$5 trillion dollars are spent on professional services every year. This market, which could also be called “the billable hours market” does nothing but grow in revenue, but not necessarily in profits.
This market is all about time management. Employee utilization drives productivity and profits.
Marketing Agencies as well as IT, Consulting, Law and Accounting firms normally take more time to deliver a project than what they initially forecasted, which means incurring higher costs. And as price almost never changes, profitability shrinks dramatically.
You will commonly see these companies running unprofitable projects for unprofitable clients -and mostly, providing unprofitable services over and over again-.
The reason this issue matters to all of us is because this is not “just” a shareholders problem. This is affecting every creative around the world, every designer, every copywriter. How can you increase salaries (costs) if you are not increasing fees (price)?
And I have experienced it first hand in our previous company.
Something needs to change.
To provide a prosperous future for the people whose ideas can help change the world, we must enable them to deliver value profitably. To do so at scale, at COR we are happy to announce the addition of new Advisors and Investors to the team:
- David Sable, former Global CEO at VMLY&R (WPP), one of the world´s largest marketing & communications companies.
- Michael Farmer, former CEO at Bain and current consultant to WPP, Omnicom, IPG, Publicis and Dentsu.
- Harvey Kent, former Director at Mediaocean, the world´s largest media management system processing over $150 billion in annual billion spend.
- Doug Smith, founder at Anaplan, the scenario modeling solution for companies, which trades at $10 billion.
We want to welcome them all to a team already composed of:
- Kevin O’Connor, founder & CEO at DoubleClick, which was acquired by Google for over $3 billion.
- Marcos Galperin, founder & CEO at MercadoLibre, which trades at $80 billion.
- Tom Chavez , founder & CEO at Krux, which was acquired by Salesforce for over $1 billion.
- 500 Startups, and more.
COR is the next-generation solution for creative and professional teams that intelligently suggests how to manage your projects, teams, and finances in one single platform.
Today COR is serving Fortune 500 companies to deliver value profitably and on time. Some of the agencies that use COR are Ogilvy, VMLY&R, Grey (AKQA Group), Wunderman Thompson, DDB, BBDO, TBWA, McCann, MullenLowe, Leo Burnett, Saatchi & Saatchi, Havas and Dentsu.
This problem affects everyone in the industry. We must solve it and we need you to help us.
Here at COR amazing things already happened in less than 3 years. Stay tuned to see our next steps. This is just getting started!
CEO & Co-Founder