For kids of a unrepealable age — think 9 to 15 — options for enrichment are somewhat limited to school, sports, and camps, while the worthiness to make money is largely non-existent.
A new startup tabbed Mighty wants to provide them with a new volitional through a platform it’s towers that, like a kind of Shopify for kids, enables younger kids to unshut their own store online and hopefully learn a bit in the process. In fact, Mighty — led by founders Ben Goldhirsh, who previously founded GOOD magazine, and Dana Mauriello, who spent nearly five years with Etsy and was most recently an counselor to Sidewalk Labs — sees itself as smack dab in the part-way of fintech, ed tech, and entertainment.
As often happens, the concept derived from the founders’ own experience. In this case, Goldhirsh, who has been living in Costa Rica, began worrying well-nigh his two daughters, who shepherd a small school and he feared might fall overdue their stateside peers so began tutoring them without school. He says he was using Khan Academy among other software platforms, but their reaction wasn’t exactly positive.
“They were like, “F*ck you, dad. We just finished school and now you’re going to make us do increasingly school?’”
Unsure of what to do, he encouraged them to sell the bracelets they’d been making online, figuring it would teach them needed math skills, as well as teach them well-nigh startup capital, merchantry plans (he made them write one), and marketing. It worked, he says, and as he told friends well-nigh this successful “project-based learning effort,” they began to ask if he could help their kids get up and running.
Fast forward and Goldhirsh and Mauriello — who ran a crowdfunding platform that Goldhirsh invested in surpassing she joined Etsy — say they’re now steering a still-in-beta startup that has wilt home to 3,000 “CEOs” as Mighty calls them.
The interest isn’t surprising. Kids are spending increasingly of their time online than at any point in history. Many of the real-world type businesses that might have once employed young kids are shrinking in size. Aside from babysitting or selling cookies on the corner, it’s moreover challenging to find a job surpassing upper school, given the Department of Labor’s Fair Labor Standards Act, which sets 14 years old as the minimum age for employment. (Even then, many employers worry that their young employees might be increasingly work than is worth it.)
Investor think it’s a pretty solid idea, too. Mighty recently sealed on $6.5 million in seed funding led by Animo Ventures, with participation from Maveron, Humbition, Sesame Workshop, Collaborative Fund and NaHCO3, a family office.
Still, towers out a platform for kids is tricky. For starters, not a lot of 11-year-olds have the tenacity required to sustain their own merchantry over time. While Goldhirsh likens the merchantry to a “21st century lemonade stand,” running a merchantry that doesn’t dissolve at the end of the afternoon is a very variegated proposition.
Goldhirsh acknowledges that no kid wants to hear they have to “grind” on their merchantry or to follow a unrepealable trajectory, and he says that Mighty is certainly seeing kids who show up for a weekend to make some money. Still, he insists, many others have an undeniably entrepreneurial spirit and says they tend to stick around. In fact, says Goldhirsh, the visitor — aided by its new seed funding — has much to do in order to pension its hungriest young CEOs happy.
Many are frustrated, for example, that they currently can’t sell their own homemade items through Mighty. Instead, they are invited to sell items like hats, totes, and stickers that they customize and which are made by Mighty’s current manufacturing partner, Printful, which then ships out the item to the end customer. (The Mighty CEO gets a percentage of the sale, as does Mighty.)
They can moreover sell items made by global artisans through a partnership that Mighty has struck with Novica, an impact marketplace that moreover sells through National Geographic.
The idea was to introduce as little friction into the process as possible at the outset, but “our customers are pissed — they want increasingly from us,” says Goldhirsh, explaining that Mighty fully intends to one day enable its smaller entrepreneurs to sell their own items, as well as services (think lawn care), which the platform moreover does not support currently.
As for how it makes money, Mighty plans to layer in subscription services eventually, as well as collect transaction-based revenue.
It’s intriguing, on the whole, though the startup could need to fend off established players like Shopify to should it uncork to proceeds traction.
It’s moreover conceivable that parents — if not children’s advocates — could push when on what Mighty is trying to do. Entrepreneurship can be alternately exhilarating and demoralizing, without all; it’s a roller coaster some might not want kids to ride from such a young age.
Mauriello insists they haven’t had that kind of feedback to date. For one thing, she says, Mighty recently launched an online polity where its young CEOs can encourage one flipside and trade sales tips, and she says they are urgently engaging there.
She moreover argues that, like sports or learning a musical instrument, there are lessons to be learned by creating a store on Mighty. Storytelling and how to sell are among them, but as critically, she says, the company’s young customers are learning that “you can goof and pick yourself when up and try again.”
Adds Goldhirsch, “There are definitely kids who are like, ‘Oh, this is harder than I thought it was going to be. I can’t just launch the site and watch money roll in.’ But I think they like the fact that the success they are seeing they are earning, considering we’re not doing it for them.”