The next generation of Australian business leaders are creating competitive companies that bridge market gaps and exceed consumer demands. Young entrepreneurs were recognised for their achievements and business contributions at the Young Hero Awards; an awards program dedicated to celebrating business leaders under thirty-five years old, presented by Commonwealth Bank. SBC’s editor, Alyssa Herr, and one of the Young Hero Awards judges sat down with each award winner to discover how these young entrepreneurs are shaping the future of Australia’s business landscape.
Benjemen Elengovan, CEO & Founder, MyGigsters
Company HQ location: Adelaide, South Australia
Year company was founded: 2021
Award: Entrepreneur of the Year
Describe your business in one sentence: MyGigsters is a community-driven platform for gig workers, helping them become financially secure.
What does winning this award mean to you: It is such as honour to be winning this award, and this matters to me as it brings hope and confidence to a startup founder’s journey. I arrived in Australia 7 years back as an international student, working odd jobs and dreaming of building a startup. As an early immigrant, building a business is difficult, but thanks to the great startup ecosystem for helping me move forward. This award is excellent recognition and confidence booster for migrant founders like myself, and I hope my story inspires others to become entrepreneurs.
How did your business idea form:
I came to Melbourne as an international student 7 years ago, and I started working on different gig platforms in delivery, rideshare and task-based jobs. Most gig workers are often students, new migrants or people who want to earn a side income. The key challenges are the lack of awareness of how to operate as an independent contractor, and most importantly how to access to tools and services such as tax accounting, superannuation, loan and insurance. When I had the opportunity to solve this problem, my team and I jumped on the opportunity and created MyGigsters as we understand the good, bad and ugly of being a gig worker.
Why is your business competitive in the market:
MyGigsters is a community-backed platform that enables gig workers to access financial services, helping them become financially secure.
Our platform captures real-time data on their work history, gig earnings and expenses. It uses these data and, with advanced machine learning, offers specific insights to maximise their earnings, save money on taxes, and access financial products.
Community is at the heart of MyGigsters, and over five thousand gigsters across Australia support us. Within Australia, MyGigsters is one of the few companies providing a centralised platform for gig workers to access financial services.
What’s next for your company’s future plans:
As a next phase, we look forward to working with partners in the ecosystem such as Banks, Superannuation funds, debt facilities and government regulators in bringing financial services and awareness to gig workers in Australia.
Our vision for MyGigsters is to be the central platform for any gig workers across the globe to access financial services, and we have plans to build it on Web 3.0 and DeFi.
Best advice you were given for successfully running a business:
Hard question; I have received countless and priceless pieces of advice in building my startup. One of my favourites is as a startup founder, the best way to succeed in this journey is to fall in love with the problem you are solving instead of the solution you are building.
What motivated you to start your business:
I often reflect on a quote from Albert Einstein: “do not try to become a person of success but try to become a person of value.” When I decided to start MyGigsters, I wanted to solve the problem I once faced myself. I wanted to bring financial security to a vulnerable workforce who are currently not being adequately recognised and supported.
The Young Hero Awards was hosted at Marvel Stadium in Melbourne on May 17 and presented by Commonwealth Bank and sponsored by Optus, Coinspot, Blackmagic Design and Small Business Connections media.