WorkDone Inc.
$90,110
amount committed
$10,000
target amount
$1,070,000
max amount
Regulation CF
exemption used
$8,500,000
pre money valuation
$250.00
min investment
47
investors
SECURITY WE OFFER
SAFE + REV:
Simple Agreement for Future Equity PLUS Revenue Participation
Terms:
Valuation Cap: $8.5 million
Revenue Split: 12.5%
Returns: 3X
In plain English: You will get an investment contract that has two components: SAFE (Simple Agreement for Future Equity) and Revenue Participation.
- On the SAFE: the money invested will get converted into equity if (when) the company goes public, gets bought or is liquidated. The $8.5 million Valuation Cap, means that the valuation for the conversion cannot exceed $8.5 million.
- On REV: WorkDone will reserve 12.5% of its revenues to pay the investors from this raise, prorated until each investor will get 3X (three times) their money.
Disclaimer: Please read the Offering Statement from the Documents section below, to learn about the risks.
Investors are advised to fully understand risks.
SAVE TIME AND MONEY
Through Expertise Capture, work heuristics are continuously improved simply by learning from workers as they do their jobs which saves valuable time, money and resources.
PRESERVE PROCESS KNOWLEDGE
By enabling organizations to preserve corporate memory, operational knowledge is retained, even when valuable employees retire or leave the company.
CORPORATE SOCIAL RESPONSIBILITY
The nonprofit WorkDone Foundation is dedicated to making sure everyone benefits from AI by supporting community-generated projects through a funding commitment from WorkDone.
ABOUT WORKDONE
WorkDone enables organizations to seamlessly automate business processes between major SaaS platforms (Office 365, Salesforce, NetSuite, etc.) with no user training or programming required.
Our patent-pending technology, Expertise Capture, uses machine learning to train WorkDone Agents to complete repetitive back office tasks so humans can do higher value work.
WorkDone Agents work together to create systems of intelligence that preserve the corporate memory so that no institutional knowledge is lost when an employee retires or leaves the company.
PROBLEM and SOLUTION
The Problem: Repetitive, Costly Human-Intensive Tasks
Over the past two decades, organizations have migrated their older on-premise software to newer web-based (Software as a Service, or SaaS) applications for managing their operations, from accounting to customer service to sales. A significant market opportunity now exists for AI-enhanced agents work together between major SaaS platforms, thereby automating routine, repetitive data entry tasks, such as:
- E-Commerce. An inquiry is emailed from a web form, indicating a prospect's area of interest; a record needs to be created for that prospect in Salesforce, and the appropriate sales rep assigned. Alternately, an inquiry from an existing customer should ideally be analyzed for the customer's state of mind - sentiment analysis - to be handled properly.
- Retail New customer data is entered into Dynamics 365, and needs to be added to a MailChimp customer mailing list.
- Branch Office. A scanned P.O. is received from a franchise and because it's recognized as an order for corporate signage, needs to be entered into SAP (as a purchase order) and into the suppliers's Sage Intacct system (as a sales order).
An extraordinary amount of manual labor is expended on mundane tasks like these. Intelligently observing and figuring out what data goes where has been a relatively straightforward, if tedious, task for human script programmers for decades - not ground-breaking computer science, but the "meat and potatoes" of savvy office automation. Replacing the computer programmer with a monitor which observes the workers' actions and automatically creates an intelligent, flexible, exception-handling agent is the natural next step. Enter WorkDone.
Our Solution: WorkDone Monitor
The primary purpose of WorkDone is automating human-intensive tasks, learning from the execution of these tasks, and creating repeatable agents that are constantly being improved through learning.
At WorkDone, our goal is to replace millions of hours of repetitive cross-application data entry with Machine Learning-enhanced Agents. Our Expertise Capture technology monitors activities and decisions across SaaS platforms, then derives rules, or "work heuristics" about the user's business processes. The WorkDone Agent is trained simply by observing the end user, requiring no user training or programming.
Our Solution: WorkDone Dashboard
The WorkDone Dashboard displays Agent-related metrics (savings per day/week/month/year) and listings of available agents with the SaaS platforms supported. A safe, trusted agent eco-system is necessary for agents to achieve their full potential. In addition to securing identities, passwords, and customer data; a secure, audit trail of every session ensures that anomalies can be researched and addressed for compliance tracking and organizational learning. WorkDone Agent communications are encrypted before transmission, ensuring secure data interchange, delivering trusted transactions.
Our Solution: WorkDone Marketplace
Because every SaaS business application is regularly upgraded without user intervention, users are always using the latest version. Instead of multiple versions of on-premise software, often within a single organization, there is only one, consistent SaaS program interface. Systems integrators are made aware of any changes to the program interface, so there are no surprises. There is already a thriving business for integrations between applications but creating them has - until now - required expensive programming. Every major SaaS business application - Salesforce, Sage Intacct, NetSuite, etc. - has an online marketplace listing just these sorts of integrations.
This means that integration between two SaaS platforms can nowadays be done once, and updated only when or if the SaaS programming interface is significantly modified. (SaaS customers are often allowed to customize and modify screens, adding customer-specific labels to certain fields, removing others, but the underlying architecture and programming remain the same.) However, today most organizations need to coordinate between several SaaS applications on a daily basis. Buying and installing custom integrations for any two SaaS applications becomes a chore in itself. Far better to have a single platform which can run any number of intelligent agents.
The more organizations move away from on-premise desktop apps and toward cloud-based SaaS apps, the greater the opportunity for standardization between cross-app data transfer. Whereas integrations between systems in the past were almost always one-off affairs connecting proprietary systems, today there is a real opportunity: given the right environment, agents created for one organization can (when it makes business sense) be re-licensed again and again as middleware to other organizations. Making their creation and distribution easier will result in a proliferation of intelligent agents. Spreading the costs of developing application program interfaces (APIs) for each SaaS app, and the effort of training intelligent agents, over multiple customers will both improve the availability and quality of agents, and lower the cost for customers.
The upshot is that anyone, including a non-programmer, who has trained an agent to accomplish a task, might wish to rent that agent to other individuals/organizations, provided there was a secure eco-system that guaranteed the provenance of the agent and the payment to its creator. Exactly as Apple has created with its App Store, the WorkDone Marketplace would guarantee that:
- The agent has not been tampered with in the path between creator and buyer, whether before submission, while stored in the cloud, during download, or after download;
- The buyer gets compensated for the hiring of the agent;
- Users are allowed to provide and view other users' ratings for the agent;
- The best agents are publicized on SaaS marketplaces and elsewhere, to increase awareness and sales.
Welcome to the WorkDone Platform!
WORKDONE PLATFORM
The Platform utilizes a multi-tier architecture encompassing the browser client, cloud servers, and decentralized nodes leveraging multiple technologies including process Agents, AI, blockchain, machine learning, and analytics. Smart contracts are managed via blockchain. Our main architectural goals are reliability, security, maintainability, and scalability.
WORKDONE MARKETPLACE
A curated marketplace for securely uploading, vetting, sharing, authenticating, selling, and updating trained agent through flexible subscription/volume pricing.
BUSINESS MODEL
Financial Plan - Revenue Model
Our revenue model for Agents is as follows:
- Freemium trial period to allow anyone to create their own agents, with enough time to enjoy the benefits.
- Direct SaaS subscription varies based on complexity and transaction type.
- WorkDone Marketplace Agents (direct & indirect) are typically priced in hundreds of dollars per month, not thousands.
While these figures represent average price per customer per month, the reality is that there will be different pricing tiers based on the volume of transactions performed by the agents, including enterprise-wide licensing flat rates.
Assumptions
Our assumptions are based on our analysis of the addressable market opportunity and our executives' past experience with customers in related markets for more than 20 years. We expect the direct WorkDone Marketplace to generate a significant portion of the business, but the major opportunities reside in the indirect SaaS Business Application Marketplaces, such as Intacct, NetSuite, Salesforce, Dynamics 365, etc.
The agents hired through a 3rd party (indirect) channel will pay out to the original creator of the agent (the "agent mentor") in a revenue share that creates a very meaningful incentive for these AI agents to be made available to the public.
TARGET MARKET
WorkDone's go to market strategy includes leveraging the online marketplaces of major SaaS-based systems of record and engagement vendors in order to jumpstart adoption and deliver our message and approach directly to customers who will get the most value out of the immediate use of WorkDone. These marketplaces include, but are not limited to, Sage Intacct ERP, Microsoft Dynamics ERP & CRM, Salesforce CRM, and NetSuite FMS.
WorkDone estimates that the available market within the target defined above for the creation and execution of WorkDone Agents will be $187 million in year one (2018) and grow at over a 100% year on year compound annual growth rate (CAGR) for the next three years with a 2021 available market size of $721 million.
WorkDone's primary target customer is users of common SaaS-based business applications including (but not limited to) ERP, CRM, and FMS systems. WorkDone will learn from user interaction and create Agents that automate business processes.
WorkDone's initial geography target will be North American English-speaking organizations. Over time WorkDone will expand that target, first to other Latin-based languages used within North America, and then to other geographies. The order of this rollout will be determined by market demand.
THE WORKDONE TEAM
The WorkDone team is led by seasoned technology experts with decades of experience delivering state-of-the-art enterprise content management and business process management solutions globally with a focus on re-engineering processes, increasing productivity, and lowering operating costs.
JOE ROGERS
Founder and CEO
A Harvard-educated serial entrepreneur with over 2 decades of starting & growing technology businesses in addition to global experience successfully consulting to multinationals in the enterprise content and business process management arenas.
LinkedInJOHN GREENE
Product
A driven product strategist with over twenty years experience in guiding software and solutions providers of all sizes to over-achieve market share and revenue goals by focusing on the customer.
LinkedInDONALD WILCOX
Engineering
A customer-centric software engineer with over a decade of experience starting technology businesses, mentoring business leaders and consulting to enterprise organizations globally in designing and building multi-million-dollar-generating software products.
LinkedInGIL CARGILL
Sales
Sales acceleration coach, trainer and consultant with four decades' experience helping thousands of business-to-business salesforces understand the advantages of developing sales processes, implementing new technology, and tracking sales performance.
LinkedInUSE OF FUNDS
TIMELINE
Updates
Hello WorkDone fans and supporters! The wind is truly in our sails and the momentum is increasing. WorkDone recently signed an LOI with a major SAP distributor who has agreed to resell our Expertise Capture service into their installed base - truly a match made in heaven. This news is in addition to our marketplace partnership with Sage Intacct. Over 2019, these relationships (and others) will help WorkDone prepare for fully frictionless scalable growth in 2020. Very exciting!
Meanwhile, we decided to extend our equity crowdfund for two months till the end of November as traction has steadily increased (now over $150K) and people want to be a part of WorkDone's mission. Thanks to all have supported us to this point and to everyone else... please join us!
My optimism is no longer cautious - development is on schedule, we're gaining marketing momentum plus we're making progress on what could be a BIG enterprise partnership for us (stay tuned). Plus we just surpassed $73K - thanks again to all our early investors!
The WorkDone team is making huge strides in the area of product development while I personally focus on fundraising. We just surpassed $41,000 and the momentum is picking up - a hearty thanks to all who have invested to date!
I would like to personally thank the investors who put WorkDone over the $10K target in just two days. I'm cautiously optimistic...
Q&A
Unfortunately, this securities offering is closed. For questions, please email support@trucrowd.com. Thanks!
5 years ago
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5 years ago
Hi Barnaby, I’m glad to see you are paying attention.
My experience through the majority of the crowdfund was that I personally committed considerable time to individual investor pitches (which I enjoyed) for relatively small investment amounts. That is to say, significant time commitment for not much return.
In the latter half of September, much to my surprise, an interesting shift occurred in that the crowdfund investment activity increased without my active involvement (beyond ongoing activities). I came to realize that at the end of our CF raise, WorkDone marketing was firing on all cylinders and our traction with the public was increasing (which took the summer to achieve).
For this reason we decided to extend the crowdfund another 2 months until Nov 30th. Additionally we ascertained that the upcoming private round and the ongoing crowdfund could peacefully and legally coexist under SEC regulations so there was absolutely no reason to close it down. It’s working as designed! Thank you for your question and your investment!!
5 years ago
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5 years ago
1. Can you say more about that accelerator - they will directly provide cash and if so, why raise money here at all?
I describe the DATI public accelerator/incubator as a funding finishing school which prepares start-ups for later rounds of investment (if needed). Usually accelerators invest small amounts (between $25K - $150K) in early stage companies. In this particular case, the equity crowdfunding platform truCrowd is just another mechanism that can be used to begin the funding process with the added benefit of receiving validation (or not) from the public.
2. Is the 12.5% gross, is it prorated at all depending on the raise here, and can it be diluted?
The 12.5% applies to the revenue share aspect of the SAFE+REV offering. Crowdfund investors will receive a dividend from a percentage of gross revenue in proportion to the entire amount invested. 12.5% of WorkDone revenue will be set aside to pay out investors up to 3X their individual investment amount - the only variable is the amount of time it will take to reach the cap. For example, if you knew someone who invested $2,000, the REV component would provide that investor a maximum dividend of $6,000 over time. Bear in mind, the REV component is in addition to the SAFE (Simple Agreement for Future Equity).
3. I may be misunderstanding the licensing part. Wouldn't you want to reserve the most valuable agents so you get 100% of that revenue vs. just a licensing fee (an agent between two of the most popular platforms for example?
Indeed, WorkDone will endeavor to create as many Agents as possible in order to receive the benefits of full ownership of IP and revenue. However, to grow exponentially, we plan to leverage 3rd parties, and the crowd, to integrate with the thousands of SaaS platforms in existence (some of which we’ve never even heard of). This in turn reinforces a foundation of community for the developers who innovate on our platform. Any loss in licensing revenue will be more than made up for by the increased breadth of WorkDone Agents made available to the public.
5 years ago
Hello Alan,
Thank you for both your investment and your inquiry. My responses to your questions are below.
1. Can you detail more about your patent - I read how your solution is preferable to your competitors, but how much of that current advantage is protected by IP?
Our IP protection strategy includes patent protection while simultaneously leveraging trade secrets. The provisional patent covers our methodology to automating the creation of automation - what we refer to as “Expertise Capture”. The trade secret covers what we refer to as “Work Heuristics Management” which contains algorithms which will be nearly impossible to reverse engineer. WorkDone's competition in the Robotic Process Automation space utilizes specialized programming languages to create automation. Our competitive advantage is that WorkDone requires no user training or special programming to create automation.
2. I may have just missed it, but I think you have little cash on hand right now (am I right?). What would your minimum burn rate need to be to get to profitability, and assuming that is well beyond the raise here, when/how would you raise additional capital?
WorkDone has been running lean operating off pre-seed capital which, as you surmised, is not a bottomless well. Fortunately, through truCrowd, WorkDone is positioned as a charter participant in the Dynamic Arts Media Network (OTCMKTS:DATI) public accelerator incubator which, after the truCrowd raise completes, will provide additional funding to extend our runway at least another 18 to 24 months. We expect to achieve profitability within this timeframe.
3. This one may be a little harder to answer, but I would assume that as technology advances more and more SaaS platforms will be built to integrate with others. Is there any danger of your solution becoming obsolete if major platforms decide to become more integrate-able?
This question isn’t hard to answer at all. The major SaaS platforms already provide significant integration capability. The step they will never take is to create cross-platform systems of intelligence that could potentially benefit their competitors through the transparent creation of learning agents. The *only* way I can see WorkDone becoming obsolete is if one platform buys all the other SaaS platforms and integrates them into one suite (will absolutely never happen).
5 years ago
Other Disclosures
Special Note Regarding Forward-Looking Statements
Moreover, we operate in a very competitive and rapidly changing environment, and new risks emerge from time to time. It is not possible to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. In light of these risks, uncertainties and assumptions, the forward-looking events and circumstances discussed in this offering may not occur, and actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements. We undertake no obligation to revise or publically release the results of any revision to these forward-looking statements, except as required by law. Given these risks and uncertainties, prospective investors are cautioned not to place undue reliance on such forward-looking statements.