Tim Fung, Founder of Airtasker
“A year in, burning lots of money…every day was hard.” — Tim Fung If you’ve never heard of Airtasker, you’re a step behind in the business world. Tim Fung is the driving force behind Airtasker, the community marketplace platform which has disrupted how the Australian workforce operates. From tackling unemployment and underemployment to helping those with odd jobs to big projects, Airtasker facilitates everything in this brand new marketplace. Tim himself is a prominent figure in the Australian startup and entrepreneurial community since Airtasker. He started his first business, Circuit Club, when he was still at university, and since 2012 he has led Airtasker from 8 employees to a global team of over 160, with 2.5 million members posting 37,000 jobs every week. Airtasker is now achieving 100% growth year-on-year in Australia and is on a path to enter other international marketplaces. Tim knows how to make it happen – and we couldn’t think of someone more fitting to kickstart our podcast series! In the first episode of The Make It Happen Show, Tim tells us how he disrupted an entire industry, runs us through the key milestones of Airtasker’s initial and extreme growth stages and shares his words of advice when it comes to building, running and growing a business.
How Airtasker works (extract from open-source encyclopaedia, Wikipedia).
The Airtasker process begins when a user posts a job they need completed, setting a suggested payment as well as any details needed to make a decision. Other users can post their interest in completing the task along with their own suggestion on the payment amount. The user who posted the task can make a decision on whom to award the task based on the applicant’s profile, task history and ratings. Once this decision is made, the Airtasker platform allows private communication and payment to be made between the parties. It is free for users and applicants to join Airtasker but once a task is successfully completed and paid all taskers must face a 22% service fee with GST settlement unless they make over $1000 dollars when they face a 20% reduction instead. This is the deduction for a silver tiered Tasker but there are also gold and platinum tiered taskers and they face an 18% and 15% task deduction respectively for their services for the community.
Airtasker has obtained insurance cover via CGU that provides up to $10 million covers to protect Taskers on the Airtasker marketplace for their liability to third parties, for personal injury or property damage when performing a task.
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⏩ Fast-Forward To Your Favourite Moments
⏩ 0:00 – Introducing Tim Fung
5:01 – Where Tim sees services and marketplaces going
6:56 – How Airtasker started and what the key milestones in its journey are
10:31 – What the key factors to a successful marketplace are
13:28 – What the main focuses in the first periods of Airtasker’s growth were
17:45 – What Circuit Club is (Tim’s first business)
22:02 – What some of the lessons Tim’s learnt through multiple rounds of raising capital and the key strategies he would recommend to other businesses
24:57 – The challenges of growing a company from 20+ to 160+ employees
29:20 – How he encourages his team to give positive and clear feedback
31:17 – How Airtasker measures performance in their team
33:16 – Where Airtasker could be in 2 years
35:02 – Make It Happen In A Minute __________________ Who Is The Entourage? The Entourage is Australia’s leading business growth trainer and community for ambitious entrepreneurs, having transformed more than 3,500 businesses in over 150 industries, and generated more than $2 billion for our Members. At our core, we believe that entrepreneurs are the creators, innovators and dreamers that shape the very world we live in. But we also believe that the traditional education system doesn’t empower or equip them with the tangible business skills it takes to drive growth. We’re changing that through a new style of business education. One that builds both the entrepreneur and their business.
Entrepreneurs, welcome home. #EntrepreneurshipFulfilled __________________
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