Stay Nimble is a social enterprise providing a digital career and work performance coaching service.
We are a certified UK social enterprise with an ambition to help millions across the world see how their natural aptitudes can be directed to learning new skills and, ultimately, more easily change jobs. By helping people build resilience and confidence in the face of rapid changes to local labour markets, our purpose is to help as many people as possible access new types of careers and work.
Service delivery is via a SaaS based digital platform, driven by user generated data linking aptitudes, personal values and workplace preferences to occupations, skills and tasks. Our technology helps people navigate their career; highlighting new, relevant opportunities based on local labour market data extracted from jobs boards. Our content uses performance coaching techniques and exercises developed by experts who work with Olympians and Paralympian's to help people manage change.
Acceleration in work-type change due to new technology is being widely reported and forecast to notably increase over the next 10/15 years. There is already a significant and widening gap across multiple measures of social equality, largely driven by challenges with occupational mobility.
In-person career advice services currently exclude large parts of society due to cost.
We see an opportunity to independently empower workers to reskill more easily with less uncertainty of what to do next.
Our technology can be seen to reduce the time taken to move into entirely new types of careers, at a fraction of the cost of current coaching services.
This funding will allow us to accelerate the functionality of the platform and build on our growing customer base through marketing (20%). (67%) will be spent on product development. The remaining 13% will be allocated to business operations.
Substantial accomplishments to date
Customer research started in 2017, interviewing over 100 people in the UK and US regarding problems they faced with navigating their careers. This research validated the problems people face with career change.
Stay Nimble was founded in January 2018, and certified as a social enterprise in July. We have agreed partnerships with Burning Glass, Arch Profile, and PlanetK2, who act as key data and content partners.
We launched our first version of the app as a web application at the end of May 2018.
In the 4 months since launch, 150 people have signed up as members, and a further 500 people joined the mailing list.
Our monthly active users on the website have reached over 1k per month. Our growth comparing June active users to September active users represents a 235% uplift. Our membership is growing steadily and organically, roughly adding a member each day in recent weeks. We have achieved this while bootstrapped, having put £35k into the business so far by the way of two loans, one of them being a directors loan. Our unit customer acquisition cost to date is £0.32.
Our content on social media has been seen by more than 50k people with engagement of 6%, demonstrating a growing audience and awareness to the Stay Nimble brand.
We will release an updated version by mid-November with the aim to increase our membership and convert people to paid-for subscriptions. Our target in the next 2 months is to increase memberships to over 500, with a conversion of 15% to the paid-for subscriptions.
We have recently been nominated for the RSA Future of Work awards.
The primary business model is subscription to consumers as a SaaS based digital career and work performance coaching service.
There are 3 intended revenue streams:.
- SaaS subscriptions.
- Pay-per-use premium services.
- Partner Referral income.
Subscriptions are duration-based with a minimum subscription of 3 months.
Subscription pricing is:.
3 month pass: £44.
Annual pass: £82.
Lifetime pass: £229.
Premium content can be purchased in addition to the subscription, and charged at an average cost of £10 for access.
When a subscriber accesses and begins training with one of our affiliated online learning partners, Stay Nimble receives a referral fee against the total value of spend by the subscriber.
Secondary B2B revenue streams are being evaluated for development in year 2.
We are a social enterprise, with the intention to drive profitability and offer shareholders a return on their investment.
Use of proceeds
We are raising investment of £150,000 to enable us to further develop the platform, and build audience and subscribers through targeted marketing.
Our aim is to take the company to the position where we are making real, measurable social impact by helping people find jobs they love, no matter which way the market evolves or what background they come from.
The breakdown of the use of this capital is:.
67% - Product development & enhancement.
We’ve got exciting plans for the product. Navigating your career should be as straightforward as using a route planner like Waze. Priorities include improving our data integration & data processing and further developing our matching algorithms. Our investment in the product is critical for ensuring our customers have a fantastic experience.
20% - Marketing.
We will take targeted approach to customer acquisition through a comprehensive marketing strategy.
13% - Business Operations.
This includes basic infrastructure, finance & legal support.
Stay Nimble have two outstanding loans equalling £36,950. One of which is a directors loan worth £19,500 which does not attract interest. The other loan of £17,450 is from a related company and carries an interest rate of 0.25%, due to be repaid by January 2023. The proceeds raised from this round will not be used to repay either of these loans.
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