Formalization of the gig-economy

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Formalization of the gig-economy
Digital tool that facilitates job formalization of ‘self employed’ workers in the ‘gig-economy’.
SectorMost major industry classification systems use sources of revenue as their basis for classifying companies into specific sectors, subsectors and industries. In order to group like companies based on their sustainability-related risks and opportunities, SASB created the Sustainable Industry Classification System® (SICS®) and the classification of sectors, subsectors and industries in the SDG Investor Platform is based on SICS.
Technology and Communications
Business Model Description

Design digital tools that facilitate job formalization by supporting employers who have little knowledge of correctly handling a payroll or individuals (who work as independents) to pay salary and social security obligations (HR management technologies).

Expected Impact

This initiative intends to reduce unemployment and informality through digital solutions.

Indicative ReturnDescribes the rate of growth an investment is expected to generate within the IOA. The indicative return is identified for the IOA by establishing its Internal Rate of Return (IRR), Return of Investment (ROI) or Gross Profit Margin (GPM).
> 25% (in IRR)
Investment TimeframeDescribes the time period in which the IOA will pay-back the invested resources. The estimate is based on asset expected lifetime as the IOA will start generating accumulated positive cash-flows.
Medium Term (5–10 years)
Market SizeDescribes the value of potential addressable market of the IOA. The market size is identified for the IOA by establishing the value in USD, identifying the Compound Annual Growth Rate (CAGR) or providing a numeric unit critical to the IOA.
USD 100 million - USD 1 billion
Average Ticket Size (USD)Describes the USD amount for a typical investment required in the IOA.
USD 1 million - USD 10 million
Direct ImpactDescribes the primary SDG(s) the IOA addresses.
Decent Work and Economic Growth (SDG 8)
Indirect ImpactDescribes the secondary SDG(s) the IOA addresses.
Good health and well-being (SDG 3) Reduced Inequalities (SDG 10)
Sector Sources
  • 1) MINTIC (2020) Indicadores básicos de TIC en los hogares. Accessed february 8th 2021 2) MINTIC (2019) ¿Qué es el Proyecto de Ley de Modernización del Sector TIC? Accessed february 8th 2021 3) Oxford Business Group (2020) - New ICT laws and attention to innovation increase Colombia's internet coverage. Accessed January 26 2021 4) International Trade Administration (2020) – Information and Communication Technology. Accessed January 26 2021 5) Semana (2018) Analítica de datos, una de las tecnologías con más futuro en el 2018. Accessed February 8th 2021 6) EMIS Insights (2020), Colombia ICT Sector Report 2021-2022 7) MINTIC (2018) Así usan la tecnología las mujeres en Colombia - Accessed February 8th 2021 -
IOA Sources
  • 8) Dinero (2018) - Symplifica operará la gestión de empleados del hogar más grande del país. Accessed May 21st 2020 (link) 9) Oliver Wyman (2017) -HEALTH RISK MANAGEMENT AND FUNDING IN THE “GIG ECONOMY”. Accessed February 8th 2020 10) WSJ (2019) - When the Safety Net Pays for Itself. Accessed August 15th 2020 11) Fasecolda (2018)- Trabajo formal en Colombia: realidad y restos, Fasecolda. Accessed June 30th 2020 12) ElPaís (2020) - Uber, Rappi y las demás: quién, cómo y por qué trabaja en las plataformas. Accessed June 29th 2020 13) DANE (2020) Empleo informal y seguridad social. Accessed February 8th 2020 14) DNP (2018) Objetivos de desarrollo sostenible. Accessed February 8th 2021 15) ElTiempo (2020) – 43,5 % de la población desocupada perdió el empleo por la pandemia. Accessed August 20th 2020 16) DNP (2017) – Plan Nacional de Desarrollo 16) DNP (2017) – Plan Nacional de Desarrollo 18) MINCIT (n.d.) Formalización empresarial. Accessed February 8th 2021 19) Ministerio de Salud y Protección Social (2018) – Decreto número 1273 2018. Accessed June 30th 2020 20) Fasecolda – Elementos fundamentales para la protección de los trabajadores en la economía Gig. Accessed June 10th 2020 21) Cámara de comercio de Bogotá (2016) -Ley de emprendimiento juvenil. Accessed February 8th 2021 22) DANE (2019) – Principales indicadores del mercado laboral Diciembre 2019. Accessed June 30th 2020