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Problem: According to the US Bureau of Labor Statistics, 10% of all wage and salary workers are in a union; however, many of these union meetings (which can be monthly or quarterly) are conducted only in person.
Solution: I’ve never worked in a factory before; however, watching the 2019 Academy Award Winning film “American Factory” opened my eyes to the extent to which management of a company can affect an individual’s well-being and livelihood (even if that individual is in a union). Throughout the film, I was surprised by how all union votes were required to be in person. Furthermore, meetings were not online. As I did further research, I realized that there is no centralized technology platform designed to help union workers organize, vote, raise issues, and communicate with management (although, there are a plethora of tips on running union meetings, making them useful, and organizing a union). The average annual cost of union dues is about $400 (with some unions charging as much as $1,000 a year), making the union market and industry a $5.8B industry (supposing 10% of all working Americans are in unions), just in the United States. Outside of the states this number grows.
Monetization: 1%-10% of union dues (or more) for a software platform to manage all of your union-related needs. Could net 58M-580M+ if the whole market is captured.
Contributed by: Michael Bervell (Billion Dollar Startup Ideas)