A pair of former Fortune 500 executives have partnered to launch a Cincinnati-based startup that aims to help put experts of the C-suite into the hands of small- to mid-sized businesses.
Michael Fillios, an IT pro who came to Cincinnati to work for Fifth Third Bank, and Michael Womack, a human resources expert who spent time at both Cintas Corp. and Memphis-based AutoZone, are the duo behind Fraxtion, a digital startup that connects companies in need with experts across a variety of operational areas.
In an interview with Cincy Inno, Fillios billed the company's business model as "advice as a service."
Here's how it works: Companies can subscribe to have access to Fraxtion's pool of experts, called Fraxtioners. Those experts can cover everything from finance and IT to human resources and marketing. Once connected, experts are able to offer varying amounts of advice depending on what subscription level companies choose. Monthly subscriptions range in price from $399 for one associate Fraxtioner to $2,999 for three senior Fraxtioners.
Fillios said the system offers benefits to both clients and Fraxtioners, since it gives clients access to high-level business advice and gives Fraxtioners a pool of vetted leads they can then use to grow their own businesses since some clients might choose to transition to a full consulting relationship, which is done outside Fraxtion's portal and carries a heavier price tag.
"You have experts across the board," Womack said. "You’ve got accessibility since it’s all online. It’s also very practical from a price standpoint.
"It allows that small to mid-sized business, who is concerned about margins, to bring in somebody who’s been around the block."
Currently, more than 20 Fraxtioners are available on the platform, though Fillios and Womack predict that number will scale rapidly as they continue to onboard more clients. Their ambition is to have 25 to 50 clients subscribed in the coming quarters — another metric they expect to scale as more companies learn about the benefits of the startup.
"The foundation is there," Fillios said. "Now we’re in client acquisition mode. … We can totally envision hundreds of clients on the platform."
