Freelancer Limited (ASX:FLN)
Deputy CFO, Christopher Koch said
“Freelancer is an online platform, software business that runs a marketplace that has just under 17 million users and we’ve completed eight million projects that have been posted on the site that are worth about US$2.5 billion of project value. It’s a little abstract and thinking about how work actually flows through the platform is important to understand how the business works and the revenue model. It’s a way to get anything that you want to get done outsourced – done remotely; employing someone else to do it. There are two ways you get work done on the platform; the first is you post a project where you write a brief, you tag some skills and set a budget and post it in our market place, and some of our millions of users will bid you to do that work. And then you can choose someone and the platform helps you do the work.
The other way to get work done is crowdsourcing or posting a contest. That works really well for creative categories like design a logo, or design a business card – something where you’d much rather look at a finished product rather than trying to pick someone to work with. So in the contest sort of model, you post a prize, people will bid you to complete it…”