From Student Startup to $77m Business
Two Monash alumni have built a $77m business after launching Mindset Health in 2017 through The Generator’s Accelerator program.
The Generator’s Accelerator Program has played a foundational role in the success of the health technology startup, Mindset Health, which so far has created three digital hypnotherapy apps for managing symptoms of various health conditions, such as irritable bowel syndrome (IBS), menopause, and smoking cessation.
Co-founders, Alex Naoumidis and Chris Naoumidis, were both enrolled in an undergraduate degree at the Monash Business School where their passion for entrepreneurship saw them accepted into the first full Accelerator program run by Monash Generator in 2017.
The brothers' original business idea was a 'dress rental platform' called 'Covet'. However, during the 12-week Generator Accelerator program, they discovered their passion for health and shifted their focus to developing digital apps to help people change their habits and behaviours using hypnotherapy. They partnered with leading researchers and launched Mindset Health by the end of the program.
Mindset Health has now expanded into a number of digital health products, notably Nerva, an app aimed at treating IBS using hypnotherapy, which is based on research emerging at Monash through the work of Dr. Simone Peters and her team.
Since its inception, Mindset Health has raised a total of $24.5m in funding, with an initial $6.7m raised in 2021 and an additional $17.8m to expand into a digital therapeutics company. The success of the company is a testament to the power of innovation and entrepreneurship, as well as the resources and support available through the Monash Generator program.
“Chris and Alex are such a great example of talented individuals who, by focusing on a real need in the world, were able to create a health solution that has changed the lives of so many people living with chronic health conditions. They represent the ethos of entrepreneurship at Monash, which is to use your time, your talent and your passion to create real change in the world.” says Helena Fern, Director of Commercialisation Strategy
If you're inspired by the story of Mindset Health and are looking to launch your own idea into the world, check out the Monash Generator programs and connect with like-minded individuals who are committed to making good things happen. Whether you have a business idea or simply want to learn more about entrepreneurship, the Generator program can provide you with the resources and guidance you need to succeed.