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Bart Kollau team 2
Bart Kollau Utrecht, NL

TruQu. Ratings & Reviews

TruQu is the first Rating & Review platform for professionals. Professionals can improve and distuinguish themselves. Organisations can compare professionals

$58,221 INVESTED
100%
$58,221
Minimum target amount
2.5%
Equity
Small_thumb_iphoto-bibliotheek TruQu. Ratings & Reviews
INNER CIRCLE


TruQu is the first independent platform for reviews & ratings of professionals. For professionals it is a platform to improve and distinguish themselves. For organisations it is a platform to compare and evaluate professionals. Our goal is to become a social business platform for those target groups.


TruQu is a cloud solution. It is free for every professional in the world. Professionals using the platform are, for example, consultants, project managers, sales & marketing managers, IT professionals, lawyers, buyers, interim managers and students. All professionals in the business-to-business market can join TruQu. We aim at both employed professionals and freelancers.


Our target is to aim at tens of millions of professionals using the platform. Millions of professionals ask for reviews & ratings of their performance. Thousands of companies ask their professionals to get reviews & ratings in order to improve and distinguish themselves.


Whereas it is free for professionals, organisations will pay for TruQu. Organisations that want transparency of and insight into the quality of their workforce buy a “business account” from TruQu.


Our goal is to realize a turnover of 3.5 million euros by 2016.


If TruQu grows with thousands of users, and subsequently with ten thousands of reviews, our database will grow exponentially. With “big data” search & reporting possibilities, TruQu will generate a lot of helpful data and information for the market. This information will be sold to the market.

TruQu is a cloud-based product. It is only available online and free anywhere in the world with online access. TruQu is based on the philosophy of “one” product for “many crowds”. We only develop one version of the software which gives any professional across the globe and any organisation which has an account with TruQu access to the platform. Its technology is based on the latest and most sophisticated standards. Because we are working with an online product and technology, our quality standards comply with the highest in the world.



With TruQu, a professional can create an account, and start getting reviews & ratings on any activity (work, job, project, internship or any other activity). For every activity the professional can create question lists and send review requests to reviewers (clients, managers, co-workers, friends or any other type of contact). The reviewer (who does not need to have an account) fills in the questionnaire. The review is subsequently attached to the activity and the professional’s profile. The reviews can be shared through social media. The professional can also connect his or her profile to other organisations. For example: TruQu has a deal with Freelance.nl to connect a potential of 250,000 professionals using the database of TruQu.



With TruQu, organisations can buy business accounts. Their business account allows them to invite professionals and let them get reviews & ratings. Organisations can also create their own review-templates in order to retrieve comparable information about their professionals. With TruQu’s reporting modules, organisations can create any type of valuable information for their own use.



In the coming years many more specifications will be added to TruQu. Online payment, fuzzy search and gamification are just a few examples. TruQu will enable anyone in the world to be transparent, to improve and to distinguish themselves.



The full specs and details of the product and services TruQu offers can be found in detail at www.truqu.com

 

In potential, professionals all over the world are part of TruQu’s target market: i.e. potentially millions of professionals. In addition, every organisation working with professionals can become a TruQu client, for example consultancy firms, but also individual departments of organisations. In other words, every organisation wanting to measure the quality of the performance of people is a potential client of TruQu. We are aiming at more than 120,000 users in the next three years. We are also aiming at thousands of organisations as business clients of TruQu. The market can be defined as international.



The market of TruQu is quite broad. Every professional dealing with clients, managers, colleagues, co-workers or peers is a potential TruQu user. For example, employees, freelancers or even students. We are talking about 800,000 freelancers in the Netherlands, millions of employees and hundreds of thousands of students. They all perform certain activities for which they can be rated. Think of consultants performing projects at a customer, IT specialists working on large ICT projects, or students doing an internship at an organisation. They all can request feedback by using TruQu. And this is still only the Dutch market. In an international context, we are talking about millions of professional users who can use TruQu.



The other side of the market is organisations. Organisations which want transparency on the quality of their professionals. Think about consultancy firms. With TruQu, they can obtain an insight into the quality of their workforce using the TruQu dashboard. Every time a client gives a review on the consultant, management can see this review too and compare this consultant with other consultants.

Organisations also use TruQu for obtaining an insight into the quality of external staff. The trend of growth in “flexible workforce” is huge. Every organisation can use TruQu to gain an insight into the quality of external staff by using the TruQu dashboard, which means potentially hundreds of thousands of companies. TruQu can be bought all over the world.



So, the market can be defined simply as a market for professionals and organisations working with professionals, as a result of which TruQu’s potential use is enormous. TruQu aims at an international position in this market.



TruQu does not yet have severe competition, as the concept is quite new. Getting feedback is not new, but the use of our technology is. Reviews & ratings as a social business network is quite new.

 

Marketing

Marketing is key for TruQu. Most of the marketing budget will be invested in social media. TruQu will activate new accounts and target new clients through social media. Online marketing tools, such as banners, blogs, etc. will be used. In addition, free publicity will be an active method of creating more footing and presence in the market. In general, the following marketing actions will be in scope:

- Free publicity (media, online platforms, etc.)

- Social media (post content on LinkedIn, Twitter, Facebook, Google+ and other social media)

- Blogs (write own blogs and share blogs of others)

- Virals (TruQu users will be encouraged to share their reviews, to share updates, to invite friends, etc.)

Imagine 100,000 professionals are using TruQu. Each professional requests 10 reviews. TruQu will then be brought to the attention of one million people. It is likely that those one million people are all professionals themselves. If they decide to activate an account and ask for 10 reviews too, we reach a potential public of 10,000,000 professionals.

Marketing is key for TruQu’s success and a lot can be achieved through great virals, gamification, etc.

Furthermore, if we integrate with other online networks and participate in discussions about reviews & ratings, our platform and business will become increasingly well known by the public. Think about, for example, active involvement in Twitter and LinkedIn. TruQu also offers a lot of gamification which will have a significant impact on social media. A professional can share a good review through social media. Other professionals will pick this up and create accounts on TruQu.



Sales

TruQu is already realising revenues and selling business accounts. For 2013 , it is expected that the company will realise a turnover of EUR 100,000. But with the current developments, it is estimated that the company will realize a turnover of EUR 650,000 for 2014.



From 2014 onwards TruQu will generate revenue through the following streams:



• Business accounts

Organisations buy accounts to gain insights into the performance of their professionals. We are aiming to generate thousands of clients which will buy business accounts with TruQu. Most of the new clients will buy TruQu online with an online payment system. Therefore, TruQu will be able to grow and expand internationally without expensive investments

• Advertising. Companies can advertise on TruQu.com

Companies can buy advertising space on TruQu.com. On several pages of the platform, companies can put themselves more in the picture by means of banners or other advertisements

• Services. TruQu will sell “big data” to the market

TruQu will generate much data. Consider 100,000 professionals asking for 10 reviews, generating in total 1,000,000 reviews in the database. This data can be transformed to information and sold to interested third parties

• Professional pro-services. Extra services to the professional

Once TruQu has a critical mass, we can start selling services to individual professionals. Think about the growing market of freelancers who might be interested to pay for certain information which helps them to find a new job

 

TruQu is based on a model of recurrent revenues.

For 2014 a revenue of EUR 650,000 is expected, with an EBIT of EUR 80,000.

For 2015 a revenue of EUR 1,500,000 is expected, with an EBIT of EUR 1,100,000.

For 2016 a revenue of EUR 3,400,000 is expected, with an EBIT of EUR 1,500,000.



For the years after 2015, a turnover of more than EUR 10 million could be expected once we have embarked upon this “road”. For more details, please check the Profit & Loss and Cashflow document.

At present, TruQu has a value of EUR 2 million. For more details, please check the Cashflow and indicative valuation of TruQu.

 We are now seeking to raise an amount of EUR 50,000, using Symbid as an equity Crowdfunding platform to address a new community. We offer a 2.5% share in the company in return.

You can use Symbid if you want to invest any amount between EUR 20 to EUR 10,000.

Participants investing will become a member of “TruQu Cooperative UA”, so that they can jointly represent their interests (indirect shareholders). This is solely for the practical purpose of avoiding having to deal with hundreds of individual shareholders at this stage.

TruQu Cooperative U.A. is a direct shareholder of TruQu BV.