MTRNL - Startup of the Year
Company: MTRNL, Carnation, WA, USA
Company Description: MTRNL is the world's first virtual prenatal yoga studio, serving thousands of millennial mamas around the world as they journey into pregnancy and motherhood. Founded in 2017, MTRNL is positioned to continue scaling into multiple markets in a sustainable way. Winner of the Romper.com "Made It" Award for establishing a mom-owned business that serves millennials. Recipient of two ABA Stevie Awards.
Nomination Category: Company / Organization Categories
Nomination Sub Category: Startup of the Year - Consumer Services Industries
Nomination Title: From Conception to Profit in 9months...
Tell the story about what this nominated organization has achieved since 1 January 2017 (up to 650 words). Focus on specific accomplishments, and relate these accomplishments to past performance or industry norms. Begin this section with the date since 1 January 2016 on which this organization began operations.
Since starting operations in March 2017, MTRNL has quickly established itself as a business that will truly make an impact on maternal health.
MTRNL was profitable within nine months of “opening” it’s “virtual doors”. Through quickly identifying the marketing levers that converted women into enthusiastic yoga students, MTRNL is now serving thousands of women in multiple markets around the world and intends to be serving millions in the years to come.
MTRNL is utilizing technology, marketing and social savvy to evolve a brick-and-mortar yoga studio in a small town in Washington to a virtual yoga experience that can be accessed from anywhere there is an internet connection.
This concept is making prenatal and postnatal yoga accessible to millions of women who don’t have easy access to this OBGYN recommended specialized exercise.
Unlike “youtube yoga” - which many mamas have reported as being boring, insincere, confusing and in many cases dangerous - MTRNL classes are taught via live, interactive video. The teacher can SEE the students in their home when they join the live class. This allows the teacher to provide personal instruction (just like they would in a brick-and-mortar yoga studio) that ensures the mama is practicing safely and getting what she needs out of the class.
Revenue has tripled within a year, and is projected to continue 88% month-on-month growth for the next 12months, with a further 10x growth anticipated by the second half of 2019 as investment in marketing increases.
Average (Annual) Gross Revenue Per Customer is currently $100 per active member.
Attrition is now predictable at around 70% - which is very high, and considered a necessary part of the cost of acquisition (CAC) at birth/pregnancy events because we offer a free trial. Attending these events gives us time to establish a personal connection with the members who decide to continue their subscription.
Even with this high cancellation rate, and a CAC per active member of up to $72, we are seeing an above industry average of 8months to ROI with an anticipated Subscriber ROI of 5x.* (Assuming the trend of students continuing their membership between multiple pregnancies.) *According to TechCrunch, the best subscription businesses have 3x. Subscriber ROI.
Even as the community grows, members continue to provide feedback that affirms our mission of making every mama feel loved, supported and strong.
We will sustain and scale this experience through continuing to identify candidates (such as professional doulas, midwives, yoga teachers and mothers) to act as distribution channels – receiving a recurring commission for each new member they refer to MTRNL. We currently have six individuals earning commission – two midwives, two MTRNL mamas, a doula and a prenatal yoga teacher.
Every month MTRNL donates $5 on behalf of every active member to a maternal health cause or charity. MTRNL Members get to nominate and vote for which organization or individual receives the money each month.
As membership grows, and the revenue devoted to donations becomes more predictable, we intend to launch a not-for-profit organization that will provide grants and support to families who cannot afford to take maternity leave.
Finally, it is important to note that the Founder, Blair Fillingham, worked in the technology industry for 18 years before creating MTRNL. Blair’s previous employer retrenched 7,000 employees on her first day of maternity leave – which included her business group. Instead of leaving her newborn baby at home to find a new role, she decided to take some time to clarify her career goals and personal priorities, while healing from childbirth and savoring time with her daughters. Three years later, MTRNL was created so that she could work part-time, doing work that improved her health AND enabled Blair to leverage her technology marketing experience to grow a business that could make the world a better place for mothers.
In bullet-list form, briefly summarize up to ten (10) of the chief accomplishments of this organization since the beginning of 2017 (up to 150 words).
- Revenue has grown 88% month on month for the past year. Quarterly revenue tripled within 12months.
- Profitable since September 2017. Average of 33% Gross Margin. Compare to Netflix which has an average of 34%.
- 0 – 51 members from March - June 2017; Now at 571 members; Plan in place to achieve 1000 members by January 2019.
- Organically grew Instagram following from 200 to 2,858 through weekly “1min yoga tutorials”.
- Above industry averages for “Subscriber ROI” 5x and Time to Payback 8months.
- Seeded MTRNL with 15 of the world’s leading mommy-blogger influencers and received amplified endorsements from half of them.
- Recipient of the Romper.com “Made It Award”, two American Business Awards and finalist for the MacaroniKid.com “Daisy Awards”.
- MTRNL donations funded the training of midwives in Syria, 11x community midwife micro-grants, women and children’s homeless shelters and other small charities serving mothers.
Of the following measures of success, which ONE do you want the judges to most appreciate about your organization's story of achievement since the beginning of 2017? Corporate Social Responsibility