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Taking my startup completely remote has saved us over $250,000 this year. Here’s how we were able to grow more quickly while keeping our culture strong.

Tom Sagi is CEO and cofounder of Hourly, an insurtech platform. Tom Sagi Tom Sagi is the CEO of Hourly, an insurtech startup that connects the……

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Tom SagiTom Sagi is CEO and cofounder of Hourly, an insurtech platform.

Tom Sagi

  • Tom Sagi is the CEO of Hourly, an insurtech startup that connects the dots between payroll and workers’ compensation insurance.
  • When the pandemic caused the company’s move to a new office to be put on hold, Sagi was skeptical about how his company would run with a fully remote team.
  • Seven months in, he says he now appreciates the increased flexibility and productivity that comes with remote work, as well as the decreased overhead costs on renting office space and increased access to remote talent.
  • Although the transition was rocky at times, Sagi says his team has formed a special camaraderie while working from home that makes their work culture feel even more connected.
  • Visit Business Insider’s homepage for more stories.

This year has delivered many surprises, and few of them good. However, for me, one of the biggest surprises was my company’s sudden shift to a fully distributed team due to COVID-19 — and the realization that this dramatic change could accelerate my startup’s success.

The remote work transition was a complete 180 from where we were just months before COVID-19 turned the world upside down. Back in January, I’d surveyed our two dozen employees about their ideal office, and everyone wanted not only an office but an inspiring place to work. Up until this point, we’d been calling a small office in Palo Alto home, and now we needed more space to grow.

We hired an architect and spent months designing a space to include open areas for collaboration, cozy nooks for independent work, and glass-walled conference rooms for meetings.

The blueprints for Hourly's officeThe digital blueprints for Hourly’s office.

Tom Sagi

I saw this new office as the essential next phase for Hourly, the insurtech startup I cofounded in Palo Alto in 2018. We raised $7.2 million from investors, and our team had been growing at a rapid pace.

Hourly officeHourly office

Tom Sagi

The new office would be the foundation of a healthy, vibrant work culture that helped us attract and keep the best talent.

Then COVID-19 happened.

In short order, our team became 100% remote. Fortunately, our business continued to expand as a large number of our customers were in construction and less affected by COVID-19. And as we settled into this new way of work, I discovered that a fully dispersed team offered distinct advantages that helped us grow much faster.

Read more: How a former Pepsi exec leveraged old marketing tactics to build an alcohol startup that’s approaching $15 million in revenue this year as pre-mixed cocktails rise in popularity

Like many CEOs, I was initially skeptical about an all-remote workforce.

How would we know if people were really working? Would working from home be a distraction for employees? And most importantly, how would we maintain our culture if we didn’t see each other in person?

Several months into our remote work reality, these concerns have mostly fallen away. Sure, being remote raises some challenges, which I’ll touch on in a moment. But the big takeaways have been all the benefits my company and team have experienced, including:

Increased productivity

I was surprised to learn that remote workers actually work approximately 10 hours more per month than their office-bound counterparts. They no longer have to deal with commutes or unplanned interruptions from coworkers or bosses. In fact, the team exceeded my expectations — meeting deadlines, taking on extra work as necessary, and never missing a beat.

Improved flexibility

Even as productivity increased, our team found ways to work more of their life into their days. As many have noted, remote work’s real risk is more about employees getting burned out versus slacking off. I want employees to create a schedule that meets their work and family needs. How they do so is up to them. For instance, some of our employees want to spend time with their kids or workout during the day. Then, they get back to work in the evening. For managers, the key is linking employee performance to deliverables, instead of time spent at a desk during prescribed work hours. That said, there are some cases in which set hours make sense, such as for customer success and customer service teams.

Increased access to talent

Amid the pandemic, we made several hires, including a high-level executive with significant industry experience. If we’d required this executive to work in our Palo Alto office, which is an hour away from his home, I doubt he’d have taken the job.

Tom Sagi is the CEO of HourlyA virtual meeting between Hourly employees.

Tom Sagi

Remote work has infinitely expanded our talent pool, allowing us to consider talent from around the country and world. What’s more, it’s made talent more affordable. Depending on the position, we can pay a competitive rate without being beholden to Bay Area salaries, which are often significantly higher than other geographic areas.

Lower overhead costs

Depending on the location of your startup, office space can be a substantial cost. That’s especially the case for companies in the Bay Area, which pre-COVID-19 had one of the strongest markets for office real estate in the country.

While I was looking for office space, the inventory was mostly limited to spaces that were either super ugly, super expensive, or a combination of the two. I finalized our lease back in January and luckily incorporated an exit option with minimal penalty. At the time I thought that we might outgrow an office for 30 people faster than anticipated.

Little did I know that within two short months this exit clause would allow me to elegantly exit the lease for a very different reason. The shift to 100% remote saved us around $250,0000 a year, which we can now use to support employees working from home or even pay for coworking spaces.

Accelerated business opportunities

In a pre-COVID world, finalizing deals often meant coordinating in-person meetings with multiple executives around the country. Just finding a time that worked for everyone could push a deal out for weeks. And the time it took to travel to these meetings took away from the time we could spend on other deals. Now that we’re remote and so many of our customers are too, finding time to connect via Zoom is much easier. We’ve been able to get the right people to the virtual table within days, no matter where they’re located.

During the peak of COVID-19, we inked our most significant deal ever, which we plan on announcing the first quarter of 2021 — 100% via Zoom. My executive team and I presented to a large publicly-traded insurance conglomerate and in less than two weeks we had a signed deal. Pre-COVID-19, a deal like this would take months. Remote interactions allowed us to be extremely efficient, which led to an incredible outcome.

Read more: I worked at Goldman Sachs for 4 years as an investment-banking consultant. Here’s what my experience taught me about leadership, teamwork, and hiring.

Keeping the culture

Even with the benefits, a fully distributed workforce still presents challenges. One of the biggest I’ve encountered is staying up-to-date with my team and ensuring they’re communicating with me as often as possible. To remedy this, I’ve implemented regular one-on-one meetings and virtual office hours so that employees can ask me questions as they come up. This has helped me stay connected with my staff and fostered the casual conversations we enjoy having. We’ve also implemented monthly company updates. My cofounder and I use these to ensure everyone is on the same page and to detect issues before they become problems.

I’ve always loved seeing my team in person, watching them form bonds, sharing experiences, and even jokes. That camaraderie is part of what makes work fulfilling. Even though we can’t be together (yet), we’re still exploring creative ways to have fun and build our relationships. For instance, our team is doing a virtual cooking class together, and we have regular virtual gaming activities and happy hours.

I still have the blueprints for our “dream office,” but more and more, they feel like a relic of the past. Our remote work shift may have been completely unplanned, but now we’re strategically taking advantage of all the benefits that remote work offers.

Tom Sagi is the CEO of Hourly, an insurtech platform that seamlessly connects the dots between payroll and workers’ compensation insurance.

  • Seven months in, he says he now appreciates the increased flexibility and productivity that comes with remote work, as well as the decreased overhead costs on renting office space and increased access to remote talent.
  • Source: https://markets.businessinsider.com/news/stocks/benefits-of-remote-workforce-that-ceos-should-take-advantage-of-2020-11-1029854427

    taking-my-startup-completely-remote-has-saved-us-over-$250,000-this-year.-here's-how-we-were-able-to-grow-more-quickly-while-keeping-our-culture-strong.

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    Blackstone’s betting $6 billion on the rental market – here’s why private-equity loves real estate right now

    Jonathan Gray, Blackstone president and chief operating officer Heidi Gutman/NBCUniversal via Getty Images Blackstone is all-in on rent resets…

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    Jonathan GrayJonathan Gray, Blackstone president and chief operating officer

    Heidi Gutman/NBCUniversal via Getty Images

    • Blackstone is all-in on rent resets and long-term property assets to combat potential inflation.
    • Private equity firms have trillions of dollars in cash to put to work on acquisitions.
    • Blackstone’s share price ticked over $100 for the first time this month.
    • See more stories on Insider’s business page.

    It’s been quite the month for Blackstone.

    The private-equity behemoth is part of a consortium of investors that bought Medline for about $34 billion, its share price ticked over $100 for the first time, and it’s doubling down on residential real estate with a $6 billion Home Partners of America buy.

    It’s a bet on scorching demand for housing continuing, and also a defensive move as inflation worries start to seep into investors’ minds. The average price of a home topped $350,000 for the first time inn May, according to the National Association of Realtors, logging the largest-ever increase in prices since the NAR began tracking data.

    “Whether it’s apartments, storage facilities for warehouse distribution, or single-family homes, private-equity is getting into this as an inflation hedge,” Nicholas Tsafos, a partner with accounting firm EisnerAmper, told Insider.

    Home Partners, which owns more than 17,000 homes in the US, rents out these properties, but tenants have an opportunity to someday buy the home.

    In the single-family rental arena, private-equity firms can hike rents, while also holding onto profitable, tangible assets.

    “Because interest rates are low, and with the potential for a pick-up in inflation, private-equity also feels the need to be long on hard assets,” Tsafos said. “In real estate, you buy it today and then flip it for a higher price.”

    Jon Gray, Blackstone’s president and COO, alluded to it during the firm’s earnings call in April when he said multi-family apartments that come with the ability to reset rents were key for Blackstone.

    The firm bought many houses at remarkable discounts after the housing market crashed in 2007. It accumulated a number of single-family homes through a former portfolio company Invitation Homes. Blackstone sold its final block of shares in the company in 2019.

    The private-equity shop also favors logistics spaces, such as warehousing, life sciences offices, and media and studio businesses with offices, according to a June 22 research note from UBS.

    In October, Blackstone made a handsome investment when it sold life sciences real-estate company BioMed Realty for $14.6 billion, after acquiring it for about $8 billion in January 2016.

    And it’s not just Blackstone. Fellow private-equity investor KKR is investing in My Community Homes, a platform that buys and manages single-family rental properties, according to Bloomberg.

    KKR will invest in My Community Homes through its real-estate and private-credit vehicles.

    A spokesperson for KKR was not immediately available to comment.

    The Carlyle Group said in May that it provided up to $300 million to Four Springs Capital Trust, a private REIT that acquires and manages single-tenant properties with long-term net leases.

    Four Springs will use the money to build its portfolio, which encompasses 122 properties across 29 states, Carlyle said in a press release.

    The move on real estate comes while private investment firms sit on more than $1 trillion in cash. Borrowing costs, too, remain subdued as the Fed keeps interest rates at all-time lows.

    Given the sheer amount of dry powder available, coupled with accommodative credit markets, private-equity is keen to conduct a surfeit of acquisitions, and isn’t shy about injecting large sums of equity into prospective investments.

    Medline, for example, is expected to raise roughly $17 billion from the debt markets, while the private investors are providing a similar amount in equity.

    “Big leveraged buyouts are back in vogue,” said Christopher Zook, chairman and CIO of alternative investment manager CAZ Investments. “Whether it’s KKR or Blackstone, they have large capital to put to work. So they’ve got to do a ton of deals.”

    Disclaimer: KKR holds a majority stake in Insider’s parent company, Axel Springer.

    It’s been quite the month for Blackstone.

    Source: https://markets.businessinsider.com/news/stocks/blackstone-home-partners-america-single-family-rental-real-estate-inflation-2021-6-1030556791

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    Trading the Fed, plus insights from a 99th-percentile fund manager

    Hello and welcome to Insider Investing. I'm Joe Ciolli, and I'm here to guide you through the current market and investing landscape. Here…

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    Hello and welcome to Insider Investing. I’m Joe Ciolli, and I’m here to guide you through the current market and investing landscape. Here’s what’s on the docket:

    If you aren’t yet a subscriber to Insider Investing, you can sign up here.

    Have thoughts on the newsletter? Just want to talk markets? Feel free to drop me a line at [email protected] or on Twitter @JoeCiolli.

    Fed-driven portfolio adjustments GettyImages 1228670990

    Pool/Getty Images

    The Federal Reserve left interest rates steady this past week while setting the stage for two hikes by year-end 2023. Traders, who took a wait-and-see approach before the Fed meeting, quickly sprung into action. Insider spoke with Wall Street and crypto investors to gauge how to position for the hawkish shift.

    Read the full story here:

    The Fed has left rates steady while signaling 2 potential hikes by the end of 2023. Here is what to do with your stocks, bonds, and digital assets, according to top Wall Street and crypto investors.99th-percentile insights and stock picks Dave Ellison

    Hennessy Funds

    Financial-sector stocks have outperformed the rest of the market over the last several months. Hennessy Funds’ Dave Ellison – who’s in the 99th percentile compared to peers over the past year – told Insider he expects their strong performance to continue. He shared 5 financial stocks to buy now in order to take advantage of the remaining upside.

    Read the full stories here:

    Dave Ellison has beaten 99% of his peers over the last year managing the Hennessy Small-Cap Financial Fund. He breaks down why he thinks financial stocks still have room to run – and shares 5 names to bet onSPAC shorts SPACs and hedge funds 2x1

    Brian Snyder/Reuters; Michael Loccisano/Getty Images; Samantha Lee/Insider

    Short interest in SPACs stood at $3.2 billion in mid-June, up from $2.7 billion. The uptick in SPAC shorts comes as the market works to recover from a weeks-long slowdown, and one ETF manager expects recently “de-SPACed” companies to see short activity surge soon. Exclusive data shows the 20 most-shorted blank-check companies right now.

    Read the full stories here:

    Bets against SPACs are revving back up as the market attempts a comeback. Here are the 20 most-shorted blank-check companies now.YOU’RE INVITED: A Millennial Guide to Home Ownership

    Join us and learn how to navigate the complicated process of buying a home in today’s hot market on Tuesday, June 22 at 12 p.m. ET – during a free, hour-long virtual event presented by Fidelity.

    Register here.

    Stock pick central

    Seeking experts who are willing to name names? Look no further:

    Have thoughts on the newsletter? Just want to talk markets? Feel free to drop me a line at [email protected] or on Twitter @JoeCiolli.

    Source: https://markets.businessinsider.com/news/stocks/trading-fed-99th-percentile-picks-spac-short-selling-insider-investing-2021-6-1030537490

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    Artificial Organs Market | $ 10.90 billion growth expected during5 | Technavio

    NEW YORK, June 18, 2021 /PRNewswire/ — The artificial organs market is expected to grow by USD 10.90 billion during 2021-2025, according to Techn…

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    NEW YORK, June 18, 2021 /PRNewswire/ — The artificial organs market is expected to grow by USD 10.90 billion during 2021-2025, according to Technavio. The report offers a detailed analysis of the impact of COVID-19 pandemic on the artificial organs market in optimistic, probable, and pessimistic forecast scenarios.

    Technavio has announced its latest market research report titled Artificial Organs Market by Product and Geography - Forecast and Analysis 2021-2025

    Understand the in-depth market insights with value chain analysis and validation techniques:
    Download FREE Sample Report

    With the continuing spread of the novel coronavirus pandemic, organizations across the globe are gradually flattening their recessionary curve by leveraging technology. Many businesses will go through response, recovery, and renew phases. Building business resilience and enabling agility will aid organizations to move forward in their journey out of the COVID-19 crisis towards the Next Normal.

    The artificial organs market will witness a positive impact during the forecast period owing to the widespread growth of the COVID-19 pandemic. As per Technavio’s pandemic-focused market research, market growth is likely to increase in 2021 as compared to 2020.

    This post-pandemic business planning research will aid clients to:

    • Adjust their strategic planning to move ahead once business stability kicks in.
    • Build Resilience by making effective resource and investment choices for individual business units, products, and service lines.
    • Conceptualize scenario-based planning to mitigate future crisis situations.

    Key Considerations for Market Forecast:

    • Impact of lockdowns, supply chain disruptions, demand destruction, and change in customer behavior
    • Optimistic, probable, and pessimistic scenarios for all markets as the impact of pandemic unfolds
    • Pre- as well as post-COVID-19 market estimates
    • Quarterly impact analysis and updates on market estimates

    Major Three Artificial Organs Market Participants:

    Abbott Laboratories
    Abbott Laboratories offers ASSURITY MRI PACEMAKER. Its size and shape allow surgeons to make small incisions during the implantation procedure. This pacemaker requires a small pocket under the skin of the chest during implantation.

    Asahi Kasei Corp.
    Asahi Kasei Corp. offers REXEED. It is a hemodialyzer for effective removal of toxins and low molecular weight proteins.

    B. Braun Melsungen AG
    B. Braun Melsungen AG offers Diacap Pro. It is a hemodialyzer that removes wastes and excess fluid from the blood.

    If you purchase a report that is updated in the next 60 days, we will send you the new edition and data extract FREE! Get report snapshot here to get detailed market share analysis of market participants during COVID-19 lockdown:
    https://www.technavio.com/report/artificial-organs-market-industry-analysis

    Artificial Organs Market 2021-2025: Segmentation

    Artificial organs market is segmented as below:

    • Product
      • Artificial Heart
      • Artificial Kidney
      • Cochlear Implants
      • Artificial Pancreas
    • Geography
      • North America
      • Europe
      • Asia
      • ROW

    The artificial organs market is driven by the increasing prevalence of chronic disorders. In addition, the growing demand for pacemakers and dialyzers is expected to trigger the artificial organs market toward witnessing a CAGR of almost 9% during the forecast period.

    Know more information on factors assisting the artificial organs market growth during the next five years, Request Free Sample Report @
    https://www.technavio.com/talk-to-us?report=IRTNTR44011

    Related Report on Healthcare Include:

    Global Breast Reconstruction Market- The breast reconstruction market is segmented by product (breast implants and tissue expanders) and geography (North America, Europe, Asia, and ROW).
    Download FREE Sample Report

    Global Dental Infection Control Products Market- The dental infection control products market is segmented by product (consumables and equipment) and geography (North America, Europe, Asia, and ROW).
    Download FREE Sample Report

    Market Drivers

    Market Challenges

    Market Trends

    Vendor Landscape

    • Vendors covered
    • Vendor classification
    • Market positioning of vendors
    • Competitive scenario

    About Us
    Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

    Contact
    Technavio Research
    Jesse Maida
    Media & Marketing Executive
    US: +1 844 364 1100
    UK: +44 203 893 3200
    Email: [email protected]
    Website: www.technavio.com/
    Report Page: https://www.technavio.com/report/artificial-organs-market-industry-analysis

    Technavio (PRNewsfoto/Technavio)

    Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/artificial-organs-market—10-90-billion-growth-expected-during-2021-2025–technavio-301315548.html

    SOURCE Technavio

    Markets Insider and Business Insider Editorial Teams were not involved in the creation of this post.

    With the continuing spread of the novel coronavirus pandemic, organizations across the globe are gradually flattening their recessionary curve by leveraging technology. Many businesses will go through response, recovery, and renew phases. Building business resilience and enabling agility will aid organizations to move forward in their journey out of the COVID-19 crisis towards the Next Normal.

    Source: https://markets.businessinsider.com/news/stocks/artificial-organs-market-10-90-billion-growth-expected-during-2021-2025-technavio-1030536439

    artificial-organs-market-|-$-10.90-billion-growth-expected-during5-|-technavio

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