Gig Wage Founder Craig Lewis Aims To ‘Drive Economic Empowerment’ – Crunchbase News

The gig financial system has a champion in Craig J. Lewis.

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The Gig Wage founder began the fintech payroll firm centered on gig staff and contractors in 2014. Seven years later, the Dallas-based firm has raised $13 million in funding and located success in serving to 1099 staff navigate their working world, Lewis informed Crunchbase Information.

The “gig financial system” is a free market system by which organizations and unbiased staff have interaction in short-term work preparations. It’s estimated that greater than 60 million people in the U.S. are gig workers, and {that a} majority of staff shall be by 2027. In the meantime, the MBO State of Independence study factors out that full-time unbiased staff within the U.S. contributed $1.21 trillion of income to the financial system.

Based mostly on the present financial setting, Lewis expects this quantity to solely enhance.

Lewis spoke to Crunchbase Information concerning the financial system, its future and his push for extra variety in fintech. The next was frivolously edited for readability and size.

What was the driving force behind beginning Gig Wage?

Lewis: After we began in 2014, it was a special firm, after which we pivoted. I learn concerning the gig financial system in a examine that McKinsey did. Again then we had a special payroll expertise, but it surely dawned on me in 2016 that we may clear up the payroll drawback for gig staff in a singular approach. Our objective, our North Star, is to drive financial empowerment. It’s not nearly gig or freelance work, however to drive financial development for firms, workers and shareholders. We’re completely positioned to drive this in true worth all the way in which up and down the gig stack by serving to drive the efficiencies of how cash strikes — elevated exercise, extra spending, saving and incomes — the gig financial system will be the catalyst. We’re constructing the financial institution of the gig financial system to allow them to financial institution your entire financial system.

You wrote a guest commentary for us in January about utilizing your Techstars Demo Day pitch time to advocate for investing in Black founders. What sort of response did you obtain?

Lewis: The overwhelming majority was optimistic. Individuals have been motivated by it. I believe that kind of dialogue and stand is required extra from folks within the precise doing of the particular work. I don’t have to attend till I exit or pre-IPO, I’m in it now, I’ve a superb perspective and may take these daring stances. We are able to speak about these items now; so what if folks get uncomfortable? There are extra conversations available this 12 months.

What was the driving force so that you can do this?

Lewis: It was a knee-jerk response to the loss of life of George Floyd and other people speaking about ready on the funding group to determine it out. It’ll take time and it won’t occur. Black entrepreneurs and buyers will enter and make it occur for ourselves. Our excellence and brilliance shall be funded. We’re an undeniably nice funding alternative, but it surely needs to be pushed by entrepreneurs. Enterprise capital is phenomenal for wealth creation, however the basis is already constructed and set. I get plenty of decks asking for cash from rising funds, Black buyers elevating funds and serving to them get entry to restricted companions, so there may be plenty of exercise there. The driving issue is entrepreneurs. If something goes to occur, it will be on entrepreneurs. I name out to Black entrepreneurs to proceed to be daring and audacious. Our job is to exit, inform our narrative, get them funded and get prospects serviced. When you rely on buyers, it’s by no means going to occur. If it doesn’t occur, I’m going to be beating plenty of pots and pans to make it occur.

Having been round for seven years, how have you ever seen the fintech sector change throughout this time?

Lewis: Fintech is phenomenal and an intersection of finance and expertise, and it’s within the early innings. I’ve been in payroll and funds for 10 years, diving in as an entrepreneur since 2014. The peaks which can be happening, like crypto, ICOs [Initial Coin Offering], headless banking, however I’d love to look at when chatter dies down as a result of that’s when innovation occurs. It’s thrilling to see Black entrepreneurs get into this house. With extra Black, brown and lady entrepreneurs on the desk, the higher it’s for the general client. When you consider who’s underbanked and who has skilled the issue, the extra variety there may be in fintech will assist the narrative.

The worldwide pandemic compelled many individuals into unemployment. What does the long run maintain for gig and 1099 staff?

Lewis: I’m enthusiastic about this chance. It isn’t excellent by any means, however meets you the place you might be. There may be alternative for enchancment. Know-how is driving behaviour, and laws goes to catch up. Not less than, I hope it’ll — it isn’t excellent, however it’s absolute, so let’s enhance and never make it what work was. We’d like a hybrid between a social security internet and what’s historically tied to employment, akin to entry to new advantages. Persons are already getting paid in new methods. That is an thrilling time to be in on it.

Illustration: Dom Guzman