Recently, New Orleans hosted two startup events with a big selection of topics that included discussions on specific industries similar to climate technology and healthcare; advice on running a business with family members, finding mentors and taking advantage of Super Bowl LIX contracting opportunities; and plenty of space for small business owners to inform their stories and connect.
One of the participants of the March events, New Orleans Entrepreneur Week and 3R&D Coast Venture Summit, was Elizabeth Tilton, founder and CEO of OS Benefits.
Tilton is a New Orleans native, and the startup develops health insurance programs for restaurants, bars and other hospitality businesses which might be a key part of New Orleans’ economy. OS Benefits was one of 4 finalists, each receiving at the least $100,000 in enterprise funding, with the opportunity to qualify for a second round price $240,000.
This meant Tilton had to arrange and present a presentation to an audience that included enterprise capitalists, Fortune 500 CEOs and the media. Although the process is a bit like the Hunger Games, Tilton finds it helpful. “It’s an opportunity to clarify my message and think about what’s most important,” he says. “From an observation perspective, it’s really amazing to see three other entrepreneurs coming from the Gulf Coast.”
Tilton worked in the hospitality industry for a few years before founding consultancy Oyster Sunday and its insurance start-up OS Benefits. Service firms need committed employees, but often cannot afford to offer health insurance to part-time and seasonal staff.
Tilton says the hospitality industry faces some interesting challenges relating to insurance plans. Employees cannot have personal computers or company email addresses. OS Benefits needed to design interfaces that worked well on phones and didn’t depend on corporate email addresses for authentication.
Currently, OS Benefits allows employers in nine states to buy access to the Wellness Marketplace for $35 per worker per thirty days, which incorporates fitness classes, family planning, telehealth and other essential supplemental health care programs. The company is in the process of transitioning to an insurance brokerage that can offer Affordable Care Act catastrophic and minimum essential insurance plans which might be inexpensive than full health care plans and meet the needs of typical hospitality industry staff. Plans start at $260 per worker per thirty days and include access to the Wellness Marketplace.
Tilton says that in some states, people can recover coverage through the ACA health insurance marketplace. “Do your due diligence,” he says. “But for us, we knew we could significantly protect more people with our program.”
OS Benefits is currently working on a waiting list for purchasers trying to offer their insurance plans. The funds raised through Venture Summit’s idea pitch can be very helpful in getting these people on board.
Meanwhile, Tilton has this recommendation for anyone organizing a pitching competition: “Remember that as a founder, you are the expert and steward of your company when pitching,” he says. “Focus on clear storytelling and communication.”