When Brynn Putnam acquired Miraval Group, which owns wellness company Mirror, from Lululemon for a reported $500 million at the outset of the pandemic, it struck this editor as if she had purchased the wise and forward-thinking health empire.
The substitution proved sensible in terms of timing. The house fitness phenomenon suddenly subsided at the end of its first year, mirroring a similar pattern observed during the initial period of lockdowns. Meanwhile, after a year as a typical supervisor at Lululemon, Putnam acquired valuable work experience, a notable achievement under her belt, and a fresh idea that ultimately led to the founding of a new company set to launch publicly in 2025.
The enterprise agency has already participated in an extremely aggressive funding round for that stealthy startup, which it also led for Mirror’s $3 million seed round years prior. In New York, I sat down with Ben Lerer, managing partner at Lerer Hippeau, and Putnam to discuss what she is building.
Additionally, we explored some broader trends emerging in client technology, driven in part by founders who have successfully led previous waves of profitable client startups.
Improved text:
Excerpts from that chat, refined to equal length. You can also watch the entire interview below.
After securing an investment in Mirror, Brynn presented a compelling yet rough demo, showcasing a prototype that resembled a two-way mirror with a PC display behind it, effectively simulating what such a product would look like if she could secure tens of hundreds of thousands of dollars to bring it to life. Apparently, she had developed a proprietary device unique to her own boutique gym brand at the time. . . Noticing her ingenuity, it became starkly apparent that Brynn was both a brilliant entrepreneur, having established a thriving fitness centre model, and an inventive mind. As time passed, Brynn won us over quickly, and though we might have been perceived as eccentric for a brief period, that notion eventually lost relevance.
We weren’t on the market. We were not actively seeking to acquire a company. We had simply actually launched. We had enjoyed a long-standing and successful partnership with Lululemon. For over two decades, I had collaborated closely with this team at my gyms, building strong relationships through shared content creation and engaging events, making it a natural fit for us to bring Mirror into homes globally with efficiency and precision. We seized the opportunity without hesitation, as it seemed too good to pass up.
Actually, I had formed a distinct perspective on the matter at hand. While taking moonshots in business can be daunting, it’s undeniable that the potential rewards make the risk worthwhile. The ability to regulate and adapt to changing circumstances is crucial for success, as even the most ambitious projects will inevitably encounter setbacks. By embracing this uncertainty, entrepreneurs can create innovative solutions that have a profound impact on society. Within the realm of energy regulations, I also believe that many businesses often overlook fundamental, good, and sound business decisions. There exist certain universal principles in the realm of business, such as seizing opportunities to promote your brand when competitors are struggling to keep up, and capitalizing on market dips by making strategic purchases when others are panicking. Don’t feel obligated to return to the online casino multiple times repeatedly. When Brynn arrived and expressed enthusiasm about a project, saying “Hey, I got this proposal, I’m really excited to take it on,” I responded, “That’s great news; pursuing it will be beneficial both personally and professionally.” Given the pushback from later-stage investors with varying cost bases, I’m happy to offer my perspective, though you’re undoubtedly more forceful and effective in addressing these concerns. It’s likely that Brynn faced some doubts initially, but now I believe people recognize the long-term trajectory of this decision and appreciate its soundness.
:
An investor whom I have a great deal of respect for. . Instructed me on the importance of cultivating a sense of gratitude, emphasizing that throughout the duration of your institution’s existence, every moment is an opportunity to showcase its values and mission. While promoting products in varying sizes, your primary objective remains promoting your organization consistently. When deciding to promote, it’s essential to thoroughly research your chosen industry, leveraging every opportunity to gain valuable insights and apply the knowledge gained in your new role. And that’s what I did. During my time there, I experienced a staggering amount of growth, which proved to be incredibly captivating. While transitioning from founder and CEO to division supervisor can be a significant shift, it’s not always an ideal fit for everyone? For me, it just didn’t resonate. I’m actually a builder.
As I transitioned out of my role at Lululemon, I found myself in a unique and pivotal moment of my life. After becoming a mother of two, I reassessed my priorities and identified what truly mattered most to me during that period. The mirror was intensely focused on me. As I contemplated my own refinement, my productivity soared; it was a quest to elevate one’s very essence. As the subsequent chapter unfolded, my focus shifted dramatically from abstract concepts to the intricate web of personal relationships that comprised my everyday life: the rhythms of my household, the dynamics with my close friends, and the complexities of human connections – all of which proved increasingly pivotal to my growth. As I grew older, I found myself grappling with finding meaningful moments with my loved ones – moments that felt like the cherished traditions of my childhood, where we’d gather around the table, share stories, and genuinely connect through activities like board games or simply gazing into each other’s eyes. For many young people accustomed to being constantly connected to their devices, the art of appreciating quality time has become increasingly elusive.
How might I transfer my understanding from Mirror to the realm of play itself, incorporating these new insights into the game’s dynamic? What strategies can you employ to leverage technology and foster stronger, more meaningful social bonds? Currently, my focus is centered on this particular endeavor. A pioneering hardware company is venturing into the realm of social gaming, focusing on face-to-face interactions rather than individual pursuits. Their technology serves as a facilitator for fostering deeper connections among people, rather than solely relying on digital interfaces.
It’s for everybody. Designed for casual gatherings of friends and families to enjoy quality time together. While our company isn’t geared towards youth specifically, we would still love for you and your children to join in on the fun together. While it’s not a traditional training firm, our goal is to make people’s experiences with us engaging, meaningful, and innovative – leveraging technology to bridge gaps between individuals and foster connections. As soon as Lerer uttered those words, he revealed his solemn promise to Putnam.
I firmly predict that we’re on the cusp of entering an era of unparalleled technological innovation in the realm of hardware. All venture capitalists listed will likely be eager to invest in hardware startups at an early stage, pending resolution of several outstanding issues. Seventeen years ago, the iPhone revolutionized the tech landscape, but it’s been nearly two decades since a groundbreaking consumer-facing innovation has emerged, with Oculus being one of the few exceptions to this rule. There appears to be an untapped opportunity in the marketplace for something innovative and groundbreaking. Significant advancements in applied sciences have led to greater maturity and affordability, making it possible to develop, in our case, innovative technologies that weren’t feasible just 10 years ago. As artificial intelligence increasingly assumes a prominent role in facilitating collaboration between organizational units. As new units become available in the market, it’s likely that we’ll encounter them. By leveraging our innovative approach to computing, we’re introducing a novel concept: a shared PC experience, distinct from individual devices – as seen in Mirror and now replicated here again. As we gaze into the crystal ball, it appears that the future of smart homes will hinge on a seamless integration of technology, designed to harmonize the various aspects of our domestic lives.
I recently gained insight into Nintendo’s design ethos. They employ a combination of outdated knowledge and unconventional thinking. We leveraged mature, affordable technologies to craft an exceptionally captivating experience – precisely what we achieved with Mirror. It was quite commodity {hardware}. It wasn’t frontier tech. And so we’re doing again now.
I’m an investor [in Pie]! As a parent of younger children, I grapple with the same universal struggles as my peers: our collective obsession with these devices and the daunting quest for alternative entertainment formats that can wean us off their grasp and redirect our attention to the world around us? Recently, we have successfully completed a significant deal with an artificial intelligence company specializing in travel solutions, which I am genuinely excited about. Recently, we successfully entered another software layer company in the aftermarket automotive sector, the largest enthusiast space in terms of spending in the U.S. Identifying ways to tap into people’s passions is always a smart bet in the consumer market.
As a fund, we’re founder-focused by nature, but we’re also deeply rooted in New York City’s ecosystem. When the first generation of founders emerged in New York during the early 2010s, there was an explosion of diverse clients, media outlets, and direct-to-consumer commerce. There have been several underlying trends that have primarily contributed to this phenomenon. The rise of the iPhone and the Apple App Store revolutionized mobile technology, enabling users to access a vast array of innovative applications and games on-the-go? Social media platforms were abuzz with excitement as the arbitrage advertising ecosystem presented an innovative alternative, empowering businesses to acquire new clients at unprecedented speeds. The surge in popularity of Shopify presented an opportune moment to build client businesses with a blank slate and boundless imagination.
In recent years, we’ve witnessed a dearth of seismic technological advancements that motivate people to embark on significant changes, rather than mere incremental improvements. That’s a crucial development! As we witness an exceptional cohort of founders embracing the ideal moment to re-enter the market, we’re seeing issues emerge that were previously unimaginable just six months ago or a year prior, with the current slope favoring innovative thinking. I’m incredibly excited about our clients right now, and it’s genuinely exhilarating for someone like me who derives passion from this enthusiasm. I constructed a client enterprise. While I appreciate investing in client founders, it’s been quite disappointing over the past few years to say the least.
