Photo - StoryBolt
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StoryBolt

Employee Engagement & Belonging Platform

USA, Illinois
Market: Information and media, Culture, art, Education, training, Entertainment
Stage of the project: Idea or something is already done

Date of last change: 04.01.2021
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Idea

StoryBolt is a platform that offers employee engagement solutions to corporations by matching authentic stories with organizations’ cultural needs.

Current Status

- 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.

Market

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.

Competitors

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)

Business model

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.

*Sales & Marketing*
- PR & Content Marketing
- SEO
- B2B Marketing (i.e. Conference Sponsorship)

*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.

Incubation/Acceleration programs accomplishment

NewChip

Won the competition and other awards

- THE Industry Disruptor Winner at 1871’s Momentum Award
- Grace Hopper’s Finalists’ Cash Award
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Idea
Current Status
Market
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Solution (product or service)
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Advantages or differentiators
Finance
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Business model
Money will be spent on
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Incubation/Acceleration programs accomplishment
Won the competition and other awards
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