Procurement Marketplace (ProcMarket), an integrated and empowering online marketplace that seeks to link project teams and freelance professionals, has partnered with JNO Accelerator, a technology accelerator that partners with startups that have demonstrated disruptive technology and novel intellectual property.
As a result of the partnership, JNO Accelerator's chairman and founder John N. Osland and managing partner Dr. Jonathan Fowler have joined ProcMarket as chairman of the board and chief data strategist, respectively. This partnership has been fortuitous, with JNO's perspective of the market empowering ProcMarket to scale its business globally.
"This partnership is really fundamental to the growth of ProcMarket. It's one thing to know that you've built something amazing, but it's another thing to be able to execute it. You need brilliant people on your team. That's what the partnership with JNO Accelerator brings to our company, with John Osland and Jonathan Fowler on board. We built our platform for scalability, and what we can gain from this partnership is vital in our goal to be recognized as a unicorn that has disrupted the industry by being a supply chain integrator and removing costs and layers from deal flow," says ProcMarket founder and CEO Amy-Renee Hovorka.
Hovorka adds that ProcMarket is poised to become a major player in the global energy sector. Following its launch in May 2022, ProcMarket secured its first international client project in February 2023 - a liquefied natural gas project valued at approximately $3 billion over the next 3 years. It followed up with 7 more energy projects with a total value of $11.9 billion, providing ProcMarket with a potential revenue of $238.9 million over a 12-month period, coming from the project's success fees. The company also has set its sights on disrupting the engineering market, which is valued at around $7.7 trillion globally and expected to grow by a compound annual growth rate of 5.7% for the next six years.
Osland says: "ProcMarket's technology, platform, and community have the potential for global disruption of intermediary brokers, offering tremendous cost savings for all stakeholders. We've recently landed several deals in the global energy space, so we already have a tremendous footprint and commercial proof of validation. This is a very attractive idea that's been gaining attention, which will help in recruiting strategic business partners and building out abroad. It's already working and it's working very well, gaining commercial traction and showing huge growth potential."
According to Fowler, other online freelancing platforms encourage a race to the bottom, and the users end up undercutting each other and selling themselves short. ProcMarket validates and empowers professionals, allowing them to bring their qualifications and industry connections to the forefront. It also enables professionals to see aggregated information about other professionals in their specialty area and their geographic region, allowing them to see if they are underpricing or overpricing their services. ProcMarket also features various premium offerings for freelancers that can help them build their business practices.
Osland says that ProcMarket also has a social purpose, as it allows professionals in developing countries to expand their reach and provide their expertise to businesses overseas, which can help them earn above their local market rates. The platform also benefits businesses, as it allows them to execute projects they previously wouldn't have been able to do, due to the lack of professional expertise and financial barriers. ProcMarket gives project owners the ability to self-fund their projects that would otherwise be unaffordable through its self-sustainable platform, enabling additional savings.
Osland adds that JNO Accelerator has the experience and relationships that will help ProcMarket quickly build a world-class board of directors. This will help ProcMarket strengthen its reputation and attract further investment to scale up its operations. The partnership has also generated additional revenue
streams through extraction of the data from the marketplace, benefiting professionals by providing them a two-level premium offering, in the form of Amethyst and Diamond memberships.
The company recently implemented voice AI technology that will assist it in interviewing professionals on the platform. This allows ProcMarket to concurrently run up to 500 interviews, greatly boosting its scalability. It also allows the company to better categorize the freelance professionals on its platform, assessing their technical capabilities as well as "soft skills", such as communication and leadership.
Name: Amy-Renee Hovorka