An Interview with ProvenTeam, Combining Freelance with FinTech in a Revolutionary Way
- Samuel Feldman
- Aug 17, 2021
- 5 min read
Fintech has the ability to solve many problems and complications associated with Freelance. ProvenTeam is here to pave the way for such innovation.
(Image credit: flexiple.com)
What is ProvenTeam?
(Image credit: ProvenTeam)
ProvenTeam is a new Freelancing platform that is looking to make the hiring and payment process extremely efficient for Employers and Freelancers. The platform skips all of the hassles involved in posting Jobs, receiving and reviewing proposals, negotiating terms and prices, and arranging meetings. ProvenTeam only accepts the best freelancers and vets them thoroughly, allowing employers to book interviews as the first step.
What was the inspiration behind ProvenTeam?
My inspiration came from the problems I saw when hiring freelancers from Upwork other freelancing platforms. I have launched three businesses so far, and I have utilized a lot of remote and freelance workers. When you are hiring for a job, the typical process is that you post a job, and you get tons of proposals right away. I would get around 50 to 100 proposals sometimes. You would then have to review all the proposals and go back and forth with potential candidates on times to interview individually through Upwork chat. This is a very significant and time-consuming issue for both sides, as from a Freelancing perspective, the same thing is happening. They are often applying for hundreds of jobs and sometimes never hearing back from a majority of them. When they do hear back, it becomes a lot of back and forth, which can take two to three days before a call can be arranged.
So I decided to create a platform that can fix these problems. We screen all of our freelancers to match their strengths in their particular industries with the client. This helps save time while also finding a perfect fit for the consumer. So when a client is looking for a graphic designer or content writer, we only send two or three profiles to choose from. They usually like them all and can schedule interviews without any back and forth, eventually picking their perfect match.
How does your company, ProvenTeam, integrate freelance with fintech?
A significant part of the fintech aspect is the freelancers and the employer’s relationship. From the beginning, a contract is signed between the employer and the freelancer done straight through the platform. The freelancer is able to invoice the customers through the platform. The customer already has a credit card or bank account integrated within the platform. We have been able to do this through Plaid and Stripe. Customers are all verified, giving freelancers an extra sense of security. So essentially, the fintech angle emphasizes the B2B payment process between an employer and a freelancer that is done all through the platform. Each freelancer can look at their reports and annual earnings to get their 1099, the contractor tax document, all from the platform. The customer does not need to issue the 1099, simplifying the process and letting the platform take care of all the B2B payments between the customer and the freelancer.
What differentiates ProvenTeam from other freelancing apps like Fiverr or Upwork that provide a similar service?
One of the main differentiators is that everyone on our platform is screened and categorized based on their industry verticals and special skills. No other platform out right now does this. At Upwork, for example, anyone can apply. What ends up happening is that there is an oversaturation of freelancers that aren’t able to find any work. The top 5 to 10% make money, and the rest of the 95% are struggling to get by. They did all the necessary steps to become an Upwork freelancer. However, they are not getting any jobs because the algorithm is not promoting these people because they do not have any experience or reviews. With our platform, we provide one-on-one matching to ensure that all of our freelancers have the same opportunity to find work. The other key differentiator is integration of the calendar system within the platform. If you wanted to hire someone, you could go on our platform to book three or four interviews and, by the following day, you would already have your final candidate. At Upwork, the process is quick, but it would still take at least three days to post the job, get proposals, and message each person individually back and forth, ultimately wasting a lot of time.
What is your strategy in converting potential freelancers to your site?
We attempted to focus on LinkedIn and source most of our freelancers from that networking platform. We went about it by reviewing countless profiles, posting actual jobs on the site, and completing a lot of reviews on different social media sites and groups. We went through and found people who have tried Upwork but not liked their experience with the platform. We were very strict on who we accepted into our platform. For example, some baseline requirements we were looking for in our designers and content writers were a few years of experience, a valid portfolio, and a website. Our platform is not a place for absolute junior-level beginners. It is more meant for experienced professionals.
What are the critical areas of growth ProvenTeam is currently focusing on, and what is your future vision for ProvenTeam?
Our vision is really to build tools that allow freelancers more financial flexibility. We are planning to develop tools where freelancers can issue invoices to their existing customers and send automatic reminders to those not necessarily on the platform. So essentially a portal for the freelancers to issue invoices and accept payment through the platform.
The key areas of growth that we are focusing on is particularly within digital marketing. We are focusing on content marketing and the new roles that are anticipated with innovation and new technology. Roles that did not exist five or six months ago are now highly prominent. For example, design has been a preeminent industry that has led to the employment increase of UX researchers. Community managers are sought for content strategy roles. Social media marketing, digital marketing, and paid media marketing are all current positions that have seen exponential growth. So we plan to capitalize on the fact that there aren’t many platforms offering experts in these niches. We will use our style of one-on-one connection to correctly link the two parties together in a beneficial manner.
The broader vision is to create a platform that is built for freelancers foremost. Freelancers face massive problems. Many great and talented people spend a lot of time doing business development where they could be valuable to many consumers. So from the freelancer’s point of view, we want to create all the tools needed for their success. We want them to waste less time creating and chasing invoices and doing reports. Freelancers don't feel comfortable having a 30 day invoice payment period, so as soon as we charge the customer, we make the payment to the freelancer within 48 hours. This is one of our core promises to our freelancers. We are also planning to build more invoicing tools, management tools, client management tools, CRM tools, chat boxes, and integrated calendars. We want to be the agency that represents the freelancers and all the hard work that they do throughout the year.
About Deepak Lalit
Deepak Lalit is the founder of ProvenTeam and Audiencegage. Prior to being a tech entrepreneur, Deepak spent 12 + years in the financial services and fintech industries as a CFO/Head of Capital Markets for several online lending startups.
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