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Mindset
Location: 20 S. Sarah Street , St. Louis, Missouri, United States United States
Founded in: 2015
Stage: Revenue generating
Number of employees: 1-5
Short URL: vator.co/mindset
Awards and mentions
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The LAUNCH Incubator, run by notable Angel investor and founder Jason Calacanis selects 6-8 startups for each of the three yearly sessions: Spring, Fall and Winter. Startup founders meet every Thursday for dinner, a notable speaker & product reviews. After 12 weeks of intense product development our startups launch at San Francisco's largest Startup Festival
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The App Idea Awards is a competition where people compete to get their app idea made for free. The competition is evaluated by the quality of app idea and the ability of the team to execute the idea. Mindset was one of 6 finalists out of thousands of applications to travel to New York and pitch our idea in front of a panel of VCs and industry leaders.
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Mindset

Stress Less. Be More.
Startup/business
St. Louis, Missouri, United States United States
http://www.Mindset-app.com
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Company description

Mindset

Mindset is a wearable and mobile technology-based
mental wellness program for organizations that utilizes real time stress detection, in-app therapies, and personalized analytics to guide users to habitualized self-regulation.

The Mindset system offers awareness like no other device while providing interventions in the moment of stress when individuals need it most. Our data insights engage users in their stress regulation process and build awareness that lends to personal growth. In a country with increasing mental health issues, Mindset looks to decrease stigma and make management accessible.  

 

Mental health has remained in the shadows…  We need to act now because the lost productivity is something the global economy simply cannot afford.  -Jim Yong Kim

Mindset addresses stress in real-time

Mindset identifies stress around the clock and suggests interventions

Choice of stress reduction exercises from evidence-based therapy

Personal, actionable insights  Where do I feel stressed often? Which exercises reduce my stress the most? Am I improving my resiliency over time?

Mindset for Institutions Per participant $100 wearable, $10/month app

Mindset has proven to decrease anxiety and depression in pilot studies and has more research pending in Winter 2017.



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Team
  • Ravi Chacko
    Ravi Chacko | Founder
  • Cara Jacobsen
    Cara Jacobsen | Team member
    Have a Master of Social Work from Saint Louis University. Wrote wellness seminars for Mental Health America of Eastern Missouri. Conduct meditations and hold presentations on wellness in the Saint Louis Area.
Business model

Mindset currently approaches commercialization through two pathways- an organizational wellness strategy and a military/veterans pathway.

Organizational Wellness Strategy: Mindset sells a behavioral wellness solution to organizations. The organizations pay for each individual who opts-in to the Mindset program.

Our initial target organizations are:

Medium to large businesses with wellness budgets and at least one full-time dedicated benefits coordinator Universities with >$1b endowment and a student or staff wellness program

Our target organizations will buy Mindset because:

Businesses spend roughly $6,000 annually per employee due to lost productivity. Universities need happy, productive students who contribute to prestige and endowment. Organizational culture is poisoned by stressed individuals, which challenges recruitment.

Initially we approach this market with a pilot program. Pilot programs allow Mindset team to observe Mindset use and improve upon the product. It also allows the Mindset team to gather data on how the system improves upon the organizations metrics and build a strong sales case to the organization. Pilot programs comprise of no less than 100 individuals participating in the Mindset program for a period of between 6-12 weeks. We price the pilot program at $100 per seat and lease the wearables for the duration of the program. Washington University is the first adopter of this pilot program strategy, with a pilot of 100 students. A pilot at St. Louis University of 100 employees is pending internal grant funding. Another pilot is pending with students in the Paramus New Jersey School District.

We anticipate a pricing model that reflects other corporate and consumer wellness offerings.

The Mindset program will cost a $100/person setup fee, which includes the cost of the wearable. This compares with outright purchase of a Mio wearable at $129, or a Fitbit Charge HR wearable at $149. After setup Mindset will cost a software subscription fee of $10/month/person, competitive with the Headspace program at $13 and TalkSpace program at $128.

Mindset’s cost structure includes the wearable. We currently wholesale Mio Alphas at $90 or $64 in bulk. We also must pay server costs to support additional users. Considering Amazon

EBS storage cost of $.10/GB-month, and total storage after saving ten integers per second of .1GB/month, and quadrupling storage costs for i/o, we estimate additional server costs at $.05 per person. Our margin, assuming bulk wearable purchase and a two-year contract, is 81%.

Mindset simultaneously executes on a military strategy. The US military is driven to improve human performance and decrease mental health risk for military and veterans. The military also has a strong presense in organizations and organizations are always looking for a means to better assimulate the population into their environment.  

Through a $30k Washington University Center for Dissemination and Implementation grant, the Mindset team is pairing with Dr. Rumi Price to study acceptability and feasibility of the Mindset program in a veteran population. The preliminary data from this study will help further a business case for Mindset use in veterans.

To pursue government opportunities, Mindset has partnered with New Market Connect, a Missouri-based government business development firm. Leveraging also relationships with researchers at Washington University. 

 

Competitive advantage

Mindset is an outcomes-focused mHealth program aimed reducing stress, anxiety and depression. Mindset leverages the habit-forming ability of wearables and mobile devices to reach this aim. Mindset’s competitive advantage includes scientifically validated algorithms, a design emphasis, an informative dataset and clinical and translational research expertise,

Proprietary Algorithms: Mindset’s signal processing algorithms were developed during a founder’s fellowship at the National Institute of Mental Health. An emphasis was placed on accurately measuring HRV over short time intervals in a controlled environment. Thesemscientifically-validated algorithms were adapted to wearables and smartphones. Mindset’s implementation incorporates experiential lessons learned along the bench-to- bedside spectrum.

These include careful de-noising and realistic physiological interpretation. Mindset works collaborates with the Heart Rate Variability Lab at Washington University run by Dr. Phyllis Stein. We continue to test validity of our wearables and algorithms by simultaneously recording from wearables and Holter monitors, the goal standard of mobile heart rate tracking. We have also demonstrated accurate stress states classification. All Mindset algorithms are trade secrets and improve with added data.

Habit Forming Mobile Design: Mindset focuses app-design around Nir Eyal’s “Hook Model”. Mindset forms positive habits by triggering app usage intelligently and rewarding usage. We are currently consulting with Nir Eyal, a mentor from the Launch Incubator to perfect the implementation of his model in our app. Mindset emphasized design by working with January Designs and Jason Calacanis on user experience (UX). Early development of in-app user analytics informs UX decisions. In addition to traditional user analytics, Mindset measures changes in stress levels caused by in-app exercises.

Informative Dataset: Mindset collects and analyzes large amounts of objective and subjective mental health data. Continuous heart rate recordings power circadian rhythm analyses in addition to daily, weekly and monthly stress analytics. These are correlated with detected activities (e.g. walking, biking, in a vehicle) and geolocation. This allows pattern recognition of healthy habits and stressful locations. Mindset also collects effectiveness data by objectively measuring changes in stress levels following in-app exercises. Taken together, Mindset’s data provides a unique perspective on mental health and its management.

Clinical and Translational Research Expertise: Institutional resources allow Mindset to focus on proving clinical validity. This focus is echoed by the founding team’s expertise in translating biomedical discoveries into evidence based interventions. The founding team members are recipients of numerous awards for bench-to-bedside research and innovation. Experience and institutional resources powers the development and validation of an effective mHealth application. Validation studies are underway with renowned researchers in Washington University’s Clinical and Translational Research Center including Dr. Jay Piccirillo and Dr. Rumi Price. Washington University’s Center for Dissemination and Implementation funded Mindset studies in conjunction with researchers from the Brown School of Public Health. A patient-centered outcomes-focus exists in every level of Mindset’s offerings. Evidence-based therapies offered by Mindset were curated by world-renowned clinicians from Washington University and St. Louis University including Dr. Dehra Harris, Dr. Robert Cloninger and Dr. Stuart Slavin.

Mindset partners with the Skandalaris Center’s SBIR/STTR experts to further validation and commercialization goals. As the mHealth industry matures, an emphasis will be on teams and technologies with clinical validation. The Mindset founding team is uniquely equipped to meet this challenge.

Mindset is the only app which provides stress notifications followed by actionable interventions.

It is the most comprehensive, broadly applicable solution for stress. Organizational solutions lack a physical and mental component to stress training, so Mindset has higher potential for engagement and behavioral change.