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MyHelpBuddy

MyHelpBuddy

Germany
Market: Internet and IT, Another
Stage of the project: Operating business

Date of last change: 24.09.2019
Min investment
$  250.000
Total required
$ 1.000.000
Rating
equalizer 225 из 1000
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Idea

MyHelpBuddy is a trusted community marketplace for Expats with the mission of making the integration process of international community stress-free

Current Status

Product launched and Gaining Traction
- Double digit growth in number of orders monthly for past 6 months
- 50000€ in total order volume
- 750 service providers registered in the platform (Buddies)

Market

The target segment is expats in Europe as a whole but for the first 3 years, the focus will lie on Germany, France and UK which has the largest expat incomings. In Europe, there are more than 22 Million expats. For the next 2 years, the focus will be only in Germany with more than 10.6 Million expats. Special focus will lie on the major cities in Germany with largest number of expat incomings which are Berlin, Munich and Aachen.
The total addressable market (TAM) is defined as all expats who move from one country to another in the world, which accounts to 60 Million people with the market potential of 12 Billion Euro (based on the customer lifetime value of 200 euros). The Services Addressable Market (SAM) is the population of international students and working professionals who move to Europe, which accounts 22 Million people with the market potential of 4.4 Billion Euro.

Problem or Opportunity

Did you know that there are more than 10.6 Million international people living in Germany?
Or that 8% of the German population has an immigrant background?
These are people moving from different countries to Germany in order to study, work or settle. Just in 2018, more than 375000 international students and 26000 working professionals moved to Germany

Getting integrated into a new city or a country is a stressful process, especially if they lack a network which could help them in their initial processes and do not understand the local language. Understanding the German bureaucracy is not easy even for the locals. More than 6.2 million adults in Germany (out of 10.6 Million international people) have issues in reading, speaking or understanding German.

Solution (product or service)

MyHelpBuddy is a trusted community marketplace for personal services with the mission of making the integration process of international community stress-free. MyHelpBuddy connects Newbies with Buddies. Newbies are international people who come from any country to Germany in order to study, work or settle. Buddies are verified local people, freelancers, translators, service providers etc. who know the local language and the local processes and who are willing to help the newbies in their integration into a new city/country. If a Newbie requires help in any activity, they can “Post a Request”, “Book a Buddy” and “Get the work done”.

Competitors

Some of the direct competitor includes websites like Expat.com, Exatica.com, Expath.com and Internations.com which are focused on providing information on documents for various processes for the international community. This makes them an information portal and not an on-demand personal service provider.
Indirect competition would be eBay Kleinanzeigen for professional services and Facebook communities for information sharing. eBay Kleinanzeigen focuses more on services like handyman, cleaning, part-time jobs and language courses. The key drawback is that the service provides are not verified which leads to trust and credibility issues. Facebook communities serve as a platform to share and get information. Even when people post a request and ask for someone to accompany them to an official office, the post will not be detected by the right people at the right time or trust and credibility issues occur.
Some of the platforms which have a similar model but applied for different services are Myhammer (Germany) Airtasker (Australia) and TaskRabbit (US) for handyman services. MyHelpBuddy focuses on a different target segment and for a different type of services compared to these platforms.
Other non-profit and university programs like Erasmus Student Network or Buddy Programs are short term information sharing programs and do not focus on personal services. Since these programs are voluntary and unpaid, on-demand personal services are often not included.

Advantages or differentiators

Currently, the customers can get information on various topics from digital platforms only (explained in competition topic) and can not easily get personal on-demand support for their needs. For the customers, it is essential to find help instantly or book a Buddy who can help them with their task as soon as possible. MyHelpBuddy serves as a cost efficient and on-demand service compared to the competitors or professional service providers. Other factors include trust and credibility of the Buddies and multilingual approach which is ensured by a proper verification of every Buddy registered in the platform.

Finance

Bootstrapped
Looking for investments

Business model

Task based commissions
For every booking through the platform a 20% commissions will be taken. The minimum of any Buddy task is 25€. The average task costs 50€ each. The base price includes half an hour to one hour of task including transportation expenses.

Commissions from service providers
Partnering with blocked bank accounts providers, travel and public insurance providers will gain a commission of up to 50€ per booking. The commissions are a standard price setting offered by the providers.

Student Packages
A combination of all services starting from booking bank accounts, airport pickup up to completion of all official procedures in Germany after arrival

B2B Relocation Packages
Furthermore, expanding the revenue stream, MyHelpBuddy will take care of the entire employee relocation packages, partnering with companies directly.

Money will be spent on

- Team and Product (45%)
- Marketing (35%)
- OIperations (20%)

Team or Management

Incubation/Acceleration programs accomplishment

Scholarship - Berlin Startup Stipendium

1st Place - VSNE Startup Idea Contest

3rd Place - BPW Business Plan Competition Germany

3rd place - Road to Start Summit Germany

Incubated in Startup Incubator Berlin under European Union Social Fonds program

Company of the week - Tagesspiegel and Berlin Startup Detector

Y Combinator Startup School


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Idea
Current Status
Market
Problem or Opportunity
Solution (product or service)
Competitors
Advantages or differentiators
Finance
Invested in previous rounds, $
Business model
Money will be spent on
Offer for investor
Team or Management
Mentors & Advisors
Lead investor
Risks
Incubation/Acceleration programs accomplishment
Won the competition and other awards
Invention/Patent
Photos
Product Video
Website address