Report

Teaser, summary, work performed and final results

Periodic Reporting for period 1 - WORKERO (WORKERO – Connecting Space & Knowledge)

Teaser

Workero is a digital platform enabling mobility and interaction between companies and workers by offering creative workspaces in their respective office locations. It is a simple idea that uses mobility to transform idle workspaces into places where companies and workers can...

Summary

Workero is a digital platform enabling mobility and interaction between companies and workers by offering creative workspaces in their respective office locations. It is a simple idea that uses mobility to transform idle workspaces into places where companies and workers can connect and share knowledge. Workero addresses 3 challenges in today’s economy: 1-mobility issues are disturbing our work-life balance with billions of hours lost every year in Europe and worldwide 2-inefficiently used office spaces cause billions in opportunity costs to private and public office space owners 3-small and large companies are in dire need of ways to improve their way of driving Open Innovation/Co-creation Workero offers a highly scalable, disruptive mobility strategy for the real estate sector (PropTech):
- Allows for companies to open up underused desks/offices/meeting rooms and for users (employees & independent workers) to book these spaces in just 3 clicks (short term/long term)
- Offers live-per-minute office space availability, it is connected to all Traffic Management systems and to Smart Cities IoT, and it integrates buying train tickets, reserving parking spots, booking a shared car, ...
- Sets up an eco-system of co-creation and open innovation for smart networking between peers through a matching algorithm connecting people, business and member states from the European Union.

Workero seeks Phase 2 support from the European Commission to scale in the total European Single Market.
Market opportunity: Our market: 1° supply: any company in Europe and worldwide with underused equipped/furnished office space, 2° Hero user: any employee or independent professional eager to work where and when she/he wants. Competitive advantages: 1° unlimited number of locations; 2° no extra capex investment; 3° no rent liabilities; 4° lower prices by sharing workspace; 5° builds on knowledge of Interoffices, Belgium’s largest privately owned coworking network

Work performed

The strategic vision of Workero has, as a whole, remained intact after the conclusion of all studies. Empirical findings and our first commercial successes show a sustainable business model with revenue targets 2018 achieved, costs lower than forecasted and a start of the year with 29% of the total revenue target of 2019 achieved trough signed contracts. However, the studies have given us the much needed better insights for the following fields:
• Market analysis, with emphasis on our fast scalability in the other European markets and beyond. The understandings of market mechanisms, type, size and volume have enabled us to define very detailed strategic and practical plans – both financial and commercial – to enter the desired markets. The study also enabled us to define the priority markets and most important opportunities. Based on these findings, operational plans have been readied to start the international implementation of our product.
• Competitor analysis and unique approach definition. The decision on how to position our product as opposed to competitors and alternative solutions, has been funded on the findings of our studies and surveys with the most important allies/partners in the world of office real estate. It enabled us to redefine who we want to be and how we want to differentiate ourselves.
• IPR, and legal barriers and requirements have been studied very thoroughly and have resulted in model agreements for suppliers, users, licensees. This has been important also for future reference as we will further our software based on blockchain and AI.
• Licensing model. This has been a fundamental, strategic exercise going to the heart of our business because it affects directly our capability of quickly, internationally scaling a digital service. Our studies have enabled us to define precisely how to approach the targeted markets in this regard. As a consequence, we have also been able to establish, per country, the commercial strategy, with full P&L and risk assessments. More specifically, this study resulted in a 5 way model to scale the business. It has become the basis of our scaling strategy.
• Last but not least: the commercial strategy in terms of sales strategy and marketing. Our studies have enabled us to establish, per country, a separate strategic plan and timeline for commercialisation.

Final results

The results of our studies about the potential assessment of our model have been supported by our effective growth rate in opening new locations, which has been much higher than expected, to the extent where this has affected our strategic decisions for the new markets we want to grow into. In December 2018 we have received 74 supplier leads, of which we signed 27 locations in that same month, a number significantly higher than anticipated. At the same time, the commercial success has delivered P&L numbers which give a strong performance outlook for 2019.
Our technological development has been updated based on 3 main drivers: 1° the empirical findings of the beta testing performed during June-Augus 2018, 2° the opening of the digital service to a selected users ands suppliers group, 3° the findings of the feasibility study
The feasibility study revealed 3 main updates needed in our approach: the societal impact, the commercialisation & scaling approach and the licensing structure. All 3 have been completely integrated in our new business plans and commercialisation strategy
The main developments with respect to the initial concept are:
• New study to be executed with university of Leuven regarding the conceptualisation of the innovation module by using blockchain and AI to enhance the algorythm for matching companies, startups, scaleups and projects.
• Technical development of the innovation & co-creation module of the software, based on the findings and recommendations in the outcome of the above mentioned study.
• Adapted commercialisation plan based on the empirical findings of the feasibility study and the actual first commercial results. Integration of these elements in the sales & marketing plan for Workero HQ and for licensees.
• We now have a strong, well developed model for the licensing/franchise strategy as well as a legal context for all related contracts. This translates into the new, adapted plan for the roll out of this model in the targeted markets.

Website & more info

More info: http://www.workero.com.