🏥 “‘LinkedIin for doctors’” is a $10B idea


June 29, 2021

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The Hustle

The average national gas price is now $3.10 per gallon — the highest since 2014. Worse yet, a shortage of tank truck drivers is making it hard for gas stations to meet demand.

If you’re hitting the road for the 4th, you may want to pack a couple extra bucks.

The big idea
doctors

The ‘LinkedIn for Doctors’ just went public and it’s worth $10B

The tech industry loves throwing around the phrase “Uber for X” as a quick way to explain on-demand startup ideas.

Turns out “LinkedIn for X” may have been a better frame. Doximity — a “LinkedIn for doctors” — went public last Thursday…

… and in 2 trading days, the company saw its market value ~2x to ~$10B.

Doximity was founded in 2009

The initial team included 2 tech veterans (Jeff Tangney, Shari Buck) and a doctor (Nate Gross).

Doximity set out with the goal of fixing the medical community’s antiquated communication methods. Tangney, who is CEO, tells CNBC that 80% of communication is done via snail mail and fax.

The solution: build a medical social network

In the decade since launch, Doximity has 1.8m medical professionals in the US (including 80%+ of physicians) on its platform.

While building out the user base, the startup also created a secure way for doctors to share information with patients and other doctors.

Like LinkedIn, Doximity has a 2-pronged revenue approach:

  • Ads: Drugmakers market treatments to very niche audiences, while health systems “promote content” to doctors.
  • Recruiting: Hospitals and health facilities use it to fill open roles.

Doximity’s sales hit $200m+ in 2020

Future revenue growth could be capped by the fact that Doximity already has most of America’s doctors on the platform.

Tangney says opportunities still exist to upsell services, and the health tech firm is making a play for the $4.3B telehealth opportunity.

One thing is for sure: Doximity knows its audience. It allocated 15% of its IPO to doctors on the platform. Thousands participated and saw a combined $91m investment increase to $195m after the stock pop.

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SNIPPETS

English farmland is going solar. Applications for new solar farms in the east of England account for 840 megawatts. #clean-energy

Did you know Western Union has been transferring money electronically since 1871? It’s focusing on its digital presence to compete with fintech. #fintech-cryptocurrency

Tapcart, which bills itself as the “Shopify for mobile apps,” snags $50m in Series B. #ecommerce-retail

Fresh off its Depop acquisition, Etsy will buy its Brazilian rival — Elo7 — for $217m. #ecommerce-retail

SpaceX wants to take its Starship into orbit in July. If it happens, it’ll be the first time the ship’s left Earth’s atmosphere. #emerging-tech

The $2k+ Magic Leap didn’t hit as a consumer product, but CEO Peggy Johnson finds promise in a pivot to medicine and manufacturing. #emerging-tech

YouTube’s 4K playback and offline downloads are here — for ~$20 a month. Dolby 5.1 surround sound is coming to all subscribers. #big-tech

An Amazon delivery driver says she was abruptly fired by an algorithm, causing her to almost lose her home. #big-tech

Remote Rules
Charlie Munger quote

A law in Colorado is costing residents remote work opportunities

Colorado’s Equal Pay for Equal Work Act — a set of laws aimed at ending wage discrimination, especially for women and minorities —  went into effect earlier this year.

But instead of adhering to the legislation, some companies have decided to exclude Colorado-based remote employees in job listings.

Why?

The act specifies that employers hiring in Colorado must include an expected salary range and benefits in job posts. Some reports claim that companies don’t want to reveal their cards.

But according to the fine print, employers:

  • Don’t need to end up paying inside that range, as long as they genuinely feel the range listed was their true expected budget.
  • Can still pay different wages for similar work, if they can prove it’s based on seniority, merit, productivity, or training/education.
  • Can’t force a prospective employee to disclose their past wages.

While this may not merit a statewide hiring blackout…

… there’s a 2nd part to the law. It focuses on corporate advancement and requires any company with a single Colorado employee to:

  • Alert all employees of all opportunities for promotion or employment on the same calendar day, or risk facing litigation.
  • Pay a fine of $500-$10k for each opportunity or job posting they fail to share properly.

Even if these rules are a good idea, they demand new systems and processes for any business hiring in Colorado. Many are balking, so it’s looking like a “cobra effect” law: when a well-intentioned rule backfires.

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Trippy tech
Tripp app

Tripp raises $11m for psychedelic VR meditation

Good news for the CEO who said he was fired for microdosing at work.

Tripp — a Los Angeles-based VR meditation and wellness app — just scored $11m in funding. Its CEO Nanea Reeves tells TechCrunch that Tripp can be a “low-friction alternative” to taking psychedelics.

“The idea is to take mindfulness structures and video game mechanics together to see if we can actually hack the way that you feel,” she said.

Tripp offers several experiences…

… designed for relaxation, focus, and meditation.

Owners of VR headsets — like Facebook’s Oculus and PlayStation VR — pay a subscription fee ($4.99/month, $14.99/year, $29.99 for life) for:

  • Daily calming exercises
  • Meditations on gratitude in a field of giant mushrooms
  • “Escapes” to a Bavarian cow pasture or a beach in Mallorca
  • The ability to “compose” their own experiences

Per TechCrunch, Tripp also envisions itself as a possible in-office wellness option — assuming you don’t mind going back to work with VR headset lines on your face.

Mindfulness apps are in right now:

  • Calm saw downloads increase by 1/3 amid the pandemic and is now valued at $2B, per The Atlantic.
  • Headspace — which made itself free to LA County residents during the pandemic — has scored partnerships with Apple Podcasts, Netflix, and Microsoft. It has raised $200m+.

For something especially trippy, check out Atlas V’s Ayahuasca VR: A Kosmik Journey.

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TRENDS

How you can get in on a $47B market…

Recently, our team of analysts released a report on the fast-growing number of male fertility startups.

This is an area that is receiving a huge amount of funding.

(The global fertility market as a whole is on track to exceed $47B as soon as 2030.)

Now, here’s the good news for you:

There are still huge opportunities in well-funded niches of this market.

And, to make it easy for you, we’ve outlined those opportunities in our team’s report on the male fertility industry.

When you read through, you’ll learn:

  • Who the newest players in the space are, and the niches that still need solutions
  • How one company in the space went from zero to a $10m Series A in April of this year
  • Strategies, tactics, and tips so that you can start building immediately
  • And much, much more

If you’re not already a member of Trends, sign up today for a $1 trial to get access to the full report.

Get Access →
Chart of the day
hedge fund fees over time

Hedge fund fees ain’t what they used to be (Source: CNBC)

A famous hedge fund term is “2-and-20.” It refers to the fees that hedge fund managers charge their clients:

  • a 2% management fee (which is guaranteed and is calculated as a % of how much money the hedge fund manages)
  • a 20% performance fee (which is calculated on how much the fund gains in value, usually above a minimum level)

According to CNBC, these fees have fallen to 1.4% and 16.4%, respectively.

While “2-and-20” had a good run, the all-time best number shorthand in finance remains “3-6-3,” which referred to how easy bank lenders had it in the 1950s, ’60s and ’70s.

To paraphrase: “You pay clients 3% on deposits, lend money at 6%, and go to the golf course at 3pm.” Classic!

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