StoryBolt is a platform that offers employee engagement solutions to corporations by matching authentic stories with organizations’ cultural needs.
- 12X increase in the basket size - USD 245K revenue & USD 550K booked revenue for Q1 2021 - $1.7 MM USD in our sales pipeline - Two prestigious awards: THE Industry Disruptor Winner at 1871’s Momentum Award, and the Grace Hopper’s Finalists’ Cash Award - Systemized the sales and operation processes - Princeton and Concordia Universities' partnerships to improve our impact measurement - Onboarded giant brands such as United Airlines, Amazon, Google Cloud, Discover, Paylocity, and Ameriprise among others as our clients in 2020. - 85% returning clients (all requested larger subscriptions for 2021) - StoryBolt hit the record number of participants in the 2020 HR DEI programs at Google Cloud.
Right now we are focused on Financial and Tech companies with 1000+ employees.
TheTAM is $23B,which includes three focus areas including Corporate Social Responsibility ($11B), Corporate culture ($8B), and Diversity & Inclusion programs ($4B)
Problem or Opportunity
Employee engagement and belonging has always been a challenge for companies. In 2019, unengaged employees created a $550 billion loss for corporations (Forbes, 2019). Companies with 1000+ employees have an average of 2-3 speakers events per month for employee engagement and belonging purposes. It’s a time-consuming process for corporate directors to set up such events. At the same time, employees believe many of the webinars, lectures, and events are time-consuming and superficial.
Solution (product or service)
To increase employee engagement and create a positive culture in the workplace, StoryBolt platform provides a series of entertaining and informative 1-hour long virtual sessions, together with reports showing the impact of the sessions. At StoryBolt platform, HR decision makers submit their problems on the platform; receive a short list of suggested sesiones; book a series of entertaining and informative sessions that include screening, Q&A with the filmmaker, and interactive activities by 8 clicks. They also receive an impact report.
Indiflix, Kanopy & GoodDocs are providing similar values. Platforms that offer media solutions for awareness-raising purposes are among our competitors. However, none of them offer our solution of short, authentic stories, along with the Live conversation with the storyteller through a B2B platform.
Advantages or differentiators
We have six key advantages that leverage us in the competitive landscape: 1- First mover advantage: we have already onboarded giant brands like Google, Amazon, Discover, and United Airlines. 2- Large Community of Filmmakers:+4000 films from 112 countries 3- Recommender System: matching organizations needs with top selected stories 4- Exclusive agreements: we have an exclusive license for screening and live Q&A with filmmakers for top 10% of our documentary collection 5- Vetted Content: A dynamic collection of vetted movies 6- Objective impact measurement: NeuroIS technology for impact measurement (working on filing the patent)
Our business model is (1) credit-based corporate subscription (like an Audible for B2B) to book a series of sessions; as well as, (2) monthly payment (per employee, per session) for having access to the recorded version of the sessions.
Money will be spent on
*Technology* - Automating the booking calendar (both from supply & demand side) - Fully Automating supply side (Filmmakers’ profile & dashboard) - Automating the development of “augmented learning materials” - Developing the impact measurement module (in partnership with Princeton University & Concordia University) - Developing the algorithms, the conceptual model, and data gathering for the recommender system, especially the topic modeling module.
*Film* - Exclusive agreements for licensing the top 5% of documentaries - Strategic Partnerships with film festivals & independent production companies
*HR & Admin* - Expediting developing the recommender system through hiring two account managers in support of data gathering (training data) - Contribute to the salaries of CPO, CTO, CMO, content director, tech support, and cofounders.