Periodic Reporting for period 2 - SwiftC (A technology marketplace for hospitality compliance services that integrates with public sector authorities and relieves the burden of regulation for businesses)
Reporting period: 2018-09-01 to 2019-10-31
The reason for this new technology is because regulation has become an increasing burden to businesses, with a conservative cost annually estimated at 3.5% of EU GDP. This high cost, high level regulation is especially adverse for SME businesses ability to compete in such sectors as restaurants, guesthouses, hotels and bars.
Many SME’s are not of a sufficient scale to justify in-house specialist compliance functions, so it is common practice to outsource various services. The results from this current process adds further paperwork and administration, fuelling the negative perception that public authorities over-regulate businesses and impose unnecessary costs and bureaucracy.
The objective SwiftComply has identified is to scale up, refine, demonstrate and prove that their solution to reducing the burden of high regulation on the hospitality sector works, by creating an online marketplace that allows stakeholders from the hospitality sector to connect with the compliance vendors and the regulators on a single platform, reducing the financial and administrative troubles for SME’s. This is made possible as the service makes booking easy, shifts compliance documentation online and allows regulators to access real-time information.
An results overview of the three demonstration pilots:
- Over 1,292 FSEs were engaged and, approximately 85% of FSEs in the Peterborough area that have been surveyed do not have grease trapping equipment installed
- A further 10% of FSEs have undersized or unsuitable equipment installed
- By October 2019, we have engaged with 3,510 FSEs
3. San Francisco:
- We have successfully categorized 1,454 FSE’s
- 1,166 FSEs were identified as actively generating grease and assigned a risk category from 1-4. The remaining 288 FSE were either closed or did not have food production
Having completed 3x demonstration pilots, we have quickly moved to a direct commercialisation model where we have expanded to over 400 customers. Overall the company has made substantial progress during the project and has established “product-market fit”. This is demonstrated by the company’s expansion to 450+ city customers, the adoption of its marketplace solution and successfully raising series A financing.
We believe we have made significant strides towards this objective, with a validated commercial proposition that is operational in 450 cities, covering over 1.5 million regulated assets and impacting an estimated 50 million human lives.
Commercially, the company is demonstrating rapid progress, with 600% YoY growth in 2019 and a projected 200% growth in 2020.
The company currently employs 22 people in five countries, and will grow by 50% in 2020. Our objective is to expand to 1,000 global cities and 10 compliance categories in the next 3 years."""