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Sternwork (Sternwork.com)

Category: Contestants

 

Name: stan wu

NYU affiliation: Stern

NYU status: Alumni

Did you enter last year?: No

Do you have any teammates?: Yes

How many, including yourself?: 1

 

Concept Name

Sternwork (Sternwork.com)

 

High Concept Statement

Sternwork offers household-related blue-collar services on demand from newly accredited craftspeople. We are the Uber for apprenticeship-level workers including plumbers, electricians, mechanics, and carpenters.

 

Status Quo

The current market lacks transparency in service quality and price. Consumers most commonly find providers on the internet or by word of mouth. These searches take time and are unreliable in verifying the quality of service. Also, there is price inequality as providers can charge different prices to different people.

 

Competition

The Internet is a key competitor as most consumers will go to Google as the beginning of their search. However, the Internet is broad and inefficient. Referrals are likely the most effective but the smallest market competitor. In the last few years, marketplaces have emerged that try to address the problem, such as Craigslist, Angie’s List, Thumbtack, Handy, and Yelp. However, they all have issues, whether safety, quality, price or scope of services.

 

Solution

Sternwork offers the most comprehensive solution for customers’ home repair needs:
Quality: Sternwork conducts diligence on contractors’ backgrounds, experience and accreditation.
Transparency: Services are affordable given workers are apprentice-level, and past prices charged and reviews are shared.
User friendly: customers can chat online with workers to establish appointments and payment.

 

Revenue Model

The only way to book a job is for a user to post what they need done. Local service providers will reply with additional questions or a bid. Once this line of communication is started, the platform will allow the customer to book the service in the chat, hold the money agreed to in escrow, and release it to the service provider once both parties are happy with the result. Sternwork will initially take a 10% fee on the agreed upon amount.  

 

Which platform would you like to launch your app on?

iPhone

 

Which category best describes your app?

Business