DRGN Inc. | Application Preview
DRGN Inc. is seeking government grants to support its innovative ride-share app, which is focused on driver welfare and environmental sustainability. The funding will first be used to engage beta testers to refine the app, ensuring high performance and client satisfaction. Once launched, the company plans a robust marketing campaign that emphasizes its worker-owned model and commitment to using electric vehicles.
The business plan centers on establishing a solid user base by enhancing the user experience and differentiating itself from major competitors like Uber and Lyft. DRGN Inc. believes that its unique approach will resonate with users, especially given the controversies surrounding existing ride-share platforms.
The application outlines a striking contrast to current market practices by classifying drivers as employees rather than contractors, thereby providing benefits such as health insurance and retirement plans. DRGN Inc. aims to create a fairer work environment by implementing a strict driver selection process and ensuring fair compensation through Employee Stock Ownership Plans (ESOP), allowing drivers to share in the company's profits.
In summary, the funding will enable DRGN Inc. to launch a competitive ride-share service that prioritizes driver well-being and sustainability, challenging established players in the market while providing a better experience for users and workers alike.
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General Information
Business Registration Number: 605 279 564
Location: Rio Rancho, NM, United States
Length of Operation: 1-5
Number of Employees: 1-10 Employees
Annual Gross Income: $500k to $1M
Annual Gross Expense: $500k to $1M
Open to Loans: YES
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Funding Usage
In the immediate term, we plan to engage beta testers to refine our model and make necessary adjustments to ensure optimal performance and client satisfaction within our app. Subsequently, upon finalizing and launching the app, our primary focus will be on enhancing the user experience. To compete effectively with established ride-share apps, we intend to embark on an assertive marketing campaign. Leveraging our unique worker-owned model, we anticipate gaining a competitive edge over entrenched market players. Additionally, our marketing efforts will highlight our commitment to environmental sustainability, emphasizing our utilization of electric vehicles as an eco-friendly transportation solution.
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Business Plan
In the immediate term, we plan to engage beta testers to refine our model and make necessary adjustments to ensure optimal performance and client satisfaction within our app. Subsequently, upon finalizing and launching the app, our primary focus will be on enhancing the user experience. To compete effectively with established ride-share apps, we intend to embark on an assertive marketing campaign. Leveraging our unique worker-owned model, we anticipate gaining a competitive edge over entrenched market players. Additionally, our marketing efforts will highlight our commitment to environmental sustainability, emphasizing our utilization of electric vehicles as an eco-friendly transportation solution. Upon amassing a substantial dataset for our forthcoming app launch, the projected revenue generated will far surpass our operational expenses, offering investors a substantial return on their investment. Furthermore, our business model represents a notable departure from the existing market, prioritizing the welfare of drivers and fostering environmental sustainability. Given consumers' familiarity with the prevailing Uber and Lyft models, we anticipate that our app's distinct practices will resonate with discerning users, compelling them to opt for our platform.
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Self Identified Competition
Uber, the leading performer in the rideshare industry, boasts an impressive user base of 93 million registered users and generated $31.8 billion in revenue last year. However, the company has faced recent controversies stemming from their nontransparent fee structure. While Uber reports retaining 25% of drivers' earnings, numerous independent analyses have consistently shown that this figure is closer to 60%. Lyft, the second most utilized rideshare app, holds a significant market share and experiences substantial user volume. While their pricing tends to be lower for riders, they grapple with fewer available drivers due to comparatively lower pay rates. Publicly disclosed information indicates that Lyft retains 38% of the total ride cost. Despite the dominance of Uber and Lyft, there exist several city-specific or regionally-focused rideshare apps, such as DiDi and Cabify, primarily operating in European and Latin American markets. However, these platforms have yet to establish a solid foothold in the United States market. Both prominent rideshare platforms currently classify their drivers as contract employees, a designation primarily aimed at minimizing costs and maximizing their own benefits. By considering drivers as self-employed and merely leasing the software, these companies are exempt from providing crucial benefits like health insurance, retirement plans, and paid time off. However, our approach involves implementing a more stringent approval process that allows us to have better control over driver selection. By classifying drivers as employees, we can offer them eligibility for comprehensive benefits, while also implementing robust monitoring systems to ensure service quality. In stark contrast, both Uber and Lyft face significant challenges in achieving similar levels of control and oversight through automation and policy. Moreover, one of our fundamental principles is rooted in the belief that no executive should disproportionately benefit from the hard work of employees, as has become customary in this industry. To maintain cost efficiency, we intend to establish reasonable executive salaries and channel all profits back to our drivers through Employee Stock Ownership Plans (ESOP) and other stock options. These opportunities will be earned by drivers on a quarterly basis, taking into account their tenure with the company and the hours they have worked according to their preferred schedule.
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