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mindbeast

the digital secretary for a efficient work, life and sleep

Germany
Market: Education, training, Artificial Intelligence, Mobile applications
Stage of the project: Idea or something is already done

Date of last change: 26.03.2021
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Idea

The idea for Mindbeast is based on the optimization of peoples’ work-life balance through an algorithm-based solution that allows individuals to track their daily activities while at the same time getting a customized timetable that guides their life with time slots for personal development, professional duties, family and friends and healthy lifestyle aspects. We develop a platform solution that is available as app and website solution.
Our solution is different to all other time management and mindfulness tools out there because we combine time tracking with mindfulness.

Current Status

As we continue to build out and optimize the beta version of our platform, we are placing an impetus on user acquisition over monetization during the early days. We’re committed to achieving technical perfection first and foremost, as we understand the importance of turning all of our customers into committed lifetime users. Our business model has been crafted to generate this repeat business; in fact, we are offering mindbeast for free for up to one year to the first 1,000 users to register an account. Though this is the company’s first funding round, our Founder does have experience in building profitable ventures – scaling up to 4 offices in Europe. This gives us full confidence as we enter into a similar situation with Mindbeast. We are turning to the investment community for a pre-seed capital infusion of $500.000 in order to jumpstart our vision into a fully functional startup. Investors will be compensated in the form of equity shares in our company, based on a pre-money valuation of $1.500.000. While the fully invested amount will net an investor of mindbeast (1.500.000 shares), one can partner with us for as little as $50.000

We currently have the interface for mindbeast, website domain registered and the concept roll-out plan. We have a high level roadmap for the upcoming two years. User validation and interviews, questionnaires and content creation is happening since july 2020. Until now we haven't approached any paying customers because our platform is still in development phase. We need further funding in order to continue with integrating our time table features, our design optimization, our personal dashboards and third party integrations.

Market

Customers

Two sided customer platform; third party integrations as content creators (next to our own content) as well as users (Users can be B2B and B2C). Our Business model derives from multiple customers who will benefit from our product: The users and the partners, which will be explained more in detail below.

2.1 Target customers

1.Partners
On the one side we will partner up with selected high quality third parties that fit to our values, culture and mindset. Their content will then be shown to our users in the intended time slot. E.g. a user has the goal to read 10 books this year, we will first predefine his/her interests with him/her, reading pace, time availability during the week and then present him/her 3 books from which he/she can choose one. The selected book will be put at our disposal from our third party integration.

Benefit:
1. The user gets presented only a small selection of fitting books (less overwhelming, more satisfied with decision-making process)
2. The bookstore sells more books and gets higher rankings because the books will fit to the person’s interest. More traction
3. We get a 5% service fee from the bookstore for sending him a new customer

2. Users
The different segments we can divide into:
• B2B (bigger companies (>1000) e.g. law firms, consultancies, hospitals, hotel chains, franchise) and smaller companies (e.g. architect coops, freelance coops, etc.)
B2C: freelancer, students, digital normads, CxOs, working parents, people with mental health issues (but stable)

Who our B2B users are:
Companies need to attract and retain employees with their special benefits, the work experience they provide. Money is not the only thing that pays anymore. Especially the freedom to live a self-determined life apart from work is getting more important for millennials. Therefor we give companies the opportunity to attract and retain the employees with a tool that not only allows them to plan and schedule working hours more independently but also help their employees to integrate personal interests and goals into their daily routine (e.g. mediation practices or cooking events)

Mindbeast is the perfect tool for employee development (training and education) on an individual pace with individualized content. Our learning journeys (some of them developed by ourselves, some of them co-created with partners) allow companies to co-select specific topics for each employee that will then be split up into small learning nuggets by Mindbeast and integrated into the employees work routine in a sustainable learning pace so that he/she will learn, practice and remember the training in the most valuable way. * Most common training and workshop experiences don’t allow employees to get the most out of it because they are either compressed into a short time frame and then not used in real life shortly after, or employees don’t have the time or concentration capability to take in all relevant information at the time of the training. Each of us learns differently and we make sure that our learning nuggets include every learner. The visionary, the reader, the listener and the talker.


Who our B2C users are:
• Young(er) (20-30 years old) / Millenials
• working parents
• managers and self-employed people
• Tech-savy
• Sustainability conscious
• Interested in mindfulness / balanced lifestyle
• Experience oriented rather than material oriented

The value we bring to the people we serve: the first ever personal digital secretary that helps you to plan you life, goals, friend time and health, fitness and sleep in more specific ways:
• people with a mindful approach to their health, diet, fitness and performance, living in urban areas. mainly academics with 5-10 years work experience
• people that suffer from stress, illness or loss and traumata

Market:
We create a blue ocean with our product, because we don’t compete on the same level as e.g. time management apps or mindfulness and fitness apps. We integrate different services into one. This feature has similarities to e.g. Airbnb or Classpass because we are a platform providing third parties the opportunity to get new clients. But we not simply provide a platform, we create a framework (time tracking, learning journeys) that can be fed with content from third parties. At the same time we provide our own services (specific content and coachings on selected topics)

Market Trends we see and which we tackle:
(zukunftsinstitut.de/artikelm/egatrends-nach-corona-zeit-fuer-eine-revision):

1. The OMLINE-TREND describes the translation of mindfulness into the digital sphere.
2. HUMAN SMART TECH does not aim at what is technologically feasible, but at what is humanly meaningful.
3. INDIVIDUALISATION means freedom of choice and shapes value systems , consumption patterns and everyday culture
4. KNOWLEDGE ECONOMY: The Corona crisis has finally digitized education , promoted cooperative and decentralized structures for generating knowledge and stimulated innovative thinking.
5. SILVER SOCIETY: This phase of life is lengthened and offers space for self-development and self-realization in old age. A new mindset paves the way for a society that is becoming more vital
6. NEW WORK focuses on the development of potential of every single person: In the future it will be about the successful symbiosis of life and work
7. HEALTH is synonymous with a good life. As a central goal in life, the megatrend is deeply inscribed in the consciousness, culture and self-image of societies and shapes all areas of life. Health and satisfaction can hardly be separated from one another.
8. CONNECTIVITY: Digital communication technologies reprogram sociocultural codes and create new lifestyles and behavior patterns.
9. SECURITY (we call it stability/ structure): One crisis follows the next, and the corona virus has also made it unmistakably clear how insecure and fragile our lives and our environment are. As a result, security is more than ever the top priority, for individuals as well as for society as a whole - and an important sales argument.

Potential customers: CSR and social related businesses, startups, Accelerator, VCs, students, working parents, CxOs, people with changes in career, life journey or similar

Target market: mobile health applications and mobile learning applications (Learning management softwares) and time tracking

Market growth: correlated growth in mhealth only due to pandemic: 65% worldwide and 30% in Germany

Mobile learning: in 2021 7.403 Million US Dollar in Europe (33.5 Billion worldwide)

Global Time Tracking Software Market is expected to register at a CAGR of 20% during the forecast period 2019–2026. (https://www.marketresearchfuture.com/reports/time-tracking-software-market-9579)

Expected development and attractiveness:

Increase in awareness and need for mental health assistance, especially in the next three years after the pandemic, when life should get back to normal but people may realize how much has changed, how much they have changed and how much they value their life time nowadays. Many people will start to handle their time with more awareness and plan carefully for what they want to use their time for. Generation Y and Z already demand different benefits from their employers. Instead of money they want more time for themselves, more flexible working hours and working form home. Mindfulness activities, Yoga and other self-awareness raising offers are on high demand and the demand only in the mindfulness sector will increase by 200% in the coming years (statisa mhealth report 2021)

The e-learning market is growing , mobile applications and micro learning (learning nuggets) videos and blended learning formats are on the frontline in terms of growing success MMB-Institute for Media and Competence research 2020)




Especially for companies these features show high resonance (videos

Learning nuggets and bended learning as well as mobile apps have a significant meaning of around for organizations. Approximately 90% of alle interviewees have stated that these aspects of e-learning will be important in the coming three years for educational purposes in businesses. (MMB-Trendmonitor 2019/2020 p. 7) 58.6 % of all businesses use external e-learning providers for educational purposes. The development of app usage in Q1) 2020 has increased significantly in:
business (105% more than Q1 2019) education (38% more). Sill and talent management are most important trends in e-learning according to a study in DACH region (eLearning Journal; ID 914925)

Problem or Opportunity

“ The young, strongly networked and well-educated generation Global strives to treat the environment and fellow human beings with care. Characterized by the search for meaning and ethical conviction, the high potentials place high demands on the world of work, apart fr om the old “faster, higher, further”. (translated) (Lena Papasabbas in: Die neue Achtsamkeit (2017))

We have made customer interviews, sent out questionnaires and did secondary market research based on design thinking principles. Our hypothesis regarding trends in time management, productivity and living a healthy lifestyle have been validated. We have included some extracts from our questionnaire with randomized people. All participants have answered anonymously and took part in the study without any incentives. Nobody is related in any way to ourselves or our company.

Therefor, we conclude that there is a burning need for people to get a tool that doesn’t only serve them in one single part of their life, but integrates all parts as a whole. There are multiple apps for fitness, recipe provider, to Do lists, time tracking, meditation and so on. But if you want to get all of these topics managed simultaneously, you will soon realize that you will come to your limits with these applications. They don’t integrate with one another and the effort to keep track of all of them at once exceeds their benefit.


What is more is that people
are craving for stability and balance. Now more than ever. We all realized how much we need to appreciate what we have, most business people accepted that money is not everything and that spending time with your family is crucial. What we have: thousands of options of how to make our life better. What we don't have: the time to find out which option to choose.

This is wh ere we step in: Mindbeast: The Digital secretary that plans, organizes and tracks your work, your life, your sleep and everything that goes along with it. The best of it: You can choose how much assistance you need and what kind of lifestyle you want to try. Do you want to live like Elon Musk? Or would you prefer to have a time table that is generated after the “getting things done” method? Or something completely different?

Next to that we have simply too many options to choose from. We get overwhelmed by the different offers and are always left wondering whether we made the right choice. Most people don’t even know how much time they spend on which task or part of their life and simply by realizing this, we can help people using their life time more efficient.

On top of that we see a big problem in terms of self-determined structuring of one’s day to day life in order to make progress, e.g. learn a new language or following through with new interests. Especially due to the Pandemic we find that many people struggle with motivating themselves to live a structured and balanced lifestyle. Many people find themselves in the situation that they don’t know what they should do with their free time and start suffering from mental health issues such as depression or burn out. In our interviews that we scheduled with people with mental health issues, most of them declared that they would need assistance that structures their day and tells them what they need to do in order to get out of bed. Of course we don’t want to replace therapy with our service! We want to act as a supplementary help to increase chances of success for these patients to get healthy again.

Nearly 80% of all participants in our questionnaire state that time management is important for them:

Here you can see a few answers we got from our respondents that demonstrate the need for a tool that integrates time management with mindfulness:

Especially the topics around mindfulness practices get high resonance among our participants:

The promises that Mindbeast makes with its business model appeal to more than 90% of all participants:

Our vision to build a tool that is an equivalent to a real secretary just a digital non-human version appeals to more than 70% of our participants:

The problem we’ve seen in the market: Digital is everywhere and we try to keep track of what's going on around us. There are no boundaries anymore in terms of place and time of when to do what. We need to set the boundaries ourselves. And most of us struggle at “what to do when”; we lose track of how much time we spend for what kind of task or situation. The time is running by and we find ourselves living in a "Momo" like world, were everybody is rushing and forgetting at the same time as being frozen in action because we have too many possibilities.

Solution (product or service)

The smart solution to the problems that we mentioned above: We need help! And we are allowed to get help, not just as a CEO in a multimillion dollar business. We are all allowed to get assistance in managing our day, our goals and meetings and our work-life balance. And with our solution this dream comes to reality. It is less expansive, won't forget a singly thing, always kind to yourself and all your secrets will be safe with it: The solution is called "MINDBEAST", your personal digital assistant. No need to spend time on planning and organizing. Mindbeast does it for you. Mindbeast automatically plans breaks, study or sport time into your day so that you will be able to reach the goals you set yourself.

Mindbeast will be launched as website and App. We develop API intersections to our selected partners. In the beginning the time tables will be organized manually until our machine learning algorithm is smart enough to automate this. In a second step we want to integrate voice applications so that our customers can even talk with Minbeast. For questions regarding the product and features we integrate a chatbot function. Mindbeast will also help you to keep track of how much time you then actually spend on the different tasks and adjust your timetable in real time. Together with our flagship solution of learning journey the Mindbeast tool allows people to learn new things in their pace anywhere at any time. We have life coaching sessions as well as pre-recorded sessions that can be played on demand depending on the topic and subscription option of the client.

Our business model is based on a subscription fee for users with different upselling options ((higher rates include one-on-.one coaching sessions etc.) And a service fee of 5% (average depending on the service) of our partners (third party integrations e.g. coachings etc.
Nearly 80% of all participants in our questionnaire state that time management is important for them:




Here you can see a few answers we got fr om our respondents that demonstrate the need for a tool that integrates time management with mindfulness:





Especially the topics around mindfulness practices get high resonance among our participants:





The promises that Mindbeast makes with its business model appeal to more than 90% of all participants:







Our vision to build a tool that is an equivalent to a real secretary just a digital non-human version appeals to more than 70% of our participants:




The problem we’ve seen in the market: Digital is everywhere and we try to keep track of what's going on around us. There are no boundaries anymore in terms of place and time of when to do what. We need to set the boundaries ourselves. And most of us struggle at “what to do when”; we lose track of how much time we spend for what kind of task or situation. The time is running by and we find ourselves living in a "Momo" like world, were everybody is rushing and forgetting at the same time as being frozen in action because we have too many possibilities. Mindbeast gives the community of hard working and busy people what they need. A secretary that helps them to bring everything under one roof. Our AI will be trained to make smart suggestions when it’s a good time to grab a coffee with a friend and when its better to rest or have some focus time depending on your lifestyle and preferences. Additionally we don’t leave our clients wondering around in the worldwide web to find the best offer of fitness, recipes, education or whatever. We make it simple. We have predefined selected partners of highest quality from which we then give our clients the best three options to choose. No waste of time wandering around the internet to end up being completely confused which option is now the best one.
But Mindbeast is not only for busy people. Mindbeast focuses on four major customer segments:

1. B2B: give your employees the chance to have a healthy and balanced work-life. It adds to your triple bottom line, makes your employees more productive, happy and integrates education, performance, health and work sessions into their day.

2. B2B. especially startups need assistance in keeping track of multiple tasks at hand. Most incubators focus on the hard facts, e.g. how to raise capital, optimizing product-market fit etc. But what is currently lacking in the entrepreneurial world is the psychological aspect of how to teach resilience, keeping a health and sustainable work pace without burning out. Mindfulness practices are very important but especially when the pressure gets too high people simply skip these things. Mindbeast makes it easy not to skip. Mindbeast takes a lot of pressure from the shoulders of entrepreneurs because each time table is made individually and each person gets his or her customized learning journey together with breaks, time for friends and hobbys planned out.

3. B2C: students, freelancer, working parents, CxOs: People who have a lot of balls in the air (see above)

4. B2C: people with the need for a new direction in life. We believe that especially the Covid pandemic leaves a lot of people alone with their life. A lot of structure has been taken away from us and many people need or want to change something in their life. We are there for them. It is very hard to find a new direction without help but most people are too proud to ask for help and are lost wondering what would fit and how they could give their life a meaning. Especially people with mental help issues such as depression, burn out or similar will benefit from our tool because what these people need most is structure that tells them hat they need to do day by day.

These hypotheses are all validated and tested, we made customer interviews, questionnaires and used secondary data from market research institutes and academic institutes.

How are we going to make money and what do we need to do to succeed?

• The key resources we need to make things work: Developer expertise, PaaS knowhow, Content creators, experts for life experiences (e.g. yoga teacher, cook, bartender, meditation trainer etc.) customer support (B2B and B2C), sales, chatbot and AI knowledge (e.g. blits), third party network integration
• The key activities we’ll need to carry out to make your business work: develop automation of planning your day, content creation for MVP features (fitness, health food, sleep resources, wellness etc.), sales and marketing, finding investors and partners, storytelling and branding, defining revenue models
• The partnerships we’ll need to establish: B2B to have key accounts, experts in areas such as fitness, culture, health, wellness, life coaching, book stores or vacation/wellness locations
• A description of our cost structure: mainly IT (development and support), sales and marketing, content generation (professional video, audio etc.), automation
• A presentation of your revenue streams and how we’ll ultimately make some cash: B2B (law firms, consultancies, franchises, hospitals, etc.) B2C (students, creatives, digital nomads, freelancers, people who want to make more out of their life, who want to get their life under control, change sth in their life)

Look and Feel

• Clean and simple → Information can easily be found and read, only be confronted with information that is pertinent to the user
• Intuitive → work as expected, interact wh ere expected
• Modern and visionary → New approach to time management
• Useful → only deliver information that is relevant to a user and helpful so that people can act)
• assistant to improve day-to-day things people don’t have the time (or the idea) to think about
• Clever → things work simpler than expected, user has to do less than expected to get a desired outcome
• Slightly surprising → small bonus
• Fun → engaging, entertaining interactions
• Trustworthy and professional → attention to detail, problem-free

The market we want to enter: mobile health applications (digital health: SaaS, health and fitness, personal development, productivity

Competitors

Time to get to know who we’re up against.

Main competitors in time management:
• Time Doctor. A comprehensive time tracking tool that ensures distraction-free work time using screenshot recording, app monitoring, website tracking, and GPS tracking tools. View this Time Doctor review to learn more.
• Wrike. A robust project management system with a time-tracking feature that supports both automatic tracking and manual entry. Check out its complete feature set in our Wrike review.
• ProjectManager. A cloud-based solution for project management that provides tools for time tracking, timesheet creation, and productivity reporting. Learn more about it in our in-depth Project Manager review.
• Clarizen. A collaborative work management system with time tracking tools to ensure employee accountability and productivity. For more information about its features, check out our Clarizen review.
• Zoho Projects. A project planning software and collaboration tool with time tracking and time logging capabilities for better productivity tracking. See what else it has to offer in this Zoho Projects review.

Main competitors in mindfulness:
• Calm: #1 app for Sleep, Meditation and Relaxation
• Fabulous: Fabulous will help you build healthy rituals into your life by employing the same method that elite athletes and successful entrepreneurs use to rise to the top of their games.
• Atmosphere: Atmosphere is the perfect app to relax. Enjoy a variety of relaxing and soothing sounds divided into different environments.
• Insight Timmerapp for sleep, anxiety and stress
• SleepOrbit: Mix and match as many sleep sounds together as you like
• Prana breath: Prana Breath is the app that makes breathing gymnastics and meditation easy. Breathing gymnastics and meditative practices provide you

Main competitors in education applications (mobile learning):
• Duolingo: Duolingo is an American language-learning website and mobile app, as well as a digital language proficiency assessment exam.
• Udemy: Udemy, Inc. is an American massive open online course provider aimed at professional adults and students.
• Coursera: Coursera is an American massive open online course provider founded in 2012 by Stanford University computer science professors Daphne Koller and Andrew Ng. Coursera works with universities and other organizations to offer online courses, certifications, and degrees in a variety of subjects.

Advantages or differentiators

Our competitive advantages:

•digital assistant that keeps secrets
•digital secretary that doesn't forget
•an assistant that is less expensive than a secretary
•all-in-one, you don't need to research for every part of your life
•not only storage of inputs but efficient organization of time slots done for you
•work-life balance gets planned
•multiclient system
•experts and partner network

Finance

in-app purchase. Freemium business model.
1. subscription fee for membership including the usage of our platform. 2. An itial fee for a one-on-one session on setting up the individual time table 3. third party intergrations (new features, each one costs) 4. special retreats and physical coaching sessions as premium services 5. individualized learning journeys for companies as white label solutions

cost strucutre:
What are the most important costs inherent in our business model?: personal resources (HR, certifications)
Which Key Resources are most expensive?: developer
Which Key Activities are most expensive? marketing, events/ PR

OUR BUSINESS IS MORE Value Driven (focused on value creation, premium value proposition instead of automation (at least for now)

SAMPLE CHARACTERISTICS
Fixed Costs (salaries, rents, utilities), Variable costs (marketing, individual time tables), Economies of scale (content for time tables), Economies of scope (third party integrations)

Business model

key partners. 1. yoga teacher 2. mindfullness teacher 3. book store (e.g. story shots) 4. VCs 5. Incubators / Accelerator 6. life coaches 7. startups (e.g. coachify, actio, selfapy, simpleclub, calm, rockies_and_rockers, classpass, …) 8. travel agencies

key activites: 1. build a platform with individualized timetables and time tracking content 2. generate content for each segment of body (fitness, food), mind (education, performance), heart (hobbies) and soul (meditation, mindfulness) 3. develop timetabke structures 4. develop algorithm for smart adaption of time slots during the day

value propositions: 1. a personalized help for day-to-day planning including mindfulness time slots. 2.positive habit building technology 3. healthier lifestyle 4. productivity increase 5.smart used resources and time availability

key resources: IT services FTC, network effect, platform architecture, knowledge base (cubeacademy), AI think tank berlin, thid party integration partnerships, psychological expertise

customer relationships: trustful, bold, yet professional personal relationships, personal answering of questions, chatbot intergration on website, webinar, vlog and podcast as image building

Channels: app, website, online (social media, linkedin, meetup, eventbrite, clubhouse, podcast, blog) offline: co-working spaces, workshops Kanalstr., (inter)national events

customer segments: 1.VCs 2. scaling startups 3. businesses with focus on employee engagement 4. retreat center 5. students 6. people with high performer mentality 7. people with mental health issues

Money will be spent on

As we continue to build out and optimize the beta version of our platform, we are placing an impetus on user acquisition over monetization during the early days. We’re committed to achieving technical perfection first and foremost, as we understand the importance of turning all of our customers into committed lifetime users. Our business model has been crafted to generate this repeat business; in fact, we are offering mindbeast for free for up to one year to the first 1,000 users to register an account. Though this is the company’s first funding round, our Founder does have experience in building profitable ventures – scaling up to 4 offices in Europe. This gives us full confidence as we enter into a similar situation with Mindbeast. We are turning to the investment community for a pre-seed capital infusion of $500.000 in order to jumpstart our vision into a fully functional startup. Investors will be compensated in the form of equity shares in our company, based on a pre-money valuation of $1.500.000. While the fully invested amount will net an investor of mindbeast (1.500.000 shares), one can partner with us for as little as $50.000

Offer for investor

25% of the company for $ 500 000

Team or Management

Risks

• Product risks: What can slow down or prevent the development of your product?: Lac of resources in IT, lack of funding
• Market risks: Is there a risk that the market won't grow as expected? High competition
• People risks: Are there any potential challenges regarding your team?
• Financial risks: Could you run out of money?
• Competitive risks: Which of your competitors can become real threats to your success?

SWOT analysis


• Strengths: Hook model, third party integrations, principal expertise, great content for educational learning journeys, young image, inhouse solutions for e.g. learning journeys, yoga etc., automated digital assistance, corporation and transparency within groups for calendars, planned work-life balance
• Weaknesses: Lack of funding, lack of strategic relationships
• Opportunities: Untapped market, fast growth, high demand due to pandemic, high demand for work-life balance, stability and assistance in developing goals and purposeful living experiences
• Threats: Competition, high erosion

Incubation/Acceleration programs accomplishment

Participation in Unicorn Smashed Potatoes Incubator program.

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