Next-generation wellbeing analytics for individuals and organisations – boosts happiness and productivity
Almost 1 in 3 of us now experience a mental health issue at work, costing us the things we value most - our health and happiness. It's also costing the organisations we work for an estimated £70-100bn p.a. in the UK alone.
me@mybest is real-time platform that’s set to revolutionise how organisations measure and enhance wellbeing and productivity, created by two digital pioneers:
- Dr George MacKerron, creator of Mappiness, the world’s largest real-time happiness study, at LSE. George is an economist with deep expertise in apps to measure wellbeing.
- Nick Begley, former Head of Research at Headspace. Nick spent 8 years in the City as an actuary before retraining in neuroscience. He brings powerful experience in tech to improve wellbeing.
With over £400K in B2B revenue since we launched, including a £240K contract with one of Europe’s largest companies, we're now in a strong position to scale.
Our mission is to help individuals live happy, fulfilling and productive lives, and generate huge social and business value along the way. We are at the forefront of research to better understand wellbeing and productivity, and their causes and correlates. me@mybest increased productivity by 8-10% and happiness by 4-5% in a leading financial organisation within 4 weeks.
me@mybest gives individuals:
* insight into themselves & what most affects their wellbeing and performance.
* contextual and interactive tools & training to improve mental & physical wellbeing.
* an anonymous communication channel to tell leadership how they can improve working culture & environment.
me@mybest gives employers:
* a dashboard to monitor wellbeing and culture in real time, day-by-day and by department, cohort, gender, etc.
* insights into the factors most impacting the organisation’s happiness, productivity & stress — and how to improve them.
* the capability to assess ROI on training, strategic initiatives, etc.
Substantial accomplishments to date
April '14 - Secure contract with Mind & Life Institute, using platform to quantify link between desire and psychological wellbeing.
Oct '14 - Secure £150K SEIS funding from friends & family.
Jan '15 - Approached by Big 4 accountancy firm to use platform to measure culture & wellbeing in organisations.
May '15 - Mind & Life contract to use platform for second study.
June '15 - Secure academic contract to use platform to investigate the impact of emotion on cognition. Featured globally including Sky News and New Scientist. App downloaded 38,000 times and wins social impact award.
June - Nov'15 - Pilots in two financial service institutions: £110,000 revenue. Wins People Management Award for HR technology. Win further £144,000 contract after presenting results to CEO.
Sept '15 - German company uses me@mybest platform to investigate impact of mindfulness in Jaguar Landrover. They win best Corporate Trainer Award for research.
August 15’ – Secure £200k EIS funding from friends and family.
July '16 - Big 4 accountancy firm ask us for exclusive partnership.
October '16 - Full roll out of me@mybest in large organisation.
January ‘17 - PSYT’S CTO featured on Sky News
Feb '17 - Mindfulness wellbeing component launched.
May '17 - Interactive mindfulness tool that is part of the B2B app is released to gather usage data. Apple picks up & features on front page of App Store as a "New App Apple Loves".
May '17 - Fundraising & initial sales campaign to show demand to investors. Proposals requested by organisations collectively employing over 500K.
June '17 - Fitness wellbeing component completed.
June ‘17 - Secure contract with one of the largest media & broadcasting companies in the US to produce documentary on how me@mybest improves wellbeing.
me@mybest aims to be the gold standard for measuring and enhancing organisational wellbeing and performance.
We plan to generate recurring revenue through two streams:
Phase 1 - B2B: we will initially focus on large clients, then provide a self-service platform for SMEs. Fees comprise of bespoking fees (large clients) + recurring licence fees charged per employee per month (£3 pppm reducing with size and length of contract), up-sell of quarterly reporting and commission from consultants wishing to consult on data.
Phase 2 - B2C2B: we intend to release a B2C version of me@mybest (Mappiness 2.0) that will provide a huge data set into workplace wellbeing. We expect that this will cement us as market leaders in workplace culture and wellbeing. The data will provide us with a defensible position and the ability to apply machine learning techniques to generate predictive analytics to help organisations identify potential issues before they occur. We expect revenue will be generated through a subscription service to our white papers and providing organisations with data insights.
Use of proceeds
The funds raised through this Seedrs campaign will be utilised to grow me@mybest into a market leader in the wellbeing space and is expected to take us through to a significant Series A round.
Grow sales & customer success team for enterprise clients - 67%.
* To secure more multinational clients & service them.
Develop & launch Mappiness 2.0 - 33%.
* A B2C2B version of me@mybest to generate big data for benchmarking & predictive analytics. This will generate significant press coverage and marketing for the self-service platform, & the data will provide Psychological Technologies with a defensible position as market leaders.
Initially our target market is large corporate organisations. Typically the customer is the HR director or Head of Wellbeing (a position that is increasingly common).
As the platform can be used to investigate and understand numerous people issues e.g. the effects of a merger, a culture change programme, the impact of flexible working, training programmes etc. we have numerous customers within the organisation, not just HR.
We have further been approached by two top-tier consulting firms that wish to use the platform with their client base and have received investment from a partner leading Organisational Effectiveness in a top-tier management consulting firm. We view consultancy partnerships as a method to scale rapidly in the market in addition to direct sales and have selectively identified appropriate partners to approach.
Characteristics of target market
me@mybest stands at the core of two enormous and growing markets — HR analytics and workplace wellness. The HR Analytics market is worth USD $14bn and workplace wellness is a $43bn industry.
The time to capitalise on wellbeing is now.
69% of organisations are planning to implement a wellbeing strategy in the next few years, with 45% planning to implement one in the next year.
Across Europe and US there are 253m working employees, 153m of whom work in organisations of more than 50 people. Over 5 years we plan to have our product available to 2% of this addressable market, c2m employees. This is readily achievable, having already been asked for proposals from organisations totalling over 500K employees.
The average spend of those with a wellbeing strategy is £51–75 per employee per year. 86% want to implement a physical wellbeing strategy and 82% a mental wellbeing strategy. me@mybest is perfectly positioned to capitalise on this growth.
We receive numerous inbound requests due to the significant media coverage Mappiness creates. We have been featured on Sky News this year already, as well as other coverage in the UK and globally. We expect Mappiness 2.0 to generate significantly more interest.
We are also working with one of the largest media & broadcasting companies in the US who has an audience of over 100m viewers each month. They will be using me@mybest in a documentary due to launch this January in which PSYT's CEO will personally appear.
We will also raise awareness of me@mybest using case studies and insights we have established from the extensive data already collected. A variety of channels will be used including digital advertising, HR publications, trade shows, HR community building events and speaking engagements.
We have competitors in the two separate markets of measurement and improving wellbeing, however we believe we have secured a unique position by providing integrated measurement and wellbeing interventions, together with publicly generated research. This provides us with the opportunity to become market leaders.
HR consultancies typically provide simple annual engagement surveys, which do not provide the advantages of real-time insights. New and emerging players provide more regular pulse surveys, but few employ the gold standard technique of experience sampling nor are created to be user-centric, in that they do not provide insights back to the user nor tools to improve wellbeing.
Conversely, in the improvement market there are many mindfulness and fitness apps, but they are not B2B focused, nor do they look at wellbeing holistically, taking into account the influence of workplace culture. We believe that these features combined with extensive data from Mappiness 2.0, will cement us as leaders in the market.