Fundable: Breaking Down the Business Model Highlights of MindRight
Fundable is a series by SLCo where we take a look at the business models of underrepresented founders who's been able to secure funding for their ventures. Using public information we are cracking open the spines of their business models to observe, see what we can learn, what we can teach you, and what you can take away from your own business. We believe a business's worthiness is not tied to investment dollars but understand the need for funding, especially into the pockets of underrepresented founders.
MindRight is a tech startup founded by Ashley Edwards, providing culturally-responsive and trauma-informed mental health coaching to youth and young adults. MindRight has raised a total of $1M in funding over 2 rounds, funded by 5 investors with its founder Ashley being the 1st Black female founder to raise $1 million in venture capital in New Jersey.
MindRight's Vision & Mission
Our mission to make mental health support radically accessible and inclusive.
MindRight Focuses On A Very Visible But Underserved Customer Segment
From parenting blogs to media and entertainment, teens' mental health is always a topic of conversation. But the harsh truth is that businesses understand that many adults let alone a younger demographic, can't afford any help. Visibility can obscures the lack of solutions present in the market.
Who does MindRight Serve?
For lack of a better term, mind right services youth and young adults are looking to get their mind right. Individuals looking for daily ongoing support and understand the is the value of support and mentorship.
During the COVID-19 pandemic, we saw everyone from companies to organizations to telehealth companies like Better Help and Talk Space offer specific aid to those affected by the COVID-19 pandemic; whether from the loss of a loved one, the loss of a job, isolation, loneliness, or depression that occurs when self-isolating for extended periods of time.
Along with wanting to support its members in the day-to-day details of their life. MindRight specifically calls out " issues such as Black Feminist Thought, dismantling white supremacy, radical self-love" as problems they are looking to support their members through. Doing what few are doing, tackling issues that specifically affect marginalized communities in a for-profit structure.
MindRight's Value Proposition for Students
- Free access to a network of coaches
- Daily on-going emotional and support
- Tackling of issues specifically
Coaching vs Counseling
Coaching and counseling for youth is still an incredibly underserved market - despite youth being among the most overmedicated groups in our country. Additionally, coaching is less intimidating than counseling. It also allows MindRight the ability to assemble a group of coaches of individuals with various skills.
Business Model Highlight : How MindRight Delivers It's Service
Not only is MindRight's mission incredible, but it was founded at the perfect time to take advantage of the normalization of Telehealth as a premium option. They've incorporated virtualization by opting to deliver their service through text messaging. As I like to say, there is no greater user interface than the one they are already using.
Business Model Highlight: A Two-Sided Market Allows MindRight to Be Profitable
What defines a two-sided business model pattern is the dependency that each side of the market has on one another, and both are receiving an equally valuable offer. On one side, youth have free access to coaches, and on the other side, MindRight's community partners can get :
- Youth members as well as services to the organization
- Real-time access to aggregated data on youth emotional wellness
- Real-time alerts in escalated and crises, and screening for ACEs scores and trauma exposure.
On the surface, you might mistake the partners as altruists; but MindRight offers health partners an opportunity to reach their personal goals.
Business Case: Preventive Care
Prevented Care is a $1 billion industry. Yes, there is an issue with incentivized billing in many hospitals. Still, hospitals spend millions of dollars a year on patients with unnecessary tests, follow-ups, and referrals. Especially in the case of public hospitals, crisis and emergency departments have to use their resources to help a patient without a guarantee of ever receiving compensation. Preventing a situation from reaching a crisis level saves hospitals and treatment centers millions of dollars. Freeing up the hospital's resources to continue to care for its most critical and vulnerable cases.
Business Case: The Power of Data to Save Millions In Spending
Community partners can also have up-to-date access to data on MindRight's youth members' emotional well-being and use that data to make organizational decisions.
Such as :
How will they be spending their budget?
Who do they need to hire?
How might they use this data to partner with schools, local law enforcement, and government officials to benefit these teens?
Business Model Highlight : Community Partners Play Multiple Roles
Another highlight of MindRight's business model is that its community partners participate in several areas of its business model.
Ultimately why do I think MindRight was fundable?
MindRight provided a value proposition deeply appealing to both sides of its customer segment through its two-sided business model. Beautifully intertwining profit and purpose to create an impactful business.
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Nage is the founder + creative pilot of SLCo & Agency and it's research arm of SLCo Idea Trust. She prides herself on making all this innovation stuff as accessible as possible.