Pivot to profit works a treat for business management platform – StartupSmart

Cloud-based business management platform WORKetc founder Daniel Barnett says KPMG and Advance’s elevate61 program will provide much needed assistance to startups that have traction, but are looking to scale rapidly.

 

WORKetc was one of eight startups chosen to take part in the elevate61 program from a pool of 50 from across Australia.

 

Barnett says he hasn’t been available to find much assistance for startups like WORKetc that have an established product and customer base, but are looking to grow quickly.

 

WORKetc was founded in 2010 but its product has changed a great deal since then. It first launched its business management platform as a freemium service, aiming to monetise it via advertising and upgrades.

 

“Literally after six months we were making about $4.50 a month in revenue,” Barnett says.

 

Needless to say the startup pivoted away from that model and became what WORKetc is today, an all-in-one cloud-based business management tool that handles project planning, billing, customer support and more, that starts at between $78 and $395 per month. It’s currently got 700 customers, the majority of whom are in the United Kingdom, United States and Australia. Revenue has been growing at 80% year-on-year and estimates revenue for 2015 will be $2.5 million.

 

“We’re a bit beyond that early-stage startup phase… so a program like elevate61 is appealing as it’s geared towards business with an established product and customer base,” he says.

 

“We have a lot of contacts in the industry and we’re looking to resell our product under a partner program. So I’m hoping to learn about managing a partner program at scale, an area I have zero experience or knowledge in.”

 

The eleveate61 program, which aims to help startups grow globally from Australia, is a competitive program which doesn’t involve any funding or equity, but requires successful applicants pay a fee of $3950 to participate. The eight applicants will take part in three days of workshops from April 15 to 17 before heading to the United States in May to help build an understanding of the US market.

 

The other seven companies accepted into the program along with WORKetc include:

• Mandalay Technologies: A provider of data capture and operational management solutions for the waste management and government industries
• SEQTA: A suite of web-based applications providing schools with comprehensive management solutions to enhance the teaching and learning ecosystem
• Fewzion: Collaborative work management software for mining, factory and building industries. Fewzion helps operations manage processes, people and equipment to deliver exceptional results
• MyTraining.net: Provides corporations, enterprises and governments with a streamlined, audit-able procurement process to access external training vendors and their courses
• PicNet: Hosted on cloud infrastructure, PicNet is a provider of IT services and solutions helping organisations use technology to increase productivity, minimise risk and grow strategically
• simPRO: Job management software that optimises service workflow to bring every corner of the business together. The suite of products designed by simPRO allows business owners to implement a software solutions built for their industry and provides standard operating principles to manage business effectively
• Five Faces: Connecting customers with a brand message through visual and interactive devices, controlled, and managed by a secure cloud platform, wherever they may be.

 

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