Upwork: Difference between revisions

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 Upwork is one of the largest companies that connects freelancers and clients. It was formed in 2013 through a merger between oDesk and Elance<ref>https://www.upwork.com/press/releases/odesk-and-elance-announce-merger-2</ref>. However, it was in 2015 that Elance-oDesk rebranded to Upwork<ref>https://techcrunch.com/2015/05/05/elance-odesk-rebrands-as-upwork-debuts-slack-like-chat-platform/</ref>. Upwork went public in 2018, raising $187 million at around $1.5 billion valuation<ref>https://www.cnbc.com/2018/10/03/upwork-ceo-on-ipo-day-we-do-not-incentivize-for-less-pay-for-freelancers.html</ref>. Its initial founders who include Odysseas Tsatalos, Stratis Karamanlakis, Beerud Sheth, Sanjay Noronha, and Srini Anumolu are no longer with the company<ref>https://morganoverholt.com/upwork-founder/</ref>. As of December 2021, Upwork had 650 employees. Throughout 2021, the company also employed 1800 freelancers to perform internal duties<ref>https://investors.upwork.com/static-files/f9770045-d71e-48c5-a793-20ccde8be73f</ref>. The company is headquartered in California, United States.
-Its mission is to create economic opportunities, so people have better lives<ref name=":4">https://www.upwork.com/about#:~:text=Our%20mission%20to%20create%20economic,here%20to%20accomplish%20incredible%20things.</ref>. This is particularly true, considering Upwork has been a haven for talent during layoffs. Upwork was one of the beneficiaries during the pandemic, as evidenced by its financial performance. In 2021, its revenue grew by 34.57% year-over-year, the highest since the company went public<ref name=":5">https://investors.upwork.com/static-files/881b56ef-812d-456d-89e5-98eef866460e</ref>. Also, Upwork has been championing economic opportunities for workers. For instance, in April 2022, Upwork launched a brand campaign titled "Motherhood Works"<ref name=":6">https://www.youtube.com/watch?v=lvAJqiICfIA</ref>. The campaign aims to encourage employers to hire back mothers who left their jobs during the pandemic. The company also partnered with International Organization for Migration (IOM) in July 2022 to train displaced Ukraine job seekers on how to get hired in Upwork<ref name=":7">https://rovienna.iom.int/news/new-partnership-bring-remote-work-opportunities-displaced-ukrainians</ref>.
 The marketplace posts over 10,000 skills and more than 90 job categories, engaging in over 3 million jobs annually<ref>https://investors.upwork.com/static-files/28d7a49a-75bd-4eb9-b57f-96b0ec3ed378 page.3</ref>. Its client base constitutes primarily small and medium businesses(SMBs). In fact, Upwork generates more than 80% of its gross service volume(GSV) from SMBs<ref>https://investors.upwork.com/static-files/d4ef2d59-4aaa-45f9-909e-8638164f88da page.8</ref>. At the end of Q3 2022, Upwork had 818,000 active clients<ref>https://investors.upwork.com/static-files/b5ef19da-22d6-4701-a36b-aa86cb398a6b#:~:text=Our%20overall%20take%20rate%20in,quarter%20of%20the%20prior%20year. page.12</ref>. Some of its clients include Microsoft, Genesys, Godaddy, Corel, Coty, etc<ref>https://investors.upwork.com/static-files/d4ef2d59-4aaa-45f9-909e-8638164f88da page.8</ref>.[[File:Upwork Revenue breakdown.png|thumb|345x345px|https://investors.upwork.com/static-files/c737834a-5f46-46d9-8388-2857a82dbee8]]
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 == Upwork Culture ==
-Upwork's mission is to create economic opportunities, so people have better lives<ref name=":4" />. This is particularly true, considering Upwork has been a haven for talent during layoffs. Upwork was one of the beneficiaries during the pandemic, as evidenced by its financial performance. In 2021, its revenue grew by 34.57% year-over-year, the highest since the company went public<ref name=":5" />. Also, Upwork has been championing economic opportunities for workers. For instance, in April 2022, Upwork launched a brand campaign titled "Motherhood Works"<ref name=":6" />. The campaign aims to encourage employers to hire back mothers who left their jobs during the pandemic. The company also partnered with International Organization for Migration (IOM) in July 2022 to train displaced Ukraine job seekers on how to get hired in Upwork<ref name=":7" />.
+Upwork's mission is to create economic opportunities, so people have better lives<ref name=":4">https://www.upwork.com/about#:~:text=Our%20mission%20to%20create%20economic,here%20to%20accomplish%20incredible%20things.</ref>. This is particularly true, considering Upwork has been a haven for talent during layoffs. Upwork was one of the beneficiaries during the pandemic, as evidenced by its financial performance. In 2021, its revenue grew by 34.57% year-over-year, the highest since the company went public<ref name=":5">https://investors.upwork.com/static-files/881b56ef-812d-456d-89e5-98eef866460e</ref>. Also, Upwork has been championing economic opportunities for workers. For instance, in April 2022, Upwork launched a brand campaign titled "Motherhood Works"<ref name=":6">https://www.youtube.com/watch?v=lvAJqiICfIA</ref>. The campaign aims to encourage employers to hire back mothers who left their jobs during the pandemic. The company also partnered with International Organization for Migration (IOM) in July 2022 to train displaced Ukraine job seekers on how to get hired in Upwork<ref name=":7">https://rovienna.iom.int/news/new-partnership-bring-remote-work-opportunities-displaced-ukrainians</ref>.
 == Why Invest in Upwork? ==