We picked this idea for three reasons:
Goodly came from Greg's personal experience with student loans. After Greg's father passed away unexpectedly due to a heart attack, he had to borrow $80k in student loans to pay for his education at Dartmouth. After moving to Silicon Valley to work for a startup, he saw the war for talent and how challenging it is for tech companies to hire a diverse workforce.
- 44 million Americans hold $1.5 trillion in student loan debt (300% increase since 2006)
- 70% of Americans graduate from college with debt
- Average borrower owes $37,127
- 22 years (average time to payoff)
- 1 in 4 student loan borrowers are in default
- 37% have missed at least one payment
49% of millennials prefer student loan benefits to a 401k and 53% would consider a salary cut to have this benefit. 86% of employees said they'd stay with a company for at least 5 years if their employer helped pay down their student loans. Goodly bridges the gap between the demand for this benefit from employees and the cost and complexity of administering student loan benefits for employers.
Hemant and Greg gained deep domain expertise building and selling HR/benefits software at Rippling. They started working together a week apart, before Rippling launched or had customers, and helped build the company from the ground up. Hemant built over 100 of Rippling's integrations.
During YC W17, Greg worked with Parker to develop and execute Rippling's go to market and first sales strategy. Greg had a 75% close rate selling Rippling's HR/benefits software.