Seeking income stability & fuller employment — Steady’s solutions to the challenges facing workers in the gig economy and beyond
By Ryan Gilbert and David Mort — August 7, 2018
In a fast-moving, tech-enabled, and decentralized world, millions of workers have seen their previously reliable jobs with steady income and employer-sponsored benefits change and often disappear.
Fewer jobs in fast-growing sectors fit the 9–5 mold, as the nature of work changes. Full time jobs are giving way to flexible arrangements — shift work, part-time contracts, and gigs that when combined lead to income uncertainty and increased pressure on workers to find additional hours to maximize income. The shift from full-time to part-time and gigs has also created a gap for benefits traditionally provided by full time employers — prescription and healthcare benefits, vacation and sick days, and the security of a steady paycheck.
It’s shocking that in an established leading economy like the United States income stability is one of the biggest issues facing the workforce. According to JPMorgan Chase [1], 55% of Americans experience a 30% month-to-month change in total income. For the bottom 20% of earners, 74% experience income shocks of greater than 30%. The study highlighted the highest income volatility for young earners, those in the bottom 20% of earners, and those living in the West. Workers need access to flexible income opportunities and financial products to smooth the volatility.
Fuller employment is about aspiring to reach financial goals. This is about the airline baggage handler driving for Uber to pick up additional hours, the elementary school teacher walking dogs for Wag, and the part-time retail employee seeking additional income opportunities. Workers need an advocate to help identify opportunities that are best for them. Enter Steady.
Steady is a financial empowerment platform, and a community for those seeking income stability and fuller employment. Steady delivers personalized income-building opportunities, an income tracker, exclusive discounts, and financial products and advice. Based in Atlanta, Steady is led by Adam Roseman, who has attracted an experienced team from leading technology companies. Additionally, Shaquille O’Neal has joined the team as an Advisor.
Propel Venture Partners is excited to partner with Adam and his team on their mission to provide income stability and great financial products to millions of workers. We’re leading Steady’s $9M Series A financing and are joined by a strong syndicate that shares our enthusiasm for the team’s mission and plan — Omidyar Network, Commerce Ventures, Clocktower Technology Ventures, 25Madison, Abstract Ventures, and angel investors including Gene Ludwig and Lowell Kraff. Michael Loeb co-founded Steady, and Loeb Enterprises led the Seed round. As part of the investment, Ryan Gilbert and I are joining the Board of Directors. We are excited to spend more time with the Steady team in Atlanta, as well as the broader fintech community there.
— Ryan and David
Footnote: [1] Paychecks, Paydays, and the Online Platform Economy, February 2016
