Why we invested in Double
Double: a new way to achieve more by doing less.
From a purely economic perspective, the market of personal assistants should be much larger than it is today. In fact, every time a task is performed by an employee costing more than the average hourly cost of a good part-time assistant ($30–35/hour in the US) instead of by an assistant, the company in question loses money.
Even more so, if you consider the opportunity costs, as the high paid worker would be creating more value. However, the market is filled with invisible and costly frictions as a consequence of the difficulties in finding an assistant today, onboarding the person, building new habits and minimising the risk of mistakes. On top of this, the market can be perceived as small, as it is considered a premium service, exclusive to the wealthiest. Double tackles these frictions, by enabling people to delegate work to a personal assistant and by offering the best tools possible between the PA and the executive.
We are convinced that Double will do so with success, and thus allow for the market to become very big. AI might be the future default within this market, and the Double’s technology is set there for the future, but due to the immaturity of the market, the balance between technology and human assistance poses the optimal option for the time being.