Vatorx2
myChef
Location: Venice, Venice, California, United States United States
Founded in: 2010
Stage: Revenue generating
Number of employees: 1-5
Short URL: vator.co/mychef
Followers (430)
Vatorx1

myChef

delicious.doable.
Startup/business
Venice, California, United States United States
http://www.mychefonline.com
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Company description

myChef (www.mychefonline.com) is an online cooking resource for a new generation of home chefs: young professional females who live busy, on the go lifestyles but have the latent desire to cook at home. Currently, these individuals do not have the tools or the time to make cooking at home a reality. myChef’s unique technology takes the pain and hassle out of cooking so that delicious doable meals are possible.

 


Team
Business model

myChef generates revenue through three tracks: affiliate revenue, coupon revenue and advertising revenue. The largest driver of affiliate revenue will be CPA referrals to online grocery delivery services, such as Peapod, which exist in the majority of
metropolitan areas where myChef users are located. Additional affiliate revenue will be driven from kitchen equipment retailers, such as Williams-Sonoma. Coupon revenue from food brands is another source of myChef revenue. Food brands
have large promotional budgets and significant margins that make online couponing a growing market. In the myChef financial model however, the percentage of users accessing online coupons is estimated at a conservative 10%, given that the
myChef target demographic are not generally coupon clippers. Advertising revenue in the form of email campaigns à la Daily Candy is projected to be a source of revenue starting in Y2. The high income users of myChef are valuable advertising
demographic that could attract diverse advertisers such as Visa Signature and local high end restaurants.

Competitive advantage

The recipe website space is undoubtedly crowded. However, rather than competing with existing incumbents like epicurious and allrecipes.com, myChef serves a niche demographic for which its technology is a “killer app,” providing targeted content that is generally unavailable (e.g., while recipes for families of 4 are in abundant supply, quick, gourmet recipes for 1-2 people are in short supply). Further, rather than catering to a demographic that already cooks at home, myChef is designed to serve customers who currently rely on take-out, prepared food, or dining out, and appeals to these users’ sensibilities and constraints. myChef’s proprietary recommendations algorithm, high quality content, and high user switching costs protect its position from copy-cat competitors.