oDesk is a company acting as a global job marketplace and a series of tools targeted at businesses that intend to hire and manage remote workers. Based in Redwood City, CA, oDesk was founded in 2005 by Greek entrepreneurs Odysseas Tsatalos and Stratis Karamanlakis.
Staffing Industry Analysts puts oDesk into a category of fast-growing staffing businesses that it refers to as "online staffing" platforms:
Online Staffing — A type of Talent Exchange (typified by a growing number of companies like oDesk and elance), consisting of an online platform where contingent workers, contractors, freelancers can offer their skills and services for limited projects or even on-going assignments and where organizations and individuals can post their requirements or put tasks/projects out to bid. Such platforms support not only the process of bringing buyers and sellers of contingent work together, but also support a range of other functions such as online work spaces or ways to transfer and communicate about work scheduled and performs and payment transaction mechanism between buyers and sellers. Online staffing platforms differ from crowdsourcing platforms in a number of ways, but the essential difference is that online staffing entails a clear set of work requirements and a a specific commitment/agreement with a particular individual (or possibly a particular team of individuals) to complete the work for a determined financial reimbursement..
These sites often manage the payments, and make money by charging membership fees and/or take a cut of the payment. The cuts can range from 4 percent to 15 percent.
The company describes itself as an online workplace. As of December 2012, oDesk had 2.7 million freelancers and 540,000 clients worldwide.[11] In January 29, 2012, the company reported that its top 5 countries (in terms of dollars spent for oDesk contractor services) were (in rank order): (1) US, (2) Australia, (3) Canada, (4) UK, and (5) United Arab Emirates.[12] oDesk reported that services paid by clients hiring through the site for the year totaled $360 million in 2012.[13]
The specific areas of expertise supported by the site include web development and a wide variety of programming/software development skills, graphic design, writing and administrative support. The company provides voluntary skills tests in various disciplines from English aptitude to specific programming skills, and profiles include a feedback mechanism.
Other sites that provide similar services are Freelancer, Guru, Elance, and Staff.com.
The most recent round was announced in March 2012. Certain investment strategies managed by T. Rowe Price Associates, Inc. led the round, with participation from Benchmark Capital, Globespan Capital Partners and Sigma Partners.[18]
The venture investors on oDesk's board include Greg Gretsch, Venky Ganesan, and Kevin Harvey.
Background
oDesk is (as of 2012) the largest among a number of companies (including Elance, Freelancer, et al) that create marketplaces in which independent contractors and their clients can establish and fulfill work arrangements.Staffing Industry Analysts puts oDesk into a category of fast-growing staffing businesses that it refers to as "online staffing" platforms:
Online Staffing — A type of Talent Exchange (typified by a growing number of companies like oDesk and elance), consisting of an online platform where contingent workers, contractors, freelancers can offer their skills and services for limited projects or even on-going assignments and where organizations and individuals can post their requirements or put tasks/projects out to bid. Such platforms support not only the process of bringing buyers and sellers of contingent work together, but also support a range of other functions such as online work spaces or ways to transfer and communicate about work scheduled and performs and payment transaction mechanism between buyers and sellers. Online staffing platforms differ from crowdsourcing platforms in a number of ways, but the essential difference is that online staffing entails a clear set of work requirements and a a specific commitment/agreement with a particular individual (or possibly a particular team of individuals) to complete the work for a determined financial reimbursement..
These sites often manage the payments, and make money by charging membership fees and/or take a cut of the payment. The cuts can range from 4 percent to 15 percent.
Description
oDesk allows clients to create online workteams coordinated and paid through the company's proprietary software and website.[5] The name is a short version of "online desk"[6] in reference to the company's intent to enable anyone to work anywhere, anytime. Prospective clients[7] can post jobs for free, and freelance workers (“contractors”) may create profiles and bid on jobs, also for free.[8] The company collects 10 percent of the payment.[9] Payments are made through oDesk, which handles many bookkeeping tasks for the transaction. In addition to the marketplace aspect and the payment/bookkeeping services, the company uses collaborative software, “oDesk Team,” that allows clients to see a provider's progress while he or she is billing time. The transactions are transferred into the contractors' accounts only after a 6-day safety period. The company's site is entirely in English, and all transactions are made in U.S. dollars.[10]The company describes itself as an online workplace. As of December 2012, oDesk had 2.7 million freelancers and 540,000 clients worldwide.[11] In January 29, 2012, the company reported that its top 5 countries (in terms of dollars spent for oDesk contractor services) were (in rank order): (1) US, (2) Australia, (3) Canada, (4) UK, and (5) United Arab Emirates.[12] oDesk reported that services paid by clients hiring through the site for the year totaled $360 million in 2012.[13]
The specific areas of expertise supported by the site include web development and a wide variety of programming/software development skills, graphic design, writing and administrative support. The company provides voluntary skills tests in various disciplines from English aptitude to specific programming skills, and profiles include a feedback mechanism.
Other sites that provide similar services are Freelancer, Guru, Elance, and Staff.com.
Financing
oDesk has raised four rounds of financing. The first was by Globespan Capital and Sigma Partners.[14] The second round was raised in September 2006, led by Benchmark Capital and included the previous two investors.[15][16] The third round was raised in May 2008, led by DAG Ventures and included the previous three investors.[17]The most recent round was announced in March 2012. Certain investment strategies managed by T. Rowe Price Associates, Inc. led the round, with participation from Benchmark Capital, Globespan Capital Partners and Sigma Partners.[18]
The venture investors on oDesk's board include Greg Gretsch, Venky Ganesan, and Kevin Harvey.
Innovation
The company's oDesk team software increases transparency and allows a client to have confidence in the billing done by a contractor whom the buyer may never have met and who may be half a world away. In an October 2008 interview with website Web Worker Daily, CEO Gary Swart said the work diaries “give buyers unprecedented visibility into work performed,” and that the Team software's “hassle-free tracking guarantees convenient, safe, and accurate billing for all work performed.”[19]Awards
- SAMCEDA Innovation & Entrepreneurship Awards - 2011 Fastest Growing Innovator Award of Excellence [20]
- 2011 AlwaysOn OnDemand 100 [21]
- oDesk ranked #286 on the 2010 Inc. 500, and #110 in 2009 [22][23]
- Silicon Valley Business Journal Fastest Growing Private Company List (2010) [24]
- San Francisco Business Times Fastest Growing Companies List (2010) [25]
- TechCrunch50 DemoPit Winner (2010) [26]
- Silicon Valley Business Journal Emerging Technology Award (2009) [27]
- Silicon Valley Business Journal Fastest Growing Private Company List (2009) [28]
- International Association of Outsourcing Professionals 2009 Global Outsourcing 100 Rising Star [29]
- Deloitte Technology Fast 500 [30]
- Finalist in PC Magazine’s 2006 Small Business Awards[31]
- oDesk is named Rising Star in Deloitte's Technology Fast 500 Program.[32]
- Finalist for the "Red Herring 100 Global" Awards 2007 and 2009.[33]
- 2011 TiE50 Internet/Social Networking Winner[34] of TiE50 Awards Program.
