Talao is the first public Ethereum-based decentralized and autonomous platform dedicated to talent. It gives talent access to a huge panel of companies asking for their expertise, enables them to benefit from smart contract-based payments, and allows them to build a strong community-based reputation, thereby disrupting the traditional working industry by eliminating its middlemen.
The objective of Talao is to establish the TALAO token as the token of reference of the 100 million freelancing Talent. The Talao revenue model brings sustainability and is based on:
- Premium services bought by customers: priority status for urgent request, skill-based screening tools or conflict settlement
- Platform adaptation to specific customers’ needs, like a dedicated branded marketplace for their Extended Workforce management.
The core market of Talao is the talent on-demand market, a high growth trend in the economy. According to a McKinsey report published in 2016, there are four types of independent workers:
- Contracting talent, who choose to become independent and derive their primary income from it
- Casual earners, who choose to work independently for supplementary income
- Reluctant players, who make their primary living from independent work but would rather prefer traditional jobs
- Financially strapped, who do supplementary independent work out of necessity
rking-age population in the United States are engaged in the independent workforce. The Freelancers Union “53 million” report2 supports these figures, with their own estimate of 53 million people doing freelance work in the US – 34% of the national workforce. People who freelance contribute $715 billion in freelance earnings to the US economy.The global market size in 2017 is estimated to be $50 billion. The initial market Talao is addressing is the one of centralized staffing platforms like Upwork, Catalant, GLG and Toptal. This initial market for Talao is estimated to be $5 billion in 2017.
Centralized Platforms own Talent data
When Talent are using an online staffing platform like Upwork or Toptal, they do not own their own professional reputation and profile. As an example, Elance freelancers’ reputations dropped when Elance merged with ODesk to create Upwork. Highly qualified freelancers ended up with 70% ‘job success rate’ on Upwork due to many nofeedback projects from Elance. The low “job success rate” clearly means considerably less success in finding and landing jobs for freelancing talent.
Falsification of Resumes is common practice
When a business wants to work with a talent, there is a huge risk that the information provided is misleading, or even factually false. We understand that 53% of resumes and job applications contain falsifications. 21% show fraudulent degrees. 29% show altered employment dates. 33% have inaccurate job descriptions. 27% give falsified references5 . Given the cost of a bad hire6 , businesses are looking for a way to ensure the talent they hire has the right skills.
Freelancing Talent lose 10 to 15% commission to platforms
The rise of the Internet created a flatter world, but also created a situation favourable to centralization of services around a few platforms. These platforms are effectively taking 5 to 20% for each talent engagement, representing a 5 to 20% loss of revenues for freelancers. Just looking at the online staffing platforms, that is half a billion dollars each year
Talao will disrupt the talent-on demand market by creating the TALAO digital token, to be used by companies and talent to manage a fully peer-to-peer business relationship. Based on that token, Talao will propose the first fully distributed platform on Ethereum, thereby providing:
- The first secured, global, fair and fully decentralized Talent Marketplace, managed by Talent as a DAO, which means 0% commission is to be taken by middlemen
- A unique way for talent to own their professional data with a secured vault storing professional certificates accessible on demand by recruiters and hirers
- A unique way for clients to trust the professional references of talent thanks to the certificates stored in the blockchain in the Reputation Vault.
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