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Workfam

Creating a happy, healthy and highly engaged workforce

UAE
Market: Education, training, Another, Mobile applications
Stage of the project: Operating business

Date of last change: 03.08.2020
Min investment
$  300.000
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Total required
$ 600.000
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Idea

Workfam's gamified employee engagement platform provides Employee Benefits, Corporate Wellness, Internal Communications, Pulse Survey, and Reward & Recognition solutions.
Acting as an extended arm of your HR department, Workfam sources the most attractive corporate wellness discounts. Encourage healthy internal competition using the Wellness Leader Board. Distribute work-points, recognize with badges, and allow your employees to redeem their work-points for rewards.
Make informed data driven decisions by gathering, processing, and analyzing the information collected from your employees.

Current Status

Workfams Enterprise SaaS solution is hosted on a secure, highly available, controlled and monitored infrastructure. You can download Workfam on the iOS and Android Store or Azure Gallery. Enterprise customers have the option to securely and seamless access Workfams services using OpenID Connect or SAML authentication, enabling single-sign-on with their work email ID. Whether your organizations employee directory is hosted on the cloud with either Microsoft's Azure active directory or Google or whether on premises with AD-FS, Workfam is able to federate trust to protect employee data.
Workfam has fully integrated and customized a solution for Majid Al Futtaim. Workfam captured active users in the UAE, Egypt and Oman within the first quarter of deployment.

Market

Organizations with a vision to create a happy, healthy and highly engaged workforce is Workfams ideal client. They are progressing and forward thinking. They prioritize their most important asset, their people.
The Human Resources department are our key decision makers in the sales process. They are typically CxO, VP’s or Directors. As we are selling our Enterprise solution to organizations of all shapes and sizes, the number of companies we can sell to are endless. However, Workfam plans to initially target organizations will more than 500 employees. We also plan to target organizations that have their global headquarters in the GCC.
More than $720m is spend on employee engagement solutions in the US. As most companies were forced to adopt a work from home policy due to the COVID-19 outbreak, they quickly realized that employee productivity has not significantly declined. As a result, they are choosing to reduce spends on office space and invest more in collaboration tools and solutions. Therefore, the spend on employee engagement solutions is forecasted to grow.
The size of the current total addressable market in Employee Engagement is at $74.3b. Recognition solutions consume 62.2% at a value of $66.2b and Wellness solutions consumes 19.5% at a value of $14.5b.

Problem or Opportunity

Our clients may have a problem attracting, engaging or retaining talent. They may be looking to breakdown work silos and drive cross functional collaboration in order to facilitate the sharing of best practices, but simply don’t know how. The cost of employee disengagement world wire is over $170b per year according to Aon Hewitt. In the UAE, 85% of employees are disengaged.
According to Forbes, the top 3 factors for On-the-Job Employee Happiness include good relationships with colleagues and superiors as well as a good work-life-balance. PWC states that 50% of the global workforce are represented by millennials. These millennials are 57% Happier, 50% more motivated and 39% more productive when they have friends as colleagues. According to LinkedIn, 60% of Millennials believe that socializing with co-workers make their working environment better.
As the UAE’s Ministry of Happiness deploys over 120 Chief Happiness and Positivity Officers across federal and government entities, its clear that this market is focusing on Employee Happiness and Wellbeing. These officers are looking for innovative, Dubai based solutions that help them achieve a happier and more positive working environment and culture.
Workfam offers services and solutions that address employee engagement as a whole, instead of addressing only a specific element of employee engagement. Workfams platform will help organizations retain high levels of employee motivation, healthy and happiness in a post COVID era.

Solution (product or service)

Our product can help organizations tackle the above highlighted problems through:
1. Employee Benefits
Acting as an extended arm of your HR department, Workfam sources the most attractive corporate wellness discounts, partnering up with many of the GCC’s leading brands in the Health and Wellness, Sports, Adventure, Kids Entertainment, and Knowledge and Skills.
2. Corporate Wellness
Enabling your employees to take care of their Physical, Emotional, Social and Nutritional Wellbeing through Online and In-Person Wellness initiatives.
3. Reward and Recognition
Recognize and incentivize participation in health-conscious efforts by rewarding your employees with badges and work points. Create interest groups called tribes. Joining a tribe is easy, the goal is to lead it. Some of our standard tribes include; Sports Lunatics, Fitness Freaks, Adrenaline Junkies, Creative Creatures, Family Feens & Go Getters. Adjusted parameters for Tribe allocation, receiving Badges, and earning Workpoints. Your employees can redeem these workpoints to reward themselves or reward a colleague because they lead by example, offered support and guidance or went the extra mile.
4. Internal Communication
Whether it’s a birthday, a big win, a promotion or a new hire; easily push announcements to recognize, remember, rejoice and reminisce the moments that matter. Appreciate and acknowledge micro-moments in a few clicks. Easily create and promote internal events and track attendance.
5. Pulse Surveys
Why distribute lengthily employee engagement surveys annually when you can push frequent pulse surveys. Traditional engagement surveys typically produce stale and outdated information. Make informed, data driven decisions based on your company’s current pain points. Choose from a database of employee engagement topics covers all 12 of Gallup’s Employee Engagement Elements. If you’re looking to customize, we’ve got you covered
6. Data Driven Decision Making
Automate the process and push scheduled pulse surveys, collecting valuable data with minimal effort. Gather, process and analyse qualitative and quantitative data through natural language processing. Understand the positive and negative trending words to measure, manage and act. Gain insight into the personality traits and interests behind each of your employees. Track the amount of money your employees have saved. Consolidate and download photos taken by your employees during wellness experiences. Visualize cross departmental company connections via heat map

Competitors

Global Competitors:
Perkbox

Local Competitors:
Rewardz
BeneFIT
Switch Wellness

Advantages or differentiators

Workfam is a superior product and is better positioned due to our teams know-how, intellectual property, strategic partnerships and experience in the region. Worfam provides a holistic engagement solution that nurtures relationships and drives CSR whilst retaining top talent through benefits, rewards, recognition & employee wellness initiatives.

Our holistic employee engagement solution bring the best in class solutions together in 1 platform. Our competitive landscape is cluttered with solutions that offer only a fraction of what Workfam has to offer.

Finance

Our licenses are told in tiers depending on the number of employees in each organization. Each organization is required to purchase a base license. This means that regardless of consumption, the organization will be required to pay the fees associated to their base license. Each base license will be unique per customer as each customer differs in the number of people they employ. Should the customers active usage exceed the base license, then they will be required to purchase additional user licenses at a preferential rate.

Base License Price:
50 User Licenses = $8 per user per month
100 User Licenses = $7 per user per month
200 User Licenses = $6 per user per month
500 User Licenses = $4 per user per month

Customization Services: $10,000 - $15,000 one time fee
Integration Services: $10,000 - $15,000 on time fee

Additional User Licenses:
+500 User Licenses: $2 per user per month
+100 User Licenses: $3.5 per user per month
+50 User Licenses: $4 per user per month

Revenue Forecast- 3 Years:
2021: $500,000
2022: $1,000,000
2023: $1,700,000

Business model

Workfam uses a subscription-based business model. The benefits of a subscription-based business model is increased visibility and predictability with recurring revenue. A client will purchase a base license from Workfam. The base license will cover at a minimum 5% of their employee count. Regardless of the client’s consumptions, Workfam will be able charge the client the fees associated to their base license.
A user license is only considered “consumed” once the user is considered “active”. The definition for an active user is when an employee browses, opens are joins a wellness initiative or notification created by the admin or colleague. Should the number of active users exceed the number of user licences available in their base license, the will be forced to purchase additional user licenses at a preferential rate.
Active usage can be assessed, billed and refresh on a monthly or quarterly basis. One the client settles his invoice associated to their consumption, active usage is reset, consumption goes back down to 0% and the new billing cycle starts.

Money will be spent on

Current Human Capital: 19%
New Human Capital: 59%
Lease & Services: 5%
Variable Costs: 2%
Security and Legal: 3%
Marketing: 12%

Offer for investor

Valuation is not top of mind for Workfam. We are looking for a strong and strategic partner that can add real value.

However, we are looking to raise around $600,000 in exchange for 20% of our company.

Team or Management

Risks

As the impacts of Covid-19 continue to have an effect on businesses of all shapes and sizes, it is certainly a risk that budgets are significant cut or reduced for Human Capital solutions. However, we do not believe this to be the case as spends on communication, collaboration and engagement tools are more important that ever as organizations continue to roll out work from home policies.

Incubation/Acceleration programs accomplishment

The Workfam solution was born out of Madrid during an MBA Program at IE Business School. At the end of the year, we entered the schools Venture Lab Competition and ranked 3rd place out of 100+ Startups. We then moved operations to the UAE where we applied for IN5. After intensive and vigorous interviews and presentations, we were offered a spot in their incubator. IN5 gave us access to preferential and subsidized start up costs and as well as put us in touch with the right people.

Won the competition and other awards

The Workfam solution was born out of Madrid during an MBA Program at IE Business School. At the end of the year, we entered the schools Venture Lab Competition and ranked 3rd place out of 100+ Startups

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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