25 Mar Everly Well, the ‘Amazon.com of At-Home Diagnostics’
Ever, meaning at all times or always, is a great way to think about your health: forever and always … everlasting. At least that’s the way that Julia Cheek, cofounder and CEO of Everly Well, and 1 Million Cups presenter (on Wednesday, March 2) likes to think about it. Everly Well is the “Amazon.com of at-home diagnostics,” making results as slick to review as your finances on Mint.com.
Cheek’s idea for Everly Well came to her through her own experience with blood work that she had to get done at the hospital on a day that fit into her busy schedule … only to receive results that she didn’t understand (that is if she received results at all!). She decided that this approach to healthcare couldn’t be farther from consumer-centered. Diagnostic tests are meant to help patients prevent diseases and provide insight into their health and care. Ever wonder if you are gluten-free? Taking your question to Google isn’t exactly the most surefire way to find out. Everly Well wants to put control back into the consumers’ hands, allowing them access to accurate and easy-to-read results on their own schedules, and helping them to think about diagnostics differently.
First things first: Everly Well is an at-home diagnostic. So, you decide on the test that you want and order the kit online. When the kit arrives, you collect the sample using the “Ikea-style” collection instructions for urine, blood and/or saliva, and then you send the specimen to the lab. What’s returned to you are easy-to-use and understand results, produced by regulatory tests, that have been analyzed by some of the top physicians in the country. That’s regulatory tests, i.e., the official ones that the FDA approves of, which is a pretty big distinction between Everly Well and their closest competitors.
Clearly Cheek and her team are doing something right. They closed on a round of funding ($2.5 million!) and are looking for a whole host of new team members to help grow their company, including people in business development, full stack engineers, and those with affiliate/referral network experience.
Because Cheek was polished and pitched well, the community could learn a lot from her presentation … and product!
- Understanding the product is easier when you know your product story … and it solves your own problem!
- Knowing your competitors and cost structure (cold) frees up time in your pitch to talk about other things — like the customer experience (fitting for a customer-centric company).
- The pathway to profitability is paved with gross margins. Knowing them is half the battle. Further, knowing what it’s going to take to be acquired makes you more attractive to investors.
If you’re looking to figure out your finances or chat through your figures, there are hundreds of people in the community who can help. Plus, with tax season upon us, finding an accountant might not be a bad idea … (Maybe Everly Well has a diagnostic test for ulcers … yikes!)