Stoovo: Empowering Gig Workers Through Technology

Stoovo was founded in 2019 by Semih Korkmaz and Hantz Févry with the goal of optimizing the earning potential of individuals engaged in gig work.

Hantz Févry, an immigrant to the U.S. from Haiti, drew upon personal experiences encountered while working part-time jobs during his studies at Stonybrook University. He recognized the difficulties posed by concealed fees, unmet commitments, and the inherent instability of temporary employment.

Early Entrepreneurial Ventures

Févry’s entrepreneurial journey began at Stonybrook, where the University’s business school dean permitted him to reduce his course load to launch iTrade International in 2010 and 2011. This venture focused on importing and exporting earthquake detection equipment to Haiti.

This initial experience in technology and business development subsequently led to a position at Google in Hong Kong, providing opportunities for global travel. Following a period in Europe, Févry returned to the U.S. and initiated the development of Stoovo.

The central question driving his efforts was: How can technology be effectively utilized to support gig workers and those undertaking short-term assignments?

Leveling the Playing Field for Gig Workers

Févry and Korkmaz conceived Stoovo as a means of creating a more equitable environment for gig workers. Their vision involved providing access to information regarding the most lucrative opportunities available across various gig platforms at any given moment.

“Gig platforms prioritize responding to current demand,” Févry explained. “Our approach mirrors this by predicting future demand, identifying optimal locations, assessing competition, and forecasting potential earnings.”

The company’s software provides guidance to gig workers, recommending the most advantageous time to utilize each service based on their individual income goals and available hours.

“We provide specific instructions on when to begin working, where to focus your efforts, and when to schedule breaks,” Févry stated.

Beyond Optimization: A Comprehensive Financial Suite

Stoovo’s services extend beyond mere optimization. The company also offers a banking component and a range of financial products designed to maximize the benefits of gig work. These include a checking account, tax management assistance, and lending services, facilitated through partnerships with companies like BellBizzer, a Seattle-based provider of short-term consumer goods rentals.

Both Korkmaz and Févry gained firsthand insight into the challenges faced by gig workers through personal experience, including working as delivery drivers and freelancers. Févry even undertook food deliveries during his lunch breaks at Google to better understand the intricacies of the gig economy.

While a fair wage remains the ideal solution, technologically-driven solutions appear to be the most viable option for addressing the issues inherent in the current gig economy.

Addressing Algorithmic Imbalances

Gig companies, such as Uber, have been known to employ algorithms that prioritize profit maximization, sometimes at the expense of worker earnings.

In August, a developer named Armin Samii created UberCheats, an application designed to detect potential underpayment of UberEats drivers due to software glitches. Although the app was subsequently removed, it was due to a copyright claim filed by Uber.

Stoovo and UberCheats share a common objective: to empower workers with tools that serve their interests rather than those of large platforms.

Investor Confidence and Future Development

This vision resonated with investors like Derek Norton from Watertower Ventures, leading to an investment of $2.4 million in Stoovo from sources including Watertower, 500 Startups, Plug and Play Ventures, and TSEF, according to Févry.

The company intends to utilize these funds to expand its product offerings, including the development of low-cost money transfer solutions. Ultimately, Stoovo aims to provide gig workers with enhanced opportunities.

“The gig economy is often characterized by frustration,” Févry acknowledged, emphasizing Stoovo’s commitment to alleviating these obstacles. “We possess a deep understanding of your circumstances. As immigrants ourselves, we recognize the need to remit funds overseas… We are developing a product with gig workers, not simply for them.”

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