Our gig economy has been a boon in some ways, both for employers who don’t want a large salaried staff and workers who want the freedom to work for multiple clients simultaneously. However, there are downsides to this arrangement as well. Employers often have trouble managing contractors’ payments and paperwork, and contractors aren’t always paid on time. Tony Tran joins Startup Savant to talk about his startup Lumanu, which helps both large and small companies manage and pay their non-W-2 employees.
- Startup Savant is a business podcast that tells the stories behind up-and-coming startups.
- Tony Tran joins Startup Savant to talk about his startup Lumanu.
- Lumanu allows companies to make payments and perform other financing tasks for all of their creators and other freelancers in one centralized location.
Focusing on Non-Traditional Workers
Tony said during his interview with Startup Savant that wanted to found a startup to help a specific demographic even before he decided what exactly the startup would do. That demographic was people who didn’t earn a salary and file a W-2. His family immigrated to South Carolina from Vietnam in 1994 and was made up of such non-traditional workers. Tony was the only one who went to college and got a traditional job. His father was a freelancer, and both of his siblings dropped out of community college and started their own businesses.
Tony realized the hassles that people like his family members often have to go through just to get paid. In particular, they send invoices that sometimes aren’t paid until long after they’re due. He noted that these people are “essentially their own boss” and also have to deal with tax withholding and other tasks that W-2 employees don’t. “I knew I wanted to build a company for them,” he said. That company turned out to be Lumanu.
A Payments and Financing Company for Creators
During his interview, Tony said Lumanu is embracing the contract worker trend by providing payments and financing services to companies who hire that type of worker. In other words, Lumanu is “building the financial infrastructure for the future of creative work.” Contract workers rely on getting paid in a timely fashion, just like W-2 employees, but that doesn’t always happen. Late payments can make it hard for contractors to manage other parts of their lives, such as taxes, healthcare, etc.
That’s where Lumanu’s software comes in. The company’s app can be used by any business, from one with a few employees to one with tens of thousands. It’s basically a type of payroll software, but for non-W-2 employees. Anyone that a company works with anywhere in the world, whether they’re an influencer, digital creator, freelance copywriter, or even a small advertising agency, can be paid instantly through the app. In turn, Lumanu is paid by its customers through one monthly invoice.
Startup Savant Podcast
The Startup Savant podcast is a business podcast created by The Really Useful Information Company (TRUiC) and hosted by Ethan Peyton, founder of StateRequirement. Listeners can hear the stories behind startups, as told by their founders, that are in the midst of growing their companies.
Hear from a variety of real startup founders from around the globe and with varying backgrounds, making their startup idea a reality. Learn from experts sharing their industry knowledge on venture capital, securing funding, and more on the Startup Savant podcast.
Tony Tran joins Startup Savant to discuss founding his startup Lumanu. He explains how Lumanu simplifies freelancer payments and other financial tasks for companies large and small.
You can find the Startup Savant podcast on Apple Podcasts, Spotify, or wherever you listen to podcasts.