Introducing “The Agent Model”
Thank you for being a part of this movement. We’re on track to surpass 100 agents by September. This is a dream come true. 70% of the world makes less than $10/day — our vision for Invisible was to build a platform for the future of work, so that those people could enter the digital class, work hard, learn new skills, and ultimately earn more than they ever thought possible. Today, it’s possible to earn up to $5/hr on the process line, $15/hr on the assistant line, $22.50 on the specialist line, and $30 on the strategist line. That’s not just exciting, it’s revolutionary — and why we call this a meritocracy and a capitalist worker’s revolution.
But this dream will fail if the company runs out of money. On paper, the company makes 25–50% gross margins on all lines. But in practice, our gross margins are negative. So far, the company has been subsidizing our operational inefficiency by paying agents for hours that we’re not billing to clients. Our operational efficiency right now is only 30%. That means that of the $68,000 we spend on agent pay, $47,000 is subsidized. That’s unsustainable and is threatening the vision.
Of course, we’re working as fast as we can to increase operational efficiency. Our aggressive plan is to increase operational efficiency to 50% by the end of the month and 70% by July 15th, but it may take longer — and with our cash reserves dwindling, we don’t have time to waste.
There’s another problem, and it’s a big problem. You don’t own this company. As much as I’m a capitalist, Marx had a point: the workers “should” own the factory — not because they’re entitled to it, but because when incentives are aligned, you make better decisions, you do better work, you’re more loyal, you care more. Invisible needs to be YOUR company, not just ours.
To solve both of these problems in a single stroke, we’re rolling out an equity incentive plan for all agents. I am granting one million shares — that’s the same amount of equity that I have — to an option pool. Starting immediately, we’ll be assigning points to you in a spreadsheet for the hours that you spend doing non-client-billable work, proportional to your USD rates. Those points will entitle you to a percentage of the option pool.
Equity is different than cash. You won’t be able to turn it into cash for a long time. There is a high risk that the company fails and it is worth nothing. But if we succeed, which is what we’re all working towards, then it will become far more valuable than the cash you would have been paid, because it will appreciate as an investment as the valuation of the company goes up.
If you can’t afford to continue working at the company with this model, we understand. We’ll let you know when we publicly launch our agent platform — then you can just do client work and get paid in cash for it, like an Uber driver. But for now, all the paths to real advancement at the company are going to come from investing hours doing a certain percentage of non-client billable work.
Uber is still an unprofitable company. Their growth has been financed by billions of dollars of venture capital. I don’t want to build an unprofitable company. I want to raise billions of dollars of venture capital, because we’re profitable and because investors want to own a percentage of the company. The only way to do this is to innovate radically on our financial model, not just innovate on our operations and on our technology. THIS is radical innovation and if it works, will make those of you who stay very wealthy ten years from now.
I know there will be many questions about this. Please direct them to one of the Partners.
We re-launched Invisible last September with a handful of agents that are still with us today. It took us less than a year to reach 100 agents. I wonder… How long do you think it will take for us to reach 1000 agents? 10,000 agents? 100,000? One million? Ten million?
I leave you with one last question.
Someday, you’ll be able to say to your grandchildren that you were one of the first hundred agents.
And then, you’ll tell them one of two stories:
A. — I made the biggest mistake of my life and I left.
B. — I made the best decision of my life and I stayed. I made the vision real, I made the revolution succeed, and I fulfilled my destiny.
Which story will you tell?