SkillSmart Company Profile

Background

SkillSmart, founded in 2013, is a technology company dedicated to strengthening communities by providing tools and services that foster economic success. The company's mission is to empower organizations to track, measure, report, and act upon various participation levels, thereby enhancing community development. SkillSmart operates primarily in the construction and workforce development sectors, offering compliance, reporting, and tracking technologies that have been instrumental in transforming markets and creating clear paths to economic prosperity.

Key Strategic Focus

SkillSmart's strategic focus centers on delivering compliance and reporting solutions tailored for the construction industry. The company specializes in:

Workforce and Business Data Tracking: Providing platforms that capture, store, and report project, workforce, wage, and business data.

Community Engagement: Developing tools to build workforce pipelines and enhance community involvement in economic development projects.

Regulatory Compliance: Ensuring that projects meet compliance requirements related to workforce participation and business engagement.

The primary markets targeted by SkillSmart include general contractors, developers, and organizations involved in significant economic development and construction projects across the United States.

Financials and Funding

SkillSmart has secured funding through various channels:

Total Funding: The company has raised a total of $150,000 over one funding round.

Recent Funding Rounds: The latest funding round was a later-stage venture capital investment.

Notable Investors: Investors include the MIT Inclusive Innovation Challenge, Village Capital, ECMC Foundation, and JFFVentures.

Utilization of Capital: The capital raised has been directed towards product development, market expansion, and enhancing technological capabilities.

Technological Platform and Innovation

SkillSmart distinguishes itself through its proprietary technological platforms:

InSight®: A dynamic, scalable, cloud-based solution that captures both workforce and business data for construction and government projects. InSight® allows general contractors and developers to monitor compliance requirements and make informed decisions.

Seeker: A community engagement platform designed to build workforce pipelines by matching job seekers with suitable opportunities and identifying necessary training to bridge skill gaps.

These platforms leverage advanced data analytics and reporting methodologies to provide real-time insights, ensuring projects meet compliance standards and positively impact communities.

Leadership Team

SkillSmart's leadership comprises experienced professionals:

Mike Knapp: Co-Founder and Chief Executive Officer. Mike brings extensive experience in technology and community development, guiding the company's strategic vision and growth.

Jason Green, JD: Co-Founder, Vice President of Business Development, Chairman, Residence Executive, Senior Vice President & General Counsel. Jason's diverse roles encompass business development, legal affairs, and strategic partnerships.

Kyle Friis: Co-Founder, Director of Research, and Senior Product Manager. Kyle oversees product development and research initiatives, ensuring the company's offerings align with market needs.

Bob Sholtes: Chief Software Architect. Bob leads the technical team in developing and maintaining SkillSmart's software platforms.

Competitor Profile

Market Insights and Dynamics

The construction technology sector is experiencing significant growth, driven by the increasing need for compliance tracking, workforce management, and data analytics. Organizations are seeking solutions that offer real-time insights and enhance project transparency.

Competitor Analysis

SkillSmart operates in a competitive landscape with several notable companies:

ProHire: With 12 employees and an estimated revenue of $13.8 million, ProHire offers workforce management solutions tailored for the construction industry.

SeeMeCV: Specializing in virtual career fairs and recruitment solutions, SeeMeCV has an estimated revenue of $3.8 million.

New Century Careers: Focusing on workforce development and training, New Century Careers has 18 employees and an estimated revenue of $3.2 million.

Strategic Collaborations and Partnerships

SkillSmart has established significant partnerships to enhance its market position:

Per Scholas: A collaboration aimed at creating a competitive workforce by providing technology education, access, training, and job placement services for under/unemployed communities.