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Empowering the Independent Workforce: JFFVentures Invests in Besolo

In a strategic move that highlights the rising trend of self-employment in America, JFFVentures, the venture capital arm of Jobs for the Future, recently announced its investment in Besolo, a pioneering startup designed specifically for freelancers and solopreneurs. This innovative platform streamlines the numerous back-office tasks that often deter independent workers from fully achieving their potential.

The Challenge of Self-Employment

The current landscape of self-employment in the United States is significant, with approximately 41 million Americans now identifying as solopreneurs. This demographic includes a diverse range of individuals, from younger workers to immigrants, many of whom struggle with the complexities of managing their own businesses. Administrative burdens, tax complexities, and limited access to essential benefits create hurdles for these independent workers, leaving them feeling underserved by traditional business solutions.

Yigal Kerzenbaum, managing partner of JFFVentures, noted that the independent workforce represents one of the most dynamic segments of the U.S. economy. However, the existing technology solutions have failed to meet their unique needs. With Besolo, JFFVentures aims to change that by providing tools that facilitate greater economic mobility for self-employed individuals.

Simplifying Business Operations

Besolo's platform sets itself apart by integrating various crucial functions such as healthcare benefits, retirement plans, tax management, and compliance into a single user-friendly solution. It functions as a professional employer organization (PEO), allowing solopreneurs to access comprehensive benefits that are typically only available to employees of larger companies.

This system not only simplifies the complex landscape of tax filings and accounting tasks but also helps users save on taxes, with an average estimated savings of over $10,000 annually for members. The ultimate goal is to allow solo workers to concentrate on their core business activities instead of navigating through the inevitable administrative challenges.

Bridging Economic Gaps

One pressing issue highlighted in recent surveys is that 81% of self-employed individuals feel that the tax system does not properly support their needs. Additionally, a mere 22% are aware of ways to maximize tax deductions effectively. By focusing on benefit options and comprehensive financial management tools, Besolo aims to fill these gaps, allowing solopreneurs to thrive rather than just survive.

Mark Jackson, CEO and co-founder of Besolo, emphasized the vision of transforming self-employment into a path of opportunity and independence. He believes that by reducing the stress associated with self-employment, Besolo can make independent work a more viable option for a broader array of individuals, bolstering the economy and supporting a diverse workforce.

The Impact of JFFVentures

With access to extensive networks and insights facilitated by JFF, which has been dedicated to reforming education and workforce systems for over 40 years, JFFVentures is well-positioned to guide Besolo in its expansion. The investment comes on the heels of other initiatives aimed at providing support to underserved communities, such as their recent investment in PACE.AI, an innovative tool aimed at helping immigrants enhance their English skills for better professional outcomes.

As the employment landscape continues to evolve, the support of entities like JFFVentures is crucial in helping independent workers navigate challenges and embrace the opportunities that self-employment can deliver. Through its investment in Besolo, JFFVentures is not only fostering economic growth but is also championing a shift towards a more inclusive future for all types of workers.

For more information about Besolo, visit their website at Besolo.io.

For more about JFFVentures, explore JFF.org.