The problem
Millennial employees start their career under performance pressure, with little time or guidance to explore their personal needs and sustain their wellbeing. COVID had a strong impact as they experience increasing burnout rates, change of personal values and lack of purpose. As a result of a communication barrier, more than 20% of Millennials have quit their jobs in 2022 leaving their talent managers clueless of the reasons and a new challenge - to become wellbeing experts overnight.
The solution
Short term the available solution is:
- • A 15h group training for Millennial employees with a digital toolbox of 30+ design tools. The training can be done online or hybrid, available for interested B2B customers internationally.
- The training is a personalized group experience with all elements of the design process, guiding each employee in creating a Life Vision to gain confidence and clarity.
Long term solution is:
- • A wellbeing-as-a-service (WaaS) platform enhanced by the Life Vision training. The platform gives access to a personalized user space with the interactive design toolbox of 30+ tools on demand. It allows Millennial employees to collect insights on their changing needs, update their Life Vision and measure their wellbeing while maintaining clarity on their priorities.
- • The platform also gives an overview for employers of the socio-economic impact of life design activities on their business, encouraging more B2B customers to attract Millennials.
- • The timeline - a 2nd round of customer research until early 2023 will validate the type of “socio-economic incentive” interesting for B2B customers. With an initial investment, the platform development can start in summer 2023. Potential developers are an experienced software development agency the founder is in co
- • The solution will be offered for free for 6 months in return of customer feedback.
Market size
HR tech equals USD 24 billion, Self-care equals USD 11 billion and WaaS equals USD 2,2 billion.
Customers
3 customer segments have been identified:
- 1. Graduate Programs - companies of a bigger size with an identifiable Graduate Programs such as Hempel, Arla etc. Most of them are 1-2 year-long with a set of activities for new young employees. The challenge is retention rate is low or there is no graduate-department fit
- 2. Scale-Ups – start-ups at a later funding stage, for whom it is very important to find the right match of values and performance of talent, and also keep their wellbeing under pressure of scaling. These companies often want to publicly show social / environmental impact for better reputation, to attract Millennial talent and to save on public taxes. They are aware that the majority of Millennials change jobs every 2-3 years
- 3. Professional Unions – organizations that cares for the interests of young professionals e.g. IDA, offering variety of trainings, materials and coaching. The challenge is they often focus on career coaching and underestimate the need for a more holistic approach
Interestingly, academic institutions also reach out – especially with interest for PhD students. Yet, they have limited funding for a large number of participants.
Business model
15h Life Design training, DKK 4,500 per employee.
6 months free software use. Annual company subscription paid further.
Team
A female solo-founder with a degree in Innovation and Entrepreneurship at CBS, full-time
A professor from KU specialized in social open innovation, project-based researcher
A co-founder of start-up for data-driven IT solutions, project-based researcher
A co-founder of a SaaS start-up mentoring on digital business, business advisor
A software development agency supporting early-stage start-ups, software developer
Status / Traction
Seed – talking to a potential angel investor
