Developing an ecosystem for realizing BASIC NEEDS in companies.
Basic needs are outcomes that recur naturally in any company, regardless of size, niche, or business location. Communication, file storage and sharing, task management, hiring and firing employees, structuring, planning, reporting, managing your share of the company, and more.
Companies worldwide use different software, each time uniquely integrating it into the company system, which naturally leads to low efficiency or high costs of business management.
Released Beta application on IOS and Android. Now there are open tests by users (more than 500) and companies (more than 250). We also developed our own encryption protocol, which is used to implement the entire software architecture, which allows us to create a quality competition on the global market. We spent 14 out of the planned 19 months in active development. We estimated the intellectual property at 14.5 million hryvnias. There are 46 people on the team at the time of beta release.
All the details and angles of the company are well disclosed in the presentation we attached to the project.
Basic needs are configured by ALL companies, and they do this by combining different software and tools (messengers, tables, documents, etc.). When scaling up, companies often integrate different ERP systems that combine tools to manage baseline needs and project activities.
In the first commercial year, Vymex can be used by small companies of up to 50 people. Location and niche do not matter. Companies will pay for subscriptions depending on the size and number of structural units. This will be much more efficient than the current business management methods. The product system and the company design everything so that it sells subscriptions immediately to the global market.
Problem or Opportunity
According to the Startup Genome Report research today, 97% of companies do not live more than 3 years due to an inefficient combination of resources in implementing basic needs and managing project activities.
The way companies today organize the realization of their basic needs is, by analogy, very similar to the way humans managed personal needs in the past, combining push-button phones, CDs, cameras, and other gadgets before the advent of smartphones with operating systems.
Smartphones, no matter if on IOS or Android, essentially also out of the box cover the basic needs of users, and already through the store they download applications to manage PROJECT ACTIVITIES.
Vymex is the first company in the world that is developing a resource that will allow users to effectively isolate the management of a company's basic needs into a single ecosystem.
Solution (product or service)
Vymex creates an ecosystem of products that will significantly increase the efficiency of companies in realizing their basic needs. 1) From the moment of registration the user has the possibility to create a company in the vHub product. 2) By creating a company, he becomes the default owner of the company and gets a set of tools to effectively manage his share in the vCo-f product. 3) The user can create a resume and search for jobs that companies create within their structure. 4) Internal messenger will give the ability to communicate with companies and users. 5) Financial tools and technical support, which we will talk about later.
1) Paid and free messengers for communication and business solutions. 2) Google Drive or Dropbox file storage. 3) Task managers - Trello, Assana, etc. 4) Tables, and documents for teamwork.
All of these are used by companies today for basic needs work.
Advantages or differentiators
1) Ecosystem is the main advantage over all other methods and resources. 2) Own encryption protocol and level of data security. 3) Mobility. We implemented everything in a mobile application. 4) Cost relative to efficiency. It's not savings, but the efficiency with time savings to build systems. 5) Facilitated and accelerated onboarding and offboarding procedures in the company with a data structure. 6) Dismissal of employees from the company now carries fewer risks and takes minimal time. By dismissing a user (employee) from a structural unit in the company, the new user will get all the history and resources in this SU before him.
There is a detailed financial model, which has two years of refinements. It details all the assumptions and facts.
In the first commercial year, we will reach the figure of 0.5% of the market volume in Ukraine. In the total mass of users, it will be about 90%. Around 8 700 companies in Ukraine ranging in size from 1 to 50 people.
After all tests and refinements updates to version 1.0 (second commercial year) model will scale more in the global market, the ratio will be 20/80% Ukraine / World.
We have about $930,000 in marketing for the first commercial launch. Before the release of the commercial version, we organically have users who are interested in the products and register companies, there are more than 250 of them today. During the entire test and free period, there will be about 2,500 companies on the resource.
The advertising campaign will be launched a few months before the release of the commercial version. Our co-founders have an active audience of entrepreneurs with a total of up to 300,000 subscribers. There will also be a non-standard technical support format to make this an effective marketing tool.
Money will be spent on
Implementation of the necessary results for the market launch of the commercial version of Vymex. The financial model details the results and deadlines for their implementation.
Offer for investor
Today on sale from 0.1 to 10% for a private investor on the first round. The company will start generating profits as early as 2024. The business model and products allow the company to scale to a capitalization of $1.8 billion by 2030.
Capitalization will begin to grow as soon as we reorganize the company into a JSC and conduct the first round for the funds than significantly increase the figures and get the funds to scale the model to the global market. In the presentation is a link to the registry and information about the legal entity. In the second round, in 2024, any investor will be able to make an exit by selling their shares. Everything is notarized.
As of today, we are living through one of the biggest risks imaginable - the war in Ukraine. But by living it victoriously, we will pump up all angles of the company to a level never seen before.
The risk was the reduction of the team due to the lack of necessary funding. But the company system is set up so that we can expand qualitatively quickly and downsize part of the team without risking a complete work stoppage. It is highly likely that the products will be ready for sale just in time for the end of the war, which is the ideal time for us.
The fact that we decided in principle to make the company wholly Ukrainian, gave additional risks at the start. Now our lawyers managed to develop a project that would allow us to reorganize the form of the company from LLC to JSC and make the right offer for the funds.
The risk was to attract private investment in a Ukrainian company in the first round. Even in a war, new investments are coming to us. Another 8% and we will complete the round and the commercial version.
Many companies build a project and go into sales, which can lead to the unpreparedness of the company to stress the "foundation" of the company in the global market. We initially worked out everything in such a way as to reduce the probability of error and risks of entering the global market.
Incubation/Acceleration programs accomplishment
Vymex is our accelerator. When we make presentations to representatives of acceleration companies, we get nothing but praise for how we have managed to organize everything and what we have achieved so far.
Won the competition and other awards
We were included in the top 10 startups of Ukraine in 2021. The «Startup of the Year» nomination did not make it due to the outbreak of war.