Maverick Community Update - December + January 2022

Table of Contents

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👍 Highlights

• We ended January 2022 averaging 60 group classes per week and hosting eight personal trainers and therapists in our private training space. The 50+ wellness professionals using our space have grossed over $150K since we've opened. Additionally, we're hosting over 20 wellness disciplines at our location - maverick is trend agnostic.
• We got accepted into ODX, OnDeck's first accelerator cohort (~1% acceptance rate). On top of funding, the program gives us access to an amazing community of other founders and the best investors in the world.
• CAA has come on board as a committed strategic partner and consultant, giving us access to the best creators, influencers, and athletes in the world.
• Mentions & Press:
• Jordan Pascasio, NEXT VENTURES: Hybrid enablement via cloud studios
• Twitter thread mentioning maverick on the importance of production quality in digital fitness
• We've built a fantastic team - click here and here for a good laugh from our holiday party.

📚 Learnings

• Data shows that hybrid (in-person + digital fitness) is the future. Shout out to Fitt Insider for continuously sharing this great data.
• 70% of fitness consumers reported missing their gym as much as they miss family and friends (via McKinsey).
• 25% of all gyms/studios have closed during the pandemic.
• Gyms have rebounded to pre-pandemic levels while at-home-only options are struggling (from Peloton and MIRROR to iFIT and Beachbody).
• Our organic marketing approach (still at $0 in ad spend) is working. The creators in our space are marketing for us.
• We're providing so much value to wellness professionals that word of mouth is our #1 driver of growth. See social post examples in the following ten hyperlinks: 1, 2, 3, 4, 5, 6, 7, 8, 9, 10
• We signed our first corporate partnership deal with a local apartment building with 500+ residents. Shout out to Gabrielle for closing this deal! We're working on figuring out how to best structure these deals in the future with an eye on bringing more awareness to maverick creators.
• The 80/20 rule is in full effect, especially since we changed our pricing last month. Our top 10 creators make up 80% of our revenue but no customer is more than 25% of our revenue.
• Three companies in other industries having big success by focusing on providing the perfect infrastructure for creators:
• Nimbus Kitchen: ghost kitchen in NYC focused on the creator and building community. Nimbus has built an amazing brand.
• Milk Group: full-service film and photography studio for creators.
• TikTok Kitchen: Similar to how TikTok is enabling food/chef creators to sell their popular dishes via TikTok Kitchen, we're trying to partner with TikTok to allow fitness & dance creators to rent space at maverick to film professional content and monetize their fans in-person.
• New interesting concepts in the fitness/wellness space
• FitHauz
• Safe Sweat
• Future, a digital personal training app, raised $75M.

🏃 Next Moves

• Adding a dynamic three-camera system with professional lighting to our spin studio by the end of February. We found AI software that allows for automated camera switching and live editing. See here for how the footage will look. Our focus is to enable wellness creators to produce the highest quality content while ensuring the in-person fitness atmosphere is not disrupted.
• Hiring a spatial designer to improve the design and feel of our Playa Vista location. We only took three weeks to renovate before we opened our first proof of concept location, and we're now bringing in an experienced designer to improve the atmosphere "from the first moment of encounter to the last moment of interaction" (shout out to ArtCenter). A design north star for us is Soho House - they've perfected unique design while still making their spaces relatable and feel like home.
• Looking to bring on a team member that will add more value to the creators in our space. Consulting services centered around brand management, social media, additional distribution channels, etc.
• Adding an autonomous kiosk to help sell merch, food/beverages, and rental equipment without maverick employees.
• Looking in the West Hollywood area for our second location.
• Partnering with Apex Optimizers, the only NFT project focused on health, sleep, and human performance optimization.

🙌 Asks

• Introductions to any landlords with beautiful space in Los Angeles (focus on West Hollywood, Mid-City, Hollywood, Studio City). Looking for 5-10K sqft (indoor + outdoor is a bonus). Easy, plentiful parking is a requirement. Ex-fitness facility is preferred but not mandatory.
• Introductions to potential CTO candidates, with a focus on video/streaming experience.
• Introductions to angels and investors active in the creator economy, proptech, fitness + wellness space.
• Introductions to branding experts. We're looking to make our branding stronger and more cohesive.
• Introductions to personal trainers, group fitness instructors, physical therapists, massage therapists, and other wellness professionals in Los Angeles.
• Introductions to digital fitness companies that could utilize our studio space to see their clients in person and/or film content. Ex: FitOn, Future, Steezy, Playbook, Obe Fitness, Beachbody, etc.
• Introductions to non-profit leaders doing impactful work in Inglewood or South LA related to entrepreneurship and/or fitness.

🙏 Gratitude

• Yoshi, Gabrielle, Marquita, Gabrielle, Ale, and Jeremi for showing up to work every day with a great attitude and for believing in the mission. We've built a special team, and it has been so fun creating with everyone.
• The following instructors for believing in maverick and using our space to inspire and help their clients: TR, Gayle, & the entire Calming Spot team, Christina & the Now Here Fest team, Milchu, Nicolea, Pixie, Manu, Shay, Ashley Shubert, lexfish, Meredith, Andrae, Marquita, Brett, Nick, Amber, Katie, Liz, Chris P, Jenn, Shai, Rebecca, Adonus, Drew, Carson, Paisley, Ashley Joshua, Nikki, Twins Sandev, WalkGood LA, Lorenzo, Marley, Jason & Stacey @ PlyoJam, Jackson & Lisa, Julia, Victor, Priscilla, Brittany, Shannon, Hana, and Jada
• The ODX & OnDeck team for accepting us into the program and trusting in us. Special shout out to Chris Moreno for recommending us and constantly showing up to help, Eric Friedman for accepting us into the program, Shawn Xu for your thoughtful advice, Ty Walrod for your encouragement and belief, and Trish Kennelly for your intros and making sure things are running smoothly!
• Hugh Gibbons for your intros and willingness to always jump on a call/slack to discuss strategy. I appreciate you!
• Brian Scherer for your intro to Eric Leiberman, which led to a game-changing AI software partnership. Also, I loved brainstorming heycouncil with you at the ODX retreat.
• Eric Leiberman for taking the time to tell me about your YouTube experience and making the perfect intro to kickstart our next phase in our content creation studios.
• Travis Atreo for being genuinely excited about our mission and connecting us with Kevyn Fong.
• Rick Bhardwaj for the fast friendship we've developed. I appreciate the intro to Andrew (and thank you to Andrew Pang for helping talk through our software questions).
• Jonathan Haas for believing and wanting to be a part of the belief capital round.
• Raj Sheth for touring our facility in person and the brainstorm session.
• Ami Lebendiker for taking the group meditation class and providing helpful info on your pre-seed raise and handling AngelList RUVs.
• Vincent Loris for your intro to Dustin at Brooks.
• Tem and Benni at CAA for believing in maverick and pushing our partnership forward. We're excited to work with you!
• Nicole, Hannah, Justin, Grant, Callie, and everyone else at the CAA Foundation for your consideration of our non-profit, Maverick Forward. We hope to build a long relationship and help create more wellness professionals together!
• Khaled Jafar for our brainstorm session and your belief in maverick!
• Sean Mahsoul at Mayfield for helping us think through going from an LLC to a C-Corp + other legal questions.
• Sean Lyons for being a great friend and making powerful intros. Thank you!
• Martin Gossner for believing in us and making helpful intros.
• JohnMark Pero for getting me out on a bike ride and talking founder stuff.
• Britt Zaffir for your helpful intros and digging into the business model.
• Kevyn Fong for your preparation and extreme level of detail when meeting with us. I'm hopeful that we will get the opportunity to work together soon!
• Nikhil for becoming a fast friend and our lunch + wellness/fitness brainstorm sessions.
• Eddy & Mark from DMN8 for your excitement and joy. You've created an inspiring brand, and we're looking forward to growing together.
• Jeff Bhasker for believing in us and wanting to become a member of the team.
• Josh Payne for your help reviewing the deck and wanting to become a member of the team.
• Jodie & Mike Mooney for being an incredible aunt and uncle. So excited to have you a part of the team.
• Mike Rabin for believing in us and wanting to become a member of the team.
• Hunter Grey for your consistent advice and belief in maverick. Excited to have you as a member of our team. Thank you!
• Anne Kelly for believing in us and wanting to become a member of the team.
• James Valentine for believing in us and wanting to become a member of the team.
• Brad and Abby Sherman for believing in us and wanting to become a member of the team.
• JJ List for your intros. Appreciate you!
• Henry Miller @ Miller Fund for being so eager to learn about maverick and make intros.
• Charles Chen for your awesome intro to Peti and Peti for taking the time to learn about maverick!
• Michael Mooney for your intro to Marshall Everson, and Marshall for being willing to make relevant intros.
• The team at Prism, special shout out to B for helping us market maverick in Playa Vista.
• Amira Polack @ Struct Club for consistently making helpful intros and for teaching a great spin class!
• Rachel Sanders and Lily Hecht-Leavitt at Apex Optimizers for including maverick in the project!
• Katie Reed @ Balanced for taking the time to review our deck.
• Jim Crowell for driving up to LA to see maverick in person. You've been helpful from day one, and I appreciate you!
• Vin Miceli @ Verb for making intros. Excited to share your texting communication software with wellness pros.
• Jason Crowe for asking insightful questions and digging into the business model.
• James Gavin, mentee at UW-Madison, for inspiring me. It's awesome to see hungry students starting businesses in college.
• Hayden, Sammy, Jessi, and Steve for moving quickly and trusting us as beta customers for your software.
• Xan & Jake at beta agency for your real estate guidance.
• John Leeson at Poolhouse Productions. Excited to work with you to set up our production studios. And, so good to connect with an old friend!
• Mark Vaveers Carter for making intros and reviewing our deck.
• Alex Angeline for making helpful intros.
• Josh & Rachel @ Sutra for being friends in the industry.
• Kunal Lunawat for your great insights in the proptech space.
• Cheryl & Brandon @ Indifit for being friends in the industry.
• Jordan Pascasio @ NEXT VENTURES - grateful for your post and Twitter thread on maverick.
• Raad Mobrem for fundraising strategy help and deck design guidance. You are a fantastic friend. Thank you for pushing us to think as big as possible.
• Ryan Light @ Pistol Lake for making helpful intros - thank you to Chris Grayson (NFT guidance) and Michael Rapetti (Motoring Club is incredible) for taking the time to speak with me.
• Sabina Gault for reviewing our deck.
• Dante Iniguez for your design assistance!
• Myles Rogg for touring our facility.
• Michael Schneider for making intros.
• Eric Roseman for making intros and always showing excitement for maverick.
• Matt Karle for walking me through your opco/propco model and showing interest in maverick.
• Alex @ Sweatworks for thinking through our software needs.
• Ari Engelberg for digging our business model, making intros, showing excitement for maverick.
• Armand Patella for your helpful fundraising and for being an overall friendly and helpful person. Thank you!
• Josh & Jason @ Bioloop/Crescent for being friendly founders in the wellness space. Great hanging with you, Josh.
• Lacey Stone for helping to locate new possible facilities in LA and for always hyping us up!
• Pixie for your wellness pro intros and your consistent and helpful feedback. You're constantly pushing us to be better!
• Philippe Rieser for your wisdom and guidance!
• Octavio @ Prudential for always being there for us!
• Alexa and Narges for believing in us and putting up with our constant banter and early mornings/late nights.

✍️ Thoughts

• This Adam Grant quote stood out to us this month.

The sweet spot of worrying about other people’s opinions is caring enough to learn from them, but not so much that you conform to them. It takes humility to rethink your views in the face of disapproval. It takes integrity to put your personal values above social approval.

As we build maverick, we constantly receive feedback from our customers, employees, advisors, accelerator partners, potential investors, friends/family, etc., regarding our current and future strategy. We're so fortunate to receive advice from people who care about us, but it is up to our team to synthesize this data, pick a strategy, and stay true to it. Our north star with maverick is to focus on the fitness and wellness creator and build tools to make them wildly successful. We believe the future success of fitness and wellness will be powered by the individual creator > brands. If this approach isn't working, we will pivot and attack a different angle, but we won't get caught up in changing our strategy every time we speak with someone new. More on this to come in next month's "thoughts."

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