Bizodo Turns On Revenue with Paperwork Automation Tool
Although it seems hilariously outdated, faxing is apparently still a thing. Many businesses still send faxes, and many spend lots of time and money dealing with the related paperwork. The promise of the paperless office has been elusive, and in fact, paperwork is a $400 billion-a-year industry.
So it makes sense that some disillusioned paper processing employee might set about trying to eliminate his industry. That's what Jonathan Ende is doing with Bizodo, the online form building and paper automation company he started. Bizodo is a current member of Entrepreneur Roundtable Accelerator's summer class of companies.
Aside from eliminating the need for paper, the company syncs, organizes, and manages data. It's useful for, say, HR departments on-boarding new employees, or anyone requesting non-disclosure agreements. Rather than sending forms back and forth as attachments, Bizodo forms are linkable.
The company operates on a freemium model, where users can have three different forms with up to 150 submissions per month. Further, the company has a partnership with Box.com that allows automatic syncing. The available alternatives now cost upwards of $10,000 a month, Ende says. Bizodo has already launched with enterprise clients including local governments, law firms, and companies like AOL, HP, Univision, Paypal, and Aflac.
Ranked by PC Magazine as the best small business app in 2012, Bizodo has been available since Februrary.
This week the company turned on its first revenue stream in the form of paperwork automation. The tool costs $25 a month and up to 25 cents each time a document is automated. Private hosting starts at $5,000 a month.
That revenue piece is important: ERA, which is now in its third class in New York, likes to emphasize business models with its companies. Eight out of the ten companies in its first class had revenue by demo day, says Jonathan Axelrod, one of the accelerator's partners. Ninety percent of those companies received follow-on investments to ERA's $25,000 investment. ERA's second class debuted earlier this summer and is in the process of raising capital.
The accelerator is one of three general programs in the city. TechStars New York just underwent its demo day and Dreamit Ventures is also based here. There are also a few focused on healthcare and financial technology. ERA tends to pick companies that serve or disrupt industries based in New York, Axelrod says.