We capture and verify the true nature of people to build happier and more productive workforces.
Business overview
Location | London, United Kingdom |
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Social media | |
Website | innerworks.me/ |
Sectors | SaaS/PaaS Digital Mixed B2B/B2C |
Company number | 12891874 |
Incorporation date | 21 Sep 2020 |
Investment summary
Business highlights
- Backed by Ex-Microsoft & Ex-Groupon managers
- Built crowdsourced profiling methodology and technology
- Strongly positioned to scale in a remote economy
- Working with University of Cambridge researcher
Key features
Idea
Introduction
People often present themselves in whatever way they think will improve their chances of landing a promotion or a job. Hundreds of millions are being spent on assessment technology that uses biased data. The common practice is:
● ask you questions about yourself
● disclosing the identity of the feedback-providers when answering
● asking too infrequently
Our Competitive Advantage
Our competitors offer snapshots of how an individual chooses to present themselves in that one moment in time. At innerworks we don’t just assess personalities with minimal bias, we verify them too.
We crowdsource anonymous opinions about people over time. This verification model leverages objective, credible data, making our profiles more unique. We also allow users to keep their data - never selling our users’ trust to third-parties.
Substantial accomplishments to date
*Backed by Ex-Microsoft & Ex-Groupon managers as part of this round.
*Strongly positioned to scale in a remote economy
*Featured in TechRound & Startups Magazine
*In discussion with recruitment consortium for large scale investment & joint venture
Key Assets
*Built crowdsourced profiling methodology and technology
*Developing proprietary Computer-Adaptive Testing framework. We see “CAT” applied to personality as leading-edge, even in the research field
*Proprietary assessment portfolio developed by researchers at University of Cambridge Psychometrics Centre
*Current product on bespoke, web-based architecture
Monetisation strategy
By adding value to the employer and user, we intend to monetise this value by:
Stage 1: Organic growth of free version for individual users/employees to grow brand awareness.
Stage 2: Form JV's with selected sector-specific industries to use technology for recruitment and organisational change. Fee per user.
Stage 3: Enterprise Solution to recruiters & employers of our individual users: Fee per user.
Stage 4: Grow a preeminent dataset of personality profiles in the jobs market and launch a fee-service finding the best role by mapping personalities onto actual roles in the live job market. Fee per user.
Stage 5: Revenue growth by launching a related product that is currently Commercial-in-Confidence for IP protection reasons. Annual Fee per user.
Stage 6: Other applications such as counselling, relationships, dating.
Use of proceeds
The founders have funded all working capital requirements for 2020 and we are seeking a minimum of £100k SEIS-qualified investment to finance product development and initial client traction in advance of our Q3 2021 seed round. £100k assures a minimum of one year of runway with a full time CEO, CTO and product engineering team.
Key Information
Loans
The company has the following outstanding loan:
1. £15k Founder's loan. The loan has no interest attached and is due to be repaid via profits.
The funds raised from this investment round will not be used to repay these loans.
Tax relief
Please note that the Company has £150,000 remaining of its SEIS limit. Investments made after figure has been reached will be EIS eligible.
Any tax relief is dependent on personal circumstances and may be subject to change in the future.
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