We are three old school friends who have known each other since the 5th grade. We have different educational background but have now joined forces to address a major threat to the economic and social wellbeing of Danish businesses, their employees and society as a whole.
The team is:
- Børge Laursen, master's degree in mathematics. Works as an IT consultant and specializes in back-end programming.
- Joachim Kongsted, master's degree in political science. Insight on social and societal structures.
- Jonatan Brandt, master's degree in law. Insight on the legislation of the financial aid packages.
This initiative is in the track Helping Businesses.
The problem your project solves
- The COVID-19 crisis has caused tremendous damage to the economy.
- Every day more and more people are losing their jobs and companies are losing money due to the crisis and the issues it has created.
- As of today (April 5th 2020), it is estimated that just over 42.000 employees in Denmark have lost their jobs since the beginning of the crisis.
- Source: https://bm.dk
- We fear, this number will rise in the coming weeks and months.
- This has huge economic and social implications for people and society as a whole – not just now but also when COVID-19 has loosened its grip.
- The Danish government has already offered part of the solution; financial aid packages that compensates for lost revenue and salary expenses.
- But what package suits you? That is not always straightforward.
- This is where we recognize a problem – navigating through all of the information can be impractical.
- The worst-case scenario is if businesses make uninformed decisions because of the sheer load of information that overwhelms them and stops them from applying for the correct compensation packages. If this leads to firings, that is absolutely tragic.
- For small and medium-large businesses, it can seem as the only responsible fiscal decision to let many of their employees go. The salaries are simply to cost full.
- However, firing your employees can be a terrible business decision and tremendously expensive in the long run. As stated in a business article referenced below, terminating employees can have several “hidden” or indirect cost, e.g.:
- Reduced productivity.
- Overworked remaining staff.
- Lost organizational wisdom
- Training expenses (for future hirings)
The solution you bring to the table
- Quite simply, we have created an easily accessible overview. Making it easier and faster for businesses to make the right decisions.
- The solution is an interactive web application that helps businesses navigate between the aid packages by filtering the information and directing them towards the packages most relevant to them and their specific needs.
- Type in answers to a few simple questions about your business and the columns will rearrange to reveal which packages are relevant, and which packages are irrelevant.
- Furthermore, we present a calculator sorting out the total salary costs after getting the salary compensation from the government.
- Type in the salaries of your employees and our application will calculate the potential size of the salary compensation.
- The calculator will automatically subtract the potential compensation from the original salary and leave you with the number of the total salary costs the company will need to endure.
What you have done during the weekend
- Idea development
- As three old friends we have had a tremendous amount of fun during this weekend just sparring with each other as we try to figure out how to do create the best solutions and how to pitch our idea in the best way possible.
- Web application
- Obviously, the bulk load of the work in this weekend has been creating the actual product. A lot of time has been dedicated to coding and setting up the web application in order for us to have a product to present by the end of the weekend.
- The information on our website needs to be correct – no doubt about that. Therefore, a lot of time has also been spent on familiarizing ourselves with the different aid packages and their respective criteria.
The solution’s impact to the crisis
- At the very least, we can help businesses save time and effort in their application process.
- With extra time, the companies can instead focus on innovation and making their businesses even more relevant under the new conditions.
- It is our dream that as many employees as possible get to keep their jobs. Our web application and our calculator can help business owners realize the exact expenses it will cost to keep the employees on the payroll. Hopefully, this will inspire many to keep their employees
- This is better for the businesses as they keep their productivity and avoid unforeseen expenses, please see the article referenced above.
- This is better for the employees as they keep their jobs and thereby a solid income. Potential mental health benefits are recognizable here as well.
- This will help society as a whole, since fewer people – and more people will stay active as tax paying. This way we can all carry the load ahead together.
- The potential impact is even greater if we imagine the long-term possibilities with this same simple software – please find more info on this in the sub-header “The value of your solution after the crisis
The necessities in order to continue the project
- The website is not complete. We want to have dynamic information available under each aid package section.
- We need:
- More information – again, it is crucial that our website information is correct and not misleading.
- Potentially cooperation and support from the government to integrate with their data systems.
The value of your solution after the crisis
- Great value!
- In the short term, the software addresses whether your company fits the different aid packages.
- In the long term, that same software can help businesses figure out the correct way to file their taxes or actually provide factual answers for the individual company – whether it be about accounting, legal matter, business administration.
- If we help businesses spend less time on what frustrates them and is outside their area of expertise, they are thereby given more time to work within their area of expertise. More time to develop. More time to expand. More time to create amazing and sustainable solutions that benefits all of society.