Eorka – mystical creature that helps those who are lost in a forest
OVERVIEW
The world is on the move like never before. More than 350 million people are looking for work anywhere but home. Eorka is a mobile-centric platform that makes these people “instantly local�, even before they arrive at their destination. Our launch product is designed around working-holiday visa holders, who choose to work and travel in a foreign county for 12 months or longer.
MARKET SIZE
WORK MIGRATION
EU / AFRICA
125,000,000
ASIA / OCEANIA
142,000,000
AMERICAS
58,000,000
WORKING HOLIDAYS VISAS
TEST MARKET
TOTAL
4,460,000 VISAS
NEW ZEALAND
60,000 VISAS
AUSTRALIA
250,000 VISAS
USA/CANADA
560,000 VISAS
PROBLEMS
Employment: Most nomads have limited information about the job market at their destination. Places to stay: Booking sites and airbnb do not resolve the needs of lower-end travelers. Finances: Standard fees (credit card fees, bank fees, exchange rates) take a big chunk out of the casual workers’ and travelers’ budget.
SOLUTION
SEARCH
CASUAL JOBS LOAD FUNDS
RECEIVE HYPER LOCAL LEADS
CHOOSE
SEASONAL JOBS
BUY LOCAL NUMBER
SHARED LEASES SETTLE
GET PAID
REVENUE MODEL
LOCAL VoIP NUMBERS DIRECT TXT SERVICES
RECRUITMENT PLACEMENT
ACCOMMODATION BOOKING
FUND TRANSACTIONS E-MONEY PAYMENTS
$20 per phone number + $0.04 per TXT + $1.5 per GB data
$25 employee placement fee + 0% fee on success placement (opposite to freelancer.com)
$15 landlord placement fee + 0% fee on success placement (oppoosite to airbnb.com)
2.9% + $0.30 per transaction for qualified cards
VoIP AND TEXT HIGH
AUTOMATED RECRUITMENT LOW
REVENUE STREAMS: E-money High
ONLINE BOOKINGS HIGH
GO TO MARKET
Based on socioeconomic research, the recruitment tool should be our lead product at roll out. People are willing to give out the most personal data for an employment opportunity. After that, we would release our hyper local search for accommodation (and other services). The peer-topeer payment between supply and demand will create a new type of transparency. (also immigration / businesses )
EVALUATION
Morgan, 31, FRANCE W/H visa to AUS
Larce, 28, NORWAY W/H visa to NZ
Karla, 23, CHINA W/H visa to AUS
Liz, 19, SPAIN W/H visa to NZ
Looking for hard to find management jobs. Planning to travel for at least 6 months. Lives on funds that he gets from renting his property in Paris.
Graduated from top German IT school, looking for professional jobs, registered as consultant and created his own profile for freelance work.
Looking for any jobs, planning to use the year to save as much as possible. Graduated from good school in China, travelled to US for summer.
Was looking for nanny jobs prior to arriving to the country (parents’ condition), because most of the agencies refused to match her profile before she got here.
Did massive research up front, but was unable to get in front of the right people. The “call us when you are here” syndrom.
Not sure where the most paid jobs are. Hostels are too expensive.
Interview, placement, individual search.
Would use profile that makes his job search seems “local”. Would also pay some for a place to stay search. Not interested in transfer tools. Uses PayPal for all invoices.
Would use it to look for Chinese flatmates for sure and check jobs by employee references. If I can get an app that applied to all the “door to door” in one click I would love it.
Parents were looking for more of a direct referrals systems. Specialized agencies have restricted access. No organized marketplace. Also might use it as a emergency cash backup.
BIGGEST CHALLENGE
Can’t plug in into social life very quickly. Wants to meet a lot of people and make connections. CALL TO PURCHASE
Would be great to combine FB
with something like a place for rent search. “If I don’t have to pay bank fees for transfers, I will sign in tomorrow”.
COMPETITION
PEER-CENTRIC
SERVICES
PAYMENTS
JOB SEARCH BOOKINGS
MERCHANT-CENTRIC
POSITIONING
We see a huge global market opportunity for creating an ecosystem based on neutrality between peers and merchants (or employers), structured around the mutual benefits of simpler (and essentially cheaper) interactions. By giving people access to peer-to-peer employment tools, in return for full transparency and communal reviews, Eorka provides nomads instant access to hyper-local psyche.
STARTUP COSTS
1. CMS site / user profile - $150,000 2. Mobile version - $50,000 3. Geolocation license (in negotiation) 4. Digital wallet license (in negotiation) 5. Telco functionality (wholesale) 6. Financial License - $10,000 (inc. legal) 7. Branding, corpcom - $10,000 (inhouse) -------------------Total: NZD $220,000 + licence (scale)
OPERATING COSTS
User acquisition/ Estimated $5 per user till reaches 15,000 active users (preload funds, reward for signup).
Mobile pl atform/ With 15,000 users we are estimated at NZD $2,500 per month in data traffic costs.
Administrative costs/ (salaries + board) estimated NZD $10,000 per month. + community management
PAYMENTS ++ / Integration with loyalty program (vendors) and possibly immigration (financial bond), we are looking at readers, starting from $30 per unit (estimated 100 units per 100,000 capita).
P&L FORECAST
FINANCIAL PROJECTIONS
Assuming average EBIT at 39% of sales per year, we would need 5 thousand customers per quarter to break even at the beginning of the second year. Further more, with exploding growth of mobile recruitment (25% of all applicants, 6Bn mobile users by 2016), and with over-arching growth (720Bn) in mobile payments by 2017, we estimate rapid growth on the 2nd and 3rd year, reaching $5 Million in sales at the end of our third fiscal year.
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BIG PICTURE
Global markets are ready for a new ideology that merges “local” and “personal”, and builds a data web of human interactions, associated with a particular location. Eorka’s pioneering set of features examine global transparency upon hyper-local psyche. Addressing the needs of online marketplaces brings up sensitive topics like privacy, security and independence, Eorka unlocks the right balance by giving people a set of useful tools, in exchange for essential information that will make them instantly local. Globally.
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PEOPLE
Ilya Vensky
Leo Batalov
Cofounder, CEO
Cofounder, COO
Ilya has spent most of his professional life building global platforms that create new type of interactions between consumers and brands.
Leo’s speciality is in risk management, financial strategies and new market strategies for startups.
Gary Koepke
Sharry Listgarten
Pavlo Tanasyuk
Wilsom Miner
Advisor, Branding
Advisor, Product
Advisor, E-money
Advisor, UX design
North American CCO of Sapient, a global leader in creative technology and innovation.
Product lead at Google for emerging interactive platforms.
Founder of Spacebit, the first space currency and crypto currency barter platform for London startups.
Designed Rdio, facebook timeline and apple iphone 5 interface.
Thank you Ilya Vensky ilya@zzili.com