Can products and business ACTUALLY cure loneliness?
Venture Capital firm NFX bets that we are entering a new wave of social businesses and apps. Some businesses have gotten a head start. Robin the Robot helps children beat loneliness in hospitals. Miit is a location based app that helps you connect with people with similar interests and values. Some apps focus on support, such as HearMe, 7cups and TalkLife. We’ve also seen Facebook shift its strategic focus to groups and private communities features.
But will people actually pay money to feel connected? Discord and TikTok have been the only major social companies founded in the past 8 years (the latter is yet another attention-driven business model).
Today, however, is different. The pandemic has changed the way people use technology. As James Currier, venture partner at NFX, puts it:
- “Digital media and social products are no longer distractions, they are central to the functioning of society.”
- “The distance between our work identities and our home identities have blurred. There’s a fundamental shift. We are becoming more exposed, authentic, and integrated, as we see our business counterparts in their homes with their cats, their kids, their spouses, un-showered.”
We now relate to technology and each other differently. Founders may capitalize on this opportunity, especially since new research suggests our angst over social media is misplaced.
Connection was becoming more prominent in brick-and-mortar businesses until COVID hit. Why? Amazon and delivery services were bankrupting traditional retail businesses. Shop owners were forced to innovate to survive. One such model is mission-driven retail businesses. Cafes like Manny’s in San Francisco and Busboy’s and Poets in Washington DC merge coffee, bookstore, and a social justice gathering space. These shops host guest speakers, discussions, and other social initiatives that gets shoppers in the door. Similar hubs could sprout up for health-geeks, music-nerds, and art-buffs. The mix of commerce and mission may prove profitable and give lonely townsfolk an excuse to gather.
Community was also trending in the fitness industry. Chains like Crossfit and SoulCycle have star teachers that attract weekly regulars. These premium services can be a terrific venue for legitimate connection but are inaccessible to much of the thrifty public. Gyms could become a gathering place, but with products like Peloton, other stay-at-home fitness options, and new norms from COVID … gyms may trend downward.
As our world moves online, people may dish out dollars for straight up community. It’s already starting. Women over 50 can join Revel, a pay-for-community rich with discussions and speakers. Others may want to learn podcasting or writing in community through the On Deck fellowship. Other options include Quilt (meaningful conversations), Facebook groups that cost money like Golden Gate Moms, The Wing, The Riveter, Hey Vina (female friendships), The Peanut App (moms).
Businesses can provide a self-sustaining model for connection. We’ll see if these organizations are met with demand.
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