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ProgressData

Measure and improve your diversity with ProgressData.io

Is diversity important for you and your company? Then you need to start looking at your numbers, focus on and fix the areas where you have not yet reached your goals. We help you gather the data, find problematic areas, and give you research based suggestions on the most effective actions to become more diverse.

Investor proposal


An investment in ProgressData is a meaningful contribution towards allowing organizations to improve diversity and inclusion. By being part of our journey to making it cost efficient to measure diversity and get actionable reports, you actively take part in creating a more innovative and sustainable society.

The following perks apply:
* 10 000kr – 2% discount for one year
* 30 000kr – 5% discount for one year
* 50 000kr – 5% discount for two years, one company internal "diversity and inclusion" talk
* 100 000kr – 5% discount for two years, two company internal "diversity and inclusion" talks

Product

The problem this product solves

Companies wanting to measure their diversity often find that it is more expensive and time consuming than anticipated. Collecting the relevant data can take days or weeks depending on the size of the company. Companies rarely have in-house staff with experience in measuring diversity, so even if the data is available it can be difficult to analyze and apply methodology based in sound research that works on a practical level depending on the situation. Further, a GDPR-compliant handling of diversity data is complicated and fraught with many possible pitfalls.

How the product solves it

ProgressData.io collects existing data on our organization, storing it anonymized for analysis and presentation through an easy to understand, actionable diversity report on a yearly and monthly basis. The report contains research based suggestions tailored to your company and specific data so that you can make informed and practical decisions on what goals to set and how to improve the metrics you want.

Product features

Features of ProgressData.io include among other things: Monthly Diversity Reports, New Hire Surveys, Anonymized Data Storage and Research-based Actionable Suggestions tailored to your company.

Product use cases

ProgressData.io is used by companies who want to measure diversity to be able to make data-driven decisions when hiring, reorganizing and incentivizing staff. Setting up ProgressData for continous reports on diversity allows the organization make sound decisions over time to set and reach goals on improving diversity.

Team

Heidi Harman avatar
Heidi Harman CEO
Founder of GeekGirlMeetup the longest standing Female tech network in Sweden, with chapters in 17 countries and 24 cities. Heidi has worked as a director of UX research in San Francisco, London and Stockholm tech environment before starting www.included.works and www.progressdata.io.
Emma Heikensten avatar
Emma Heikensten Strategic Product Manager
Emma is an expert in Behavioral Economics with multiple research projects on gender differences. She is currently a Phd Student in Economics at Stockholm School of Economics, previously affiliated with the Women and Public Policy Program at Harvard and the Center for Experimental Social Science at New York University. Learn ... See more
Emma is an expert in Behavioral Economics with multiple research projects on gender differences. She is currently a Phd Student in Economics at Stockholm School of Economics, previously affiliated with the Women and Public Policy Program at Harvard and the Center for Experimental Social Science at New York University. Learn more about Emma and her research at www.emmaheikensten.com See less
Magnus Hallin avatar
Magnus Hallin CTO
With a background both as computer scientist and co-founder of multiple startups, Magnus has experience both from building and launching products from scratch and working with technical direction in teams of different sizes.
Julia H. Fovaeus avatar
Julia H. Fovaeus Mathematical Statistician
Julia is passionate about the power of data and has always cared deeply about inclusion and diversity. She is currently finishing her Master's degree in Engineering Mathematics at Lund's University specializing in statistical modeling and computer science. Previously worked with the 3D-creator team at Sony Mobile and with assistive teaching.

Market

Target Market

ProgressData.io can be used by any company but is actively targeting companies with between 20 and 2000 employees, initially in the Nordics.

Competitive landscape

The alternative to using ProgressData is to rely on manual work performed by in-house staff or consultants. There are consulting companies providing these services at high cost because of the large amount of manual labor involved. We see the rise of similar services, like Make Equal Analytics and GoGetty, making time to market important for us.

Unique differentiator from competitors

With ProgressData's software-based approach to data collection and analysis, organizations can continuously follow up their diversity metrics without additional work needed. Compared to manually compiling data and reports, ProgressData is highly cost-effective. ProgressData instantly provides actionable reports, allowing the organization to spend their time and efforts on achieving improvements rather than carrying out collection and analysis.

Other players are entering this field as well: Make Equal Analytics is a service which surveys what your employees say about your diversity and inclusion efforts. Compared to them, we take a more quantitative approach, giving actionable suggestions on objective data over time.

Company revenue streams

ProgressData.io has three revenue streams

  1. ProgressData's main revenue stream is a subscription model on the service. Pricing depends on number of employees being included in the reports.
  2. ProgressData takes 20% referral fee from consultants who are referred by ProgressData to our customers.
  3. Custom integrations to HR systems or ERP for larger enterprises.

For more information about our pricing model, check the business plan in the "Documents" section in this campagin.

Product/service distribution

B2B Sales, supported by social media and content marketing for lead generation.

We will use our extensive networks in the tech industry reaching from Stockholm and across Europe to bootstrap the lead generation.

Execution

Previous milestones/traction

2018 Q1 Founding team and advisory board in place
2018 Q2 Funding for commercial application process
2018 Q3 Preparations done for Funded By Me Campaign
2018 Q3 Lead generation for pilot customers started

Next key objectives

2018 Q4 Complete Funded By Me Campaign
2019 Q1 MVP in Place and open for the public, Pilot Customers Onboarded

Previous Financing

The team has self-financed the company throughout 2018

Partnerships

Strategic partnerships and referrals will be one of ProgressData's revenue sources. There are numerous companies which provide workshops and other targeted services for companies to improve diversity. We aim to secure partnerships with a broad palette of such companies to provide our customers with vetted options to work on the improvement suggestions our service present.

Use of funds

Depending on how well the campaign succeeds, we intend to distribute the funding as follows:

Equity Crowdfunding Campaign: 10%
Marketing and PR work: 10%
Sales staff: 45% - 55%
R&D: 35% - 25%

Industry Certifications/Awards

Stockholm School of Entrepreneurship SSES has awarded ProgressData with 50 000 SEK

Return on Investment

For our earliest investors investing at a valuation of 1M€, return on investment comes either from a trade sale, from the General Meeting deciding on dividends paid out, or from proceeds from a future IPO. As an example, in the case of a trade sale or IPO at a 10M€ valuation year 5 would provide an ROI of 10x or IRR 58.5%. As a high risk investment, ROI is not guaranteed.

Risk Analysis

Risk: Technical, ethical or legal pitfalls when handling diversity data
Mitigation: ProgressData is working with leading researchers as well as Swedish Data Protection Authority (Datainspektionen) to ensure that our data collection, anonymization and storage are based on technical, ethical and legally sound principles and best practices. ProgressData is GDPR compliant.

Risk: Not being able to scale sales to a sustainable level
Mitigation: ProgressData's team are experienced entrepreneurs with a broad network of advisors and resources. We are leveraging the combined expertise of our team and network in the strategy of our company.