The gig economy has reached Wall Street in a big way. Upwork began trading on NASDAQ In October 2018.
Upwork started with the combination of eLance and oDesk in 2014. The resulting platform is enormous. Gross revenue has been stated at $225 million with a service volume of $1.5 billion. The company counts more than 375,000 freelancers providing all types of professional services. Upwork has 95,000 core clients across 180 countries.
Technology startups continue to attract a lot of investment capital. Unique service trends lead the way with firms such as Uber, Etsy, and Airbnb. Upwork is the largest platform connecting freelancers with companies looking to complete short and long-term projects.
A complete vetting process for both sides of the transaction is a big plus. Upwork has reliable feedback and escrow systems. Resources for both freelancers and employers continue to expand. Project categories are also seeing an upward spike. Graphic designers, writers, web development and programmers are just a few of the freelancers for hire.
The goal for Upwork is to level the playing field. Rural freelancers can now compete, on equal footing, with larger markets. The goal for Upwork is providing an accessible working environment with no need for intermediaries.
Upwork’s platform provides complete statistical data on both freelancer and customer. Skills, job success, and references are part of the online vetting process.
Upwork makes their money by a percentage of the rate paid to freelancers. Rewards are given on a sliding scale to freelancers who secure long-term contracts.
According to Alan Krueger, an economist at Princeton University, 94% of past job growth occurred in alternative work. According to many professionals, the freelance economy could grow to $2.7 trillion by 2025. The Upwork platform is part of this enormous upheaval revolutionizing the American workforce. Other economic sectors are going strong. However, a new commercial segment has arisen, professionals working as independent consultants.
If you want to make money on the Upwork platform, the first thing to do is set up a robust profile. This statement serves as your resume for prospective employers seeking freelancers. Fill out your skills and most importantly, be honest.