Companies to Watch:

What does your company do?

COVERR founder and CEO Kobina Ansah: COVERR’s mission is to provide financial services that are customized for gig economy workers (ex. Uber drivers) and empower them to reach their highest earning potential.

A question we love to ask every founder: why New York?

KA: New York is globally recognized as a dynamic, demographically diverse and, at times, gritty city. So when thinking of where to launch COVERR, it was my feeling that if we could survive and thrive in New York, we would be able to succeed in any other US market.

COVID-19 completely upended a lot of industry areas. Does that ring true for gig workers? What have you been hearing from COVERR customers — or contractors in general — on how they’ve fared through the pandemic?

KA: At the beginning of the pandemic, the business environment was extremely challenging. At a time when people — especially those without personal health insurance — were not sure how dangerous COVID-19 was, gig workers had to decide between working and putting their personal health at risk or providing for their families. This was exacerbated by the city’s lockdown, which eliminated several primary demand generators overnight for gig workers (demand from corporate, academic, entertainment, and travel businesses).

That time was difficult, but some environmental factors have since improved. Due to the initial decline in demand for gig drivers, many expanded their skill set to include food delivery and medical ride services, further diversifying their income streams. Additionally, with more New Yorkers utilizing gig services to help maintain a sense of normalcy during the pandemic period (ex. grocery/Amazon package delivery), increased demand has improved per transaction earnings for many local gig workers.   

The gig economy isn’t just, say, Uber drivers. What do you think that workforce segment will look like beyond the pandemic? Does your product roadmap hope to reach all kinds of freelancers more broadly?

KA: The gig economy, which includes all independent contractors, reaches far beyond Uber drivers and represents one of the fastest-growing labor segments. It’s anticipated to reach 35-40% of the US workforce by 2025. COVERR’s vision is to start serving the needs of operators in the mobility and food delivery spaces, and overtime, expand our model to meet the needs of other segments within the large gig economy sector.

What’s an idea or piece of advice you got during the NYC Recovery Challenge program you’re most excited to implement?

KA: It’s not rocket science, but this program has helped me re-evaluate how I think about CAC (customer acquisition cost) versus LTV (lifetime value of a customer). Historically, I have tried to optimize for the lowest upfront cost possible to acquire a new customer, but this program has made me think about increasing the amount I am willing to spend to attract high-value customers versus spending the least to attract average/below-average customers. This will be one of my key takeaways.

What’s one top growth goal you hope to achieve by the end of 2022?

KA: COVERR currently relies heavily on digital marketing channels to acquire new customers. By year-end, we are aiming to have at least 25% of our application flow come directly from local strategic partners, like a local rideshare/delivery service provider.

Okay, three rapid fire questions.  First: where do you get your favorite pizza slice?

KA: I love the wood-fired pizza sold at San Matteo pizzeria. It’s an affordable hidden treasure on the Upper East Side that’s also made it on Michelin’s Bib Gourmand list.

What’s the best place in New York for a coffee or lunch meeting (remember in-person meetings)?

KA: ​​One of my favorite places for a coffee/drink meeting is the Public Hotel. It offers “Soho House” vibes while still being approachable for an entrepreneur’s budget. The second-floor bar is trendy but quiet and intimate enough to have an effective meeting.

What’s your favorite remote work or productivity hack?

KA: Resources like Asana and Notion are great, but I like to keep my basic task management old school, using my small leather notebook to create and manage my weekly task list. I get a lot of satisfaction from physically crossing items off my list.