Problem Statement: Global employee wellness spend has grown 22% in the past year and is expected to exceed $100B by 2028. Large corporations are spending upwards of $200 per employee per month to support mental wellness, creating a dozen mental health unicorns. Yet few solutions and very little data are available for midsize and small businesses, who are losing employees at record rates following 15 months of stress and isolation. Surely the market for mental wellness, healthy team environments, and better performance isn’t limited to Fortune 500 companies.
Scope for Innovation: Over the last years we have seen many different solutions focussing on different aspects of employee mental health. From meditation and mindfulness apps to chatbots tackling everything from sleep to marital problems, this market seems to have burst into existence and startups are being heavily promoted and funded left and right. All these solutions have their merit and as long as they provide value to businesses and their employees the market will keep on growing and expanding as adoption of these technologies becomes more and more natural. There are some considerations to make though when looking at these solutions. First, people tend to be hesitant in their acceptance and adoption of app-based products. Picking up your phone to fill in review forms is distracting and usage of this methodology limits engagement in the long term. Second, scientific backing is becoming increasingly important as the mental health problems we are facing seem to be becoming more severe. Luckily, we think we found a solution that could cover both these aspects.
Founded in 2019 by Dr. Drew Brazier, Daniel Cunningham, and Sourabh Kothari, our Solution of the Week, Mindcurrent is an American data science startup using micro suggestions (<2 mins) to reduce burnout and improve mental wellness across small and midsize businesses. Given the low employee adoption rates for wellness apps, Mindcurrent delivers its entire solution through Slack and Microsoft Teams. By analyzing each team’s data with complete privacy, their algorithm identifies leading stress factors and provides practical recommendations any team member or manager can implement within minutes. Described by NPR Radio as “a Fitbit for your brain”, this Portland-based team has won numerous awards for their use of performance psychology to reduce stress while increasing the ability for remote teams to remain focused. Serving employees across North America, Europe, and Asia, Mindcurrent is further automating its platform to reach a truly global workforce.