Good Psyche | Application Preview
Good Psyche is applying for government grants to support its growth and product development in 2023. The funding will be allocated across three quarters: focusing first on inventory production in Q1, then on pre-launch operations in Q2, and finally directing funds toward marketing and public relations in Q3 as the brand prepares for launch in late Summer or early Fall.
The company's strategy centers on six key pillars aimed at acquiring customers and building brand loyalty. These include active engagement on social media platforms, public relations outreach, local community events in Austin, influencer partnerships, brand collaborations, and strategic distribution channels, both locally and nationally. Education is also a priority, with plans for podcasts, in-person events, and various media content to connect with consumers.
Good Psyche plans to launch with two product SKUs, targeting 10,000 units and projecting sales to scale to over 500,000 units by the fourth year, with anticipated revenue of $15 million. The business aims for a product margin of 76%, allowing it to become cash flow positive by the 18th month after launch and making room for retail expansion in its second year.
The mission of Good Psyche is to address the fragmented approach consumers face in the beauty, wellness, and mental health industries. The brand aims to provide versatile, multi-purpose products derived from mushrooms and medicinal plants to enhance overall well-being. The founder's journey through mental and physical health challenges led to the creation of Good Psyche, promoting the benefits of immersive care that blends beauty, wellness, and mental health.
Good Psyche faces competition from established brands like Moon Juice and Four Sigmatic, but differentiates itself through its focus on emotional well-being and its unique delivery methods, such as a calming facial mist and mood-boosting mouth spray. The brand intends to highlight the benefits of legal, well-researched adaptogens and fungi, positioning itself as a leading name in the evolving wellness space.
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General Information
Business Registration Number: 32075923329
Location: Austin, TX, United States
Length of Operation: 1-5
Number of Employees: 1-10 Employees
Annual Gross Income: Less than $100k
Annual Gross Expense: Less than $100k
Open to Loans: NO
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Funding Usage
Depending on when the grant is awarded, the grant money will go directly towards one of these buckets. Our Q1 2023 focus is on inventory production, including packaging and manufacturing purchase orders. Q2 2023 focus is on pre launch operations, and Q3 2023 will primarily focus on marketing and PR efforts as we intend to launch late Summer/early Fall. Working capital expenses span across all of the above.
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Business Plan
Our growth strategy includes six core pillars to acquire customers, develop brand loyalty, and expand our market: - Brand social channels (IG, TikTok, Pinterest, Facebook, and BReal) - PR outreach to editors, influencers and business press - Eventing - because we are a homegrown Austin brand, we will host local events to build community and buzz for the Good Psyche brand - Influencer relations: eventual paid partnerships with major influencers to reach a wider audience - Brand partnerships including collaboration on products, events, education, and marketing - Strategic distribution including local and national retail, and online marketplaces Education is also a big part of our community-building and customer acquisition approach, and we will employ podcasts, in-person events, print and digital media to educate and grow our consumer base. Good Psyche will launch in 2023 with two product SKUs and 10k total units, scaling to over 500k unit sales in our fourth year, projected to hit $15M in revenue. Based on COGS, our product margins sit at 76%, which will allow us to become cash flow positive by month 18 post launch and give us room to expand into retail markets in our second year. With the revenue generated and continued funding rounds, we will expand our product line to offer consumers new and exciting product experiences, immersive events, and co-branded product partnerships. What this looks like in a timeline: Year 1: E-commerce DTC Year 2: Establish 5-10 local retail partners and 1-3 online marketplace partnerships Year 3: Establish GP in nationwide distribution partners (Blue Mercury, Sephora, Ulta, Thrive Market, Goop) Year 4: Expand retail and international distribution partnerships To see our complete brand explainer video, investor pitch deck, and website, please visit the links in our linktree: https://linktr.ee/goodpsyche After my own long and winding journey with my mental and physical health, I founded Good Psyche on the premise that mushrooms and medicinal plants can bring balance to the body, solace to the mind, and have a positive impact on perspective, self-awareness, and prosocial behavior. At Good Psyche, we're making topical and ingestible goods with benefits that span across beauty, wellness, and mental health. The problem we're addressing is that consumers today are forced to engage with the beauty, wellness, and mental health industries separately, often navigating conflicting messaging, costly barriers to entry, and an overwhelming number of products required to address very common human experiences like feelings of anxiety, depression, fatigue, and symptoms of inflammation. What we've found, is that consumers are seeking more versatile, multi-purpose products that are easy to access, easy to use, provide lasting benefits, and balance the body and mind both inside and out to elevate their overall wellbeing. Good Psyche is creating a new corner of the market for personal care and consumer packaged goods that addresses common but under-treated issues like anxiety, fatigue, and inflammation. Immersive care offers customers a 360-degree approach to well-being with products that are easy to use and span across beauty, wellness, and mental health. First developing prototypes on my mother's medicinal herb farm, I built Good Psyche to pique the curiosity of those seeking to evolve, and set forth to demystify fungi and plant medicine to lead the way towards a more connected, empathetic, and self-aware society. With a combined 12 years of experience across a diverse set of industries from tech to healthcare to mental wellness and consulting, working for companies like Headspace, Deloitte, and Amazon, I have extensive knowledge of e-commerce, product development and growth, and most importantly, direct exposure to the demand for accessible, affordable immersive care. I've conducted hundreds of hours of user interviews across the spectrum of healthcare and mental health and wellness to discover the ways in which existing markets are falling short. Through my research and discovery, I identified the immense potential for fungi and medicinal plants to serve a major role in improving physical health as well as providing preventative and corrective care, such as combating chronic inflammation (one of the biggest root causes of chronic health conditions), and also its potential to provide sustaining improvements to cognitive wellness like mood, memory, focus, energy and sleep. In addition, I studied advanced skincare ingredients and medical aesthetic treatments at the Texas Laser and Aesthetics Academy which helped me to formulate and develop our calming facial mist. I intend to bring Good Psyche to the forefront of this evolving space as the leading brand spearheading immersive care to make wellbeing accessible, and to elevate the quality of life for individuals and communities alike.
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Self Identified Competition
Moon Juice: Currently sold in Sephora. Comparable price points ($30-100). Topicals and ingestibles formulated with mushrooms and medicinal plants. Focus on beauty and wellness. Well established. Mostly female customers. Four Sigmatic: Mushroom company making mushroom coffees and supplements. Well established. Credible. Super Mush: Mushroom tinctures. New to market. Building a strong community through founder's podcast, events, and brand partnerships. *None are heavily focused on emotional wellbeing like GP. Competitors are mostly focused on mushrooms for their internal (anatomical) and cognitive benefits. Good Psyche's concept of immersive care offers a unique approach to topical, internal, and cognitive wellbeing with a simple, elevated, and pleasant delivery method (mist). We are launching summer of 2023 with two product SKUs: our calming facial mist and our ingestible mood-boosting mouth spray (both easy, pleasant delivery methods). Our bespoke formulas are 100% owned by Good Psyche and use lesser-known, highly efficacious ingredients that improve mood, increase energy, reduce anxiety and pain internally, and soothe, hydrate and nourish externally. Sound too good to be true? Check out our video & deck in the linktree to see how our star ingredients perform. https://linktr.ee/goodpsyche While the rest of the mental health industry is distracted by the promise of psychedelics, Good Psyche will forge ahead with LEGAL, tried and true empathogens, adaptogens, and aphrodisiacs (fungi and medicinal plants) that provide the same benefits consumers seek from psychedelics and pharmaceuticals in a way that is safe, accessible, and without barrier to entry.
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