Photo - myTalents Community GmbH
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myTalents Community GmbH

myTalents.com ist the ETSY for EXPERIENCES

Germany
Market: Internet and IT, Culture, art, Entertainment
Stage of the project: Operating business

Date of last change: 15.03.2021
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Idea

What drives us? First we want to support all people in using their unique talents, realizing themselves and earning money with it. And second we love shared experiences and the opportunity to discover and learn something new every day.

With our marketplace myTalents.com we enable all people to offer and market their own workshops and classes. myTalents thus offers the largest variety of individual, personal and authentic leisure (B2C) and team experiences (B2B) and inspires to learn new things and celebrate life together.

Current Status

Traction:
+ 150 talents use myTalents.com to share their passion with the world by offering online and offline experiences e.g. painting classes, cooking courses, tastings and barista workshops.

Our GMV is around 100.000 €

Through the corona pandemic

Market

CREATOR ECONOMY SUPPLY AND DEMAND

SUPPLY / TALENTS
The talents are the most important asset in our business case. Just like Etsy has the majority of creators for handcrafted products, myTalents will win the major stake of creators for experiences.

In Germany today there are about 5 million freelancers / about 2.3 million solo self-employed (*Federal Ministry of Labor and Social Affairs). The number of self employed will increase rapidly due to advancing digitalization and automation as well as the NEW WORK trend (*Bertelsmann Stiftung).

Creator Economy: "People want to make money with their passion and creativity. Digital platforms will enable the self-marketing." (*Li Jin, Andreessen Horowitz).

Future of work: "It is human nature to work, to create something, to realize oneself. Sitting in an office from nine to five and getting paid for it is not." (*Richard David Precht)

TAM: The total addressable market is huge and growing: "More than 50 million people around the world consider themselves creators, despite the creator economy only being born a decade ago. It’s become the fastest-growing type of small business."(*Signalfire).

DEMAND / CUSTOMERS
B2C TAM: Worldwide, private household spending on leisure and cultural services amounts to around €700 billion. In Germany, this figure has risen from €32 billion to €42 billion (*Destatis).

B2B: Corporate event spending is also on the rise. In 2017, $123 billion was spent in Germany alone. The trend toward virtual events is fueled by several factors simultaneously: Cost savings, sustainability, infection control & home office.

Reference Selection: E.On, Oppenländer Rechtsanwälte, MVV Energie AG, Windpunx, Beyerdynamic.

Problem or Opportunity

Supply side problem: Talents want to market their workshops and experiences. Challenges: Cost for a suitable website, effort for billing and lack of marketing know how. Consequence: Low reach and too few bookings.

Demand side problem: Customers want to find experiences online and locally. B2C: 77% of all people long for more experiences in their leisure time.* B2B: 50% of all remote workers feel isolated and long for team building on the job.** (*Zukunftsinstitut, **BITKOM)

Solution (product or service)

Talents can offer their experiences on myTalents.com and customers can discover new offerings.

For the talents: Presentation and monetization without website and marketing skills. Thus the marketplace replaces the own webshop.

For the customers: Inspiration, selection and direct booking of leisure and team experiences.

"As a solo self-employed person I have enough things I´d rather take care of than a web shop, ticketing and invoicing. I am happy to leave that to myTalents!"

Jana, Handlettering Artist from Munich

Competitors

There is competition from various sides, especially from established platforms: Airbnb experiences (revenue: USD 2.6 billion), Jochen Schweitzer (revenue >€70 million), myDays and Spontacts (revenue unknown), ArtNight (revenue unknown) and the Volkshochschulen VHS (revenue: €140 million).

Advantages or differentiators

Unlike Jochen Schweizer, myDays or ArtNight, we are an open marketplace that allows talents to succeed without needing their own website to do so.

Just like Airbnb experiences but for every day experiences.
Just like Etsy but for experiences.
Just like skillshare but for live (and offline) workshops.

TEAM: We are a small team of five 100% dedicated people who are able to build the platform and run inspiring marketing campaigns to become the No.1 platform for the creator economy.

USP: The myTalents.com marketplace offers people everything they need to market themselves successfully. This creates a unique variety of leisure and team experiences.



Finance

myTalents receives a commission for each ticket sold: When the talents are successful, myTalents is successful.

Thus the talents are the most important asset in our business case. Just like Etsy has the majority of creators for handcrafted products, myTalents will win the major stake of creators for experiences.

Basic: 9% Provision: Placement on the platform and handling of the booking and payment process.

Marketing Plus: 20% Provision: Prominent display on the homepage and integration into the myTalents marketing campaigns.

B2B: 35% Provision: For talents with B2B offerings: Marketing of team events to corporate clients.

Cost structure: Personell: 25 €, Platform: 25%, Acquisition and Marketing: 50%

GMV:
2021: 700,000 €
2022: 9,500,000 €
2023: 72,000,000 €
2024: 234,000,000 €
2025: 423,000,000 €

Net Income:
2021: -345,750
2022: -1,628,759
2023: -8,494,038
2024: -4,624,761
2025: 4,173,332

Business model

Business Model: Provision

Network effects
Through network effects and talent self marketing, we are already winning 57% of B2C customers, 20% of new talents and 10% of B2B customers.

CAC new talents: 20€ (SEO and Performance Marketing)
CAC B2C customers: 14€ (SEO, SEA and Performance Marketing), CLTV: 49€
CAC B2B customers: 55€ (SEO, SEA and Performance Marketing), CLTV 500€

Money will be spent on

25% Personell, 25% Platform development (e.g. Zoom integration, intelligent search function, linking the platform with marketing automatisation tools) and 50% marketing (e.g. branding campaigns and performance marketing)

Offer for investor

600k Seed round in Q2 2021: For the roll-out in Europe (+1.000 talents and 10.000 customers) + Marketplace Dev: ZOOM integration, marketing automation, intelligent search function.

Who we are looking for: Angels and VC who want to join our mission with expertise in the platform or media business, Cooperation partners for marketing.

Team or Management

Risks

Timing: The creator economy is rapidly growing. If we miss the chance to position the marketplace for the talents (most important asset), another competitor might take the first mover advantage.

Our response: grow the myTalents reach with famous creative influencers (creators) with > 500k followers who offer workshops at myTalents.com

Incubation/Acceleration programs accomplishment

Startup BW Pre Seed Programme

Won the competition and other awards

Foundation award of the Mannheim economy

Photos

Photo 1 - myTalents.com ist the ETSY for EXPERIENCES
Photo 2 - myTalents.com ist the ETSY for EXPERIENCES
Photo 3 - myTalents.com ist the ETSY for EXPERIENCES

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Idea
Current Status
Market
Problem or Opportunity
Solution (product or service)
Competitors
Advantages or differentiators
Finance
Invested in previous rounds, $
Business model
Money will be spent on
Offer for investor
Team or Management
Mentors & Advisors
Lead investor
Risks
Incubation/Acceleration programs accomplishment
Won the competition and other awards
Invention/Patent
Photos
Product Video