Assertion Contradicted
FolioWorks has access to 3 million students approved for Federal Work-Study
“So we partner with every college career center, and so we have access to all of their three million students that are approved for work study.”
Assertion Partly supported
The government opened $1.2B in Work-Study subsidies to for-profits in 2020
“Around three billion dollars in wage subsidies comes from the federal government and the state government. So each year there's a program called Work Study. It's about 1.2 billion dollars. In 2020, they opened it up to for-profit companies because college camp…”
Assertion Not publicly verifiable
FolioWorks is the first Work-Study employer of record for for-profits
“And so they opened up to for-profits and we became the first company to be the employer of record on behalf of any other company.”
Prediction Not checkable as stated
Wong: Enterprise clients will not cut FolioWorks out due to reporting burdens
“I don't think that means they're going to cut us out. I think that it would take a lot of effort for them to do all the reporting that's required to Create a work study-approved job, and then do all of the reporting that's completed by us, but we're building t…”
Assertion Not checkable as stated
Wong: Converting an intern to full-time costs employers $50,000
“Each intern costs about 25,000 dollars to source, to train, and to compensate. And only about 50% of them convert to full time. So that means the real cost of converting an intern to a full time employee is 50,000 dollars.”
Disclosure
FolioWorks built a $1.2M ARR and tapped $600M in government subsidies
“We built this platform about a year ago, and since then, we've served over a thousand students, 500 companies, we've built a 1.2 million dollar annual run rate, and we have over six hundred million dollars in subsidies from the government.”
Disclosure
Folio raised $4M on a $16M post-money SAFE valuation
“We raised four million dollars on a sixteen million dollar post-money valuation.”
Disclosure
Folio laid off a third of its team to pivot to B2B
“At the turn of the year, we let go of a third of our team because they didn't have the same Advantage that they had when we were a B to C business as we needed for being a B to B business.”
Assertion Supported
The Trump administration carved out Work-Study from Department of Education cuts
“But they actually carved out work study and financial aid and FAFSA.”
Disclosure
FolioWorks will give universities free software to dominate the Work-Study market
“So we're going to try to build it in the next three months and then just give it away for free at first in the summer. And just try to dominate every single program.”
Assertion Supported
Wong: Only about 20% of college students secure internships today
“Today, about 20% of students get internships, and that's because internships are incredibly expensive.”
Disclosure
FolioWorks seeks to oversubscribe its $4 million fundraising round
“I'm here today to oversubscribe our four million dollar round, and to get your feedback, and most importantly, to ensure that every student is trained and ready to build a meaningful career.”
Disclosure
FolioWorks charges startups $250 per intern to save $10,000 in wages
“So we charge startups, 250 dollars per intern per month. We save them on average about 10,000 dollars on wages.”
Disclosure
FolioWorks charges enterprise clients $1,000/intern/month to save $10k in wages
“For enterprises, we charge them about a thousand dollars per intern per month, and we still save them about 10,000 dollars on wages.”
Assertion Supported
Wong: Federal law covers up to 90% of intern wages for nonprofits
“The law right now for the federal government is that if you're a nonprofit, you can get up to 90% of your wages covered.”
Assertion Not checkable as stated
Folio reached $1M ARR with initial B2C model before pivoting
“We built that out for about a year, got to about a million dollar annual run rate, and then we got access to these federal funds as the only companies to do that.”
Assertion Not publicly verifiable
Wong: Large enterprises account for about 85% of internship volume
“About 85% of the volume of internships are through these large enterprises.”
Disclosure
Wong: Folio burns $120K per month with 20 months of runway
“Our burn rate is about a 120 K per month and we have about 20 months of runway.”
Assertion Not checkable as stated
Wong: Folio generates about $50,000 per month in revenue
“And now we're at about 50 K per month.”
Assertion Not checkable as stated
Wong: Folio gets 10 startup signups per week without marketing
“Yeah, so we don't do any marketing for startups, and we get an average of 10 new startup signups a week.”
Assertion Not checkable as stated
Wong: A Folio investor was offered a job at DOGE
“And also one of our investors was offered a job at Doge.”
Assertion Not checkable as stated
FolioWorks just signed three enterprise clients with over $1B in revenue
“So we just closed our first three very, very large companies. So like companies that have revenue of a billion plus.”
Assertion Supported
Wong: Around 50% of college graduates work in fields related to their degree
“The stat is basically like around 50% of students actually use their college degree. Like they do a job that's related to their college degree.”
Assertion Not checkable as stated
Wong: Universities manage work-study via fragmented software or spreadsheets
“Every university has different software to facilitate work study or they have no software and they do it in a spreadsheet.”
