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Buddy

Real-time Feedback Platform to Boost Skills & Performance

Turkey
Market: Internet and IT, Computers, office equipment, Services, Electronics, Mobile applications
Stage of the project: Operating business

Date of last change: 05.03.2020
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Idea

Paintpoint1: Traditional annual performance review methods are broken.
Too slow, biased, one directional.
Painpoint2: Performance redefined.
People & companies are worried about their “skills GAP” to increase performance.
Therefore we created Buddy “A real-time feedback tool to boost performance & skills in a new & exciting way”

Current Status

MVP is completed and launched in January 2019.
Currently have 4 paying customers: Vodafone (Telecom, UK), Yves Rocher (Cosmetics Reatil, FRA), Fresenius (Healthcare, GER), and Great Place To Work (HR Consulting, US).
Current sales pipeline: $500k proposals.
Current Metrics: 3.700 Users. $30k Revenue in 2019, $300k revenue forecast for 2020.
Great Place To Work (www.greatplacetowork.com.tr) has become the exclusive reseller of Buddy for Turkish and Middle East markets.

Market

Enterprise Performance Management Market Size
- World: $6,4 bl
- Europe: $1,7 bl
Turkish Market:
- TAM: 117.000 Companies (Number of Companies w/ 20+ Employees in Turkey)
- SAM: 24.570 Companies (Number of companies using ERP/CRM system)
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Problem or Opportunity

Fact 1: Personal digital experience quality exceeds corporate digital experience.
Fact 2: With increasing penetration of millennial at the workplace, workforce demographics and therefore employee expectations are changing.
Painpoint 1: Every employee & company needs reskilling to perform. People & companies are desperately worried about their skills. They need to close the “skills GAP” to increase performance and be successful in the world of digital transformation.
Painpoint 2: Traditional annual performance review methods are broken.
Too slow, biased, one directional. As consumer social media apps (Twitter, Instagram, Linkedin etc.) grow and evolve in the consumer marketplace, companies thrive to use similar, real-time & instant feedback oriented apps to increase engagement.
Opportunity: Modern Employees need a real-time feedback tool to boost their skills and performance besides their need to make their development visible to recruiters in a new and exciting way.



Solution (product or service)

Considering the future of work & expectations, Buddy is built into modern employees mobile devices, making it “fun” and “easy” to:
- Ask & give feedback, collect points & badges
- Boost behaviors & skills
- Reward & recognize the success
- Dig into the data to understand trends and metrics on personal & organizational development
- Make values & culture visible

Competitors

Zugata - http://www.zugata.com/
High Ground - http://www.highground.com/
Impraise - http://www.impraise.com/
O.C. Tanner - http://octanner.com/
Achievers - http://www.achievers.com/

Advantages or differentiators

- Simplicity to Use: Unparalleled user experience design similar to social media apps.
- Combined Solution: Competitors are considered as either performance management companies or rewards & recognition companies. Buddy has the ability to provide performance management & rewards & recognition features under one platform
- Competitive Pricing: Advantages due to the labor costs in TR market
- Providing Benefits Focusing on Both Individual & Company Level

Finance

2019 Revenue: $30K
2020 Revenue (Forecast): $300K
Investment Need:
$300K
45% Sales & Marketing
45% R&D
10% Gen. & Adm.

Business model

SaaS Model.
- Monthly User Fee: User/month based. Minimum contract term 24 months.
- Consulting Services: Strategy & Structuring, System Launch, Setup & Implementation, After Sales Support Services
- Future Income Streams: Add-on Features and enhanced product packages

Money will be spent on

Investment Need:
$300K
45% Sales & Marketing
45% R&D
10% Gen. & Adm.

Offer for investor

10% to 20% of the company share

Team or Management

Risks

Cultural Challenges: Perception of feedback can be challenging from culture to culture. People needs to experience and see the benefit of real-time feedback to be convinced to use the app.

Product Video

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Idea
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Market
Problem or Opportunity
Solution (product or service)
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Advantages or differentiators
Finance
Invested in previous rounds, $
Business model
Money will be spent on
Offer for investor
Team or Management
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Lead investor
Risks
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Won the competition and other awards
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