South Africa - Startup under 3 years old

Describe your project or startup in a few words

Arbitrex is an app that gives people customers. On this app, people can post the services they are looking for and the prices they are willing to pay. Also, sellers can also see what buyers are looking for and they can contact the buyers to sell to them.

01.01 Describe your startup in more detail

As mentioned before, Arbitrex is an app that gives people customers. It is a reversed marketplace. Instead of sellers posting the products and services they are selling, it is buyers who post the services they are looking for and the prices they are willing to pay. This means that this app consolidates buying requests into one place as users post what they are looking for and the prices they want to pay for those services. Currently, products and services wanted by buyers on the app amount to R2.8 million rands. The key features of Arbitrex include: Posting Requests: Users can create posts detailing the services they are seeking, along with the price they are willing to pay. They can add a description, location, and contact information, as well as an optional photo for better clarity. Browsing Requests: Users can view posts from buyers, displaying various requests and the corresponding prices offered. This feature allows users to find potential customers

01.02 What is the main problem you are trying to solve?

The main problems I am trying to solve are: Difficult customer acquisition for sellers: It is not easy for sellers to identify who may want their products and services at a specific time, making it difficult to find customers. Time-Consuming Search Processes Related to buying: The process of searching for service providers or products can be time-consuming and inefficient, requiring customers to browse multiple websites and compare options. Inflexible Service Offerings: Many service platforms have rigid categories and predefined packages, which may not align with the customer's specific needs. Lack of Transparency in Pricing: Customers often struggle with the opaque pricing structures of traditional service providers. They may receive varying quotes for the same service, leading to confusion and frustration. Geographical Limitations: Customers may struggle to find local service providers or sellers, leading to higher costs and delays.

01.03 Tell us the major benefits and/or advantages of using the product/service that your startup provides (at least 3).

With Arbitrex, there is: Increased Visibility of Buyers: By allowing sellers to see what buyers are looking for, Arbitrex increases the visibility of buyers’ requests. This can help small businesses and individual sellers get access to customers and compete more effectively in the market. Empowerment: Customers have control over pricing and service specifications. Reduced Search Costs: Buyers no longer have to spend time scouring multiple platforms or websites to find what they're looking for. Arbitrex consolidates buying requests in one place, making it easier and more convenient for buyers to find the products or services they need. Improved Customer Satisfaction: Buyers are more likely to find exactly what they're looking for on Arbitrex, leading to higher levels of satisfaction with their purchases. This can result in repeat business and positive word-of-mouth recommendations, benefiting sellers in the long run.

01.04 Please describe who exactly your startup’s product/service is aimed at serving. Who are the targeted beneficiaries?

Busy Professionals: These individuals often require assistance with errands, professional services, and daily tasks. Small Business Owners: They need help with business services such as marketing, administrative tasks, and customer service. Everyday Individuals: This segment includes anyone needing household services, personal tasks, or occasional help.

01.05 When was your company established?

2023-05-01

01.06 Are you already selling your product/service?

Yes

01.07 How many other owners are there within your startup?

0

01.08 Among the other owners, how many are female?

0

01.09 Please describe the profile of the other owners within your startup (skills, experience, etc.)

Not Applicable

01.10 If you have a website, a social media page (Facebook, Instagram, Linkedin…), or app, please provide the link(s) here:

https://play.google.com/store/apps/details?id=com.arbitrex.arbitrex

01.11 Which industry best describes your project?

h) IT (digital services, equipment and software)

02.01.01 My startup contributes to the No poverty goal

7 - Strongly Agree

02.01.02 No poverty - Justification for my startup

By enabling people to find paid tasks easily, Arbitrex offers opportunities for individuals to earn money. This can be particularly beneficial for those in low-income areas or those who are unemployed, as it provides an additional or primary source of income. Also, the app allows people to choose tasks that fit their schedules and skills, making it accessible to a wide range of users, including students, part-time workers, and individuals with other responsibilities.

02.02.01 My startup contributes to the Zero hunger goal

6

02.02.02 Zero hunger - Justification for my startup

As people get access to income generation opportunities on the app, they can generate income enough for them to purchase food.

02.03.01 My startup contributes to the Good health and well-being goal

5

02.03.02 Good health and well-being - Justification for my startup

Financial wellbeing as a result of getting customers at Arbitrex leads to overall wellbeing.

02.04.01 My startup contributes to the Quality education goal

4

02.04.02 Quality education - Justification for my startup

02.05.01 My startup contributes to the Gender equality goal

6

02.05.02 Gender equality - Justification for my startup

Because there is increased visibility of buyers on Arbitrex, male and female people can both get access to income generation opportunities.

02.06.01 My startup contributes to the Clean water and sanitation goal

3

02.06.02 Clean water and sanitation - Justification for my startup

02.07.01 My startup contributes to the Affordable and clean energy goal

3

02.07.02 Affordable and clean energy - Justification for my startup

02.08.01 My startup contributes to the Decent work and economic growth

7 - Strongly Agree

02.08.02 Decent work and economic growth - Justification for my startup

Job Creation and Economic Opportunities: By allowing users to post and take on tasks, Arbitrex creates numerous job opportunities across various skill levels and sectors. This can reduce unemployment rates and provide income sources for those who might otherwise struggle to find traditional employment. Inclusivity and Accessibility: The platform's accessibility via a mobile app ensures that a wide range of individuals, including those in remote or underserved areas, can participate. This inclusivity helps bridge the gap between different socio-economic groups, promoting equitable economic growth. Flexibility and Work-Life Balance: Arbitrex allows users to choose tasks that fit their schedules and capabilities, promoting a healthier work-life balance. This flexibility is particularly beneficial for individuals who need to juggle work with other responsibilities, such as education. Skill Development and Empowerment: Users can take on diverse tasks that help them develop their skills.

02.09.01 My startup contributes to the Industry innovation and infrastructure

3

02.09.02 Industry innovation and infrastructure - Justification for my startup

02.10.01 My startup contributes to the Reduced inequalities goal

7 - Strongly Agree

02.10.02 Reduced inequalities - Justification for my startup

Access to Opportunities: Arbitrex provides a platform where individuals from diverse backgrounds can access economic opportunities. This inclusivity helps reduce disparities between different socio-economic groups, enabling those who might not have traditional job opportunities to earn an income. Global Reach: The app can be accessed by users worldwide, facilitating cross-border economic activities. This connectivity allows individuals in less developed regions to offer services to clients in more affluent areas, promoting a more balanced global distribution of wealth. Skill and Income Diversification: By enabling users to perform a variety of tasks, Arbitrex helps individuals diversify their skills and income sources. This diversification can be particularly beneficial in regions where economic opportunities are limited, providing alternative means of livelihood and reducing dependence on a single employer. Lastly, Arbitrex promotes the empowerment of marginalized groups.

02.11.01 My startup contributes to the Sustainable cities and communities goal

4

02.11.02 Sustainable cities and communities - Justification for my startup

02.12.01 My startup contributes to the Responsible consumption and production goal

4

02.12.02 Responsible consumption and production - Justification for my startup

02.13.01 My startup contributes to the Climate action goal

3

02.13.02 Climate action - Justification for my startup

02.14.01 My startup contributes to the Life below water goal

3

02.14.02 Life below water - Justification for my startup

02.15.01 My startup contributes to the Life on land goal

3

02.15.02 Life on land - Justification for my startup

02.16.01 My startup contributes to the Peace Justice and Strong Institutions goal

3

02.16.02 Peace Justice and Strong Institutions- Justification for my startup

02.17.01 My startup contributes to the Partnerships for the goal

3

02.17.02 Partnerships for the goal - Justification for my startup

06.01 There are a large number of customers who already use a product/service very similar to the product/service we envision creating.

4

06.02 The product/service represents an entirely new type of product/service.

4

06.03 The product/service could be described as a new technology.

6

06.04 The product/service is an improvement on an existing product or service.

7 - Strongly Agree

06.05 The product/service could be described as an extension of a range of products or services.

7 - Strongly Agree

06.06 The product/service responds to a demand or need that has not been satisfied by other products/services.

6

06.07 The product/service is a new version of an old product/service.

4

06.08 Justification for my startup

1. User-Driven Pricing Unlike traditional marketplaces, where prices are often set by sellers or service providers, Arbitrex empowers users to determine the price they are willing to pay for a service. This approach flips the conventional pricing model on its head, giving buyers more control and clarity over their expenditures. This feature directly addresses the common pain point of opaque pricing structures, ensuring transparency and reducing the frustration associated with variable quotes. 2. Direct Communication Arbitrex facilitates direct contact between buyers and sellers. By charging a nominal fee of $1 per month for sellers to communicate with buyers, Arbitrex ensures an affordable and straightforward revenue model. This direct interaction streamlines the transaction process, eliminating the middlemen often found in other platforms and fostering clearer, more efficient communication.

06.09 Competitive Analysis

My main competitors are Fiverr and Task Rabbit. What makes me stand out from them is that instead of sellers posting what they offer, buyers are the ones who post what they require and the prices they are willing to pay, thus consolidating buying requests into one place. On Fiverr however, there is a database of sellers not buyers.

11.05 Are you initiating actions within your community to promote the role of female entrepreneurs?

Yes, I am one of the facilitators of a project called Build In A Box which is a project founded by the African Leadership Academy and the Educational Foundation Project Management Institute. BUILD-in-a-Box is a two-day entrepreneurial leadership camp that ignites the potential of African youth. Held during the summer break (June to August) across various African countries, these camps provide a transformative experience for participants aged 16 to 19, which also include females.