferred stock could be issued in series from time to time with such designation, rights, preferences, and limitations as needed to raise capital. The terms of preferred stock could be more advantageous to those investors than to the holders of Common Stock. In addition, if we need to raise more equity capital from the sale of Common Stock, institutional or other investors may negotiate terms that are likely to be more favorable than the terms of your investment, and possibly a lower purchase price per share. |
7 | Management Discretion as to Use of Proceeds Our success will be substantially dependent upon the discretion and judgment of our management team with respect to the application and allocation of the proceeds of this Offering. The use of proceeds described below is an estimate based on our current business plan. We, however, may find it necessary or advisable to re-allocate portions of the net proceeds reserved for one category to another, and we will have broad discretion in doing so. |
8 | Any projections or forward looking statements regarding our anticipated financial or operational performance are hypothetical and are based on management's best estimate of the probable results of our operations and will not have been reviewed by our independent accountants. These projections will be based on assumptions which management believes are reasonable. Some assumptions invariably will not materialize due to unanticipated events and circumstances beyond management's control. Therefore, actual results of operations will vary from such projections, and such variances may be material. Any projected results cannot be guaranteed |
9 | Our growth projections are based on an assumption that with an increased advertising and marketing budget our products will be able to gain traction in the marketplace at a faster rate than our current products have. It is possible that our new products will fail to gain market acceptance for any number of reasons. If the new products fail to achieve significant sales and acceptance in the marketplace, this could materially and adversely impact the value of your investment. |
10 | We will compete with larger, established companies who currently have products on the market and/or various respective product development programs. They may have much better financial means and marketing/sales and human resources than us. They may succeed in developing and marketing competing equivalent products earlier than us, or superior products than those developed by us. There can be no assurance that competitors will render our technology or products obsolete or that the products developed by us will be preferred to any existing or newly developed technologies. It should further be assumed that competition will intensify. |
11 | SPENDWITH, COR was formed on 6/7/17. Accordingly, the Company has a limited history upon which an evaluation of its performance and future prospects can be made. Our current and proposed operations are subject to all business risks associated with new enterprises. These include likely fluctuations in operating results as the Company reacts to developments in its market, managing its growth and the entry of competitors into the market. We will only be able to pay dividends on any shares once our directors determine that we are financially able to do so. SPENDWITH, CORP has incurred a net loss and has had limited revenues generated since inception. There is no assurance that we will be profitable in the next 3 years or generate sufficient revenues to pay dividends to the holders of the shares. |
12 | The Company has a short history, few customers, and effectively no revenue. If you are investing in this company, it’s because you think that INCLUZION.CO is a good idea, that the team will be able to successfully market, and sell the product or service, that we can price them right and sell them to enough peoples so that the Company will succeed. Further, we have never turned a profit and there is no assurance that we will ever be profitable. |
13 | Intellectual property is a complex field of law in which few things are certain. It is possible that competitors will be able to design around our intellectual property, find prior art to invalidate it, or render the patents unenforceable through some other mechanism. If competitors are able to bypass our trademark and copyright protection without obtaining a sublicense, it is likely that the Company’s value will be materially and adversely impacted. This could also impair the Company’s ability to compete in the marketplace. Moreover, if our trademarks and copyrights are deemed unenforceable, the Company will almost certainly lose any potential revenue it might be able to raise by entering into sublicenses. This would cut off a significant potential revenue stream for the Company. |
14 | We rely on third parties to provide a variety of essential business functions for us, including manufacturing, shipping, accounting, legal work, public relations, advertising, retailing, and distribution. It is possible that some of these third parties will fail to perform their services or will perform them in an unacceptable manner. It is possible that we will experience delays, defects, errors, or other problems with their work that will materially impact our operations and we may have little or no recourse to recover damages for these losses. A disruption in these key or other suppliers’ operations could materially and adversely affect our business. As a result, your investment could be adversely impacted by our reliance on third parties and their performance. |
15 | As an internet-based business, we may be vulnerable to hackers who may access the data of our investors and the issuer companies that utilize our platform. Further, any significant disruption in service on SPENDWITH, CORP or in its computer systems could reduce the attractiveness of the platform and result in a loss of investors and companies interested in using our platform. Further, we rely on a third-party technology provider to provide some of our back-up technology. Any disruptions of services or cyber-attacks either on our technology provider or on SPENDWITH, CORP could harm our reputation and materially negatively impact our financial condition and business. |
16 | The Company may never receive a future equity financing or elect to convert the Securities upon such future financing. In addition, the Company may never undergo a liquidity event such as a sale of the Company or an IPO. If neither the conversion of the Securities nor a liquidity event occurs, the Purchasers could be left holding the Securities in perpetuity. The Securities have numerous transfer restrictions and will likely be highly illiquid, with no secondary market on which to sell them. The Securities are not equity interests, have no ownership rights, have no rights to the Company’s assets or profits and have no voting rights or ability to direct the Company or its actions. |
17 | Our future success depends on the efforts of a small management team. The loss of services of the members of the management team may have an adverse effect on the company. There can be no assurance that we will be successful in attracting and retaining other personnel we require to successfully grow our business. |
Director | Occupation | Joined |
---|---|---|
C. Jibril Sulaiman II | CEO / Founder @ Spendwith Corp | 2017 |
Officer | Title | Joined |
---|---|---|
C. Jibril Sulaiman II | CEO Secretary | 2017 |
Holder | Securities Held | Voting Power |
---|---|---|
C. Jibril Sulaiman II | 2,600,000 Class A Common Stock | 100.0% |
Date | Amount | Security |
---|---|---|
10/2017 | $44,421 | Priced Round |
$20,000 | - Wefunder Platform Fees- 7.5% of funds
- Marketing - 20% of funds
- Research & Development - 13.5% of funds
- Legal - 4% of funds
- Company Employment - 20% of funds
- Business Development - 30% of funds
- Working Capital - 5% of funds
|
$107,000 | - Wefunder Platform Fees- 7.5% of funds
- Marketing - 20% of funds
- Research & Development - 13.5% of funds
- Legal - 4% of funds
- Company Employment - 20% of funds
- Business Development - 30% of funds
- Working Capital - 5% of funds |
Class of Security | Securities (or Amount) Authorized |
Securities (or Amount) Outstanding |
Voting Rights |
---|---|---|---|
Class B Common Stock | 400,000 | 93,296 | No |
Class A Common Stock | 2,600,000 | 2,600,000 | Yes |
The Securities and Exchange Commission hosts the official Form C on their EDGAR web site.
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