Company: Modern OM
Headquarters: Miami and Asheville, N.C.
Concept: Modern OM is a lifestyle brand that uses color to infuse the seven chakra-based intentions into its products. “We bring mindfulness into people’s everyday lives through design,” said Myk Likhov, founder and CEO.
Story: Modern OM is a family business built on a shared passion for mindfulness. It’s not the founder’s first business. In 2007, after earning an MBA from the Wharton School at the University of Pennsylvania, Likhov founded the successful Green Monkey yoga brand at age 26. After exiting Green Monkey, he worked in consumer tech in New York City, then returned to Miami in 2014 and began working on Modern OM. His parents joined him in this venture with their collective 50-year background in international manufacturing and distribution.
The idea behind Modern OM was to build a lifestyle product brand for people who are mindful, or spiritual in intent. “We’re creating everyday objects that people can use as reminders of how they want to live,” Likhov said. “No one is doing anything like that — and the opportunity is significant.”
Based on the color heritage of the more than 3,000-year-old chakras, Modern OM’s affordably priced products are infused with the meaning of seven chakra-based intentions. These ever-present cues of mindfulness are woven through Modern OM’s products, which include: accessories such as malas, men’s and women’s apparel, iPhone cases and sustainable beverage totes, candles and stationary. Modernom.co allows you to shop by intention — for example, Vitality, red, the energy that springs from living in balance, or Connection, violet, the joy of being present in the now — making it easy to find items containing the energy you seek.
Modern OM products are also carried locally at Exhale Spa South Beach and Cowshed at Soho Beach House and through the Spring app.
Launched: Jan. 1, 2016; soft launched in October 2015.
Management team: Co-founders Myk Likhov, CEO; Marina Likhov, Chief of Product; Steven Wenig, COO.
Financing: $250,000 self-funding invested to date with an angel round opened this May. Seeking to raise $500,000.
Recent milestones reached: Produced the company’s first apparel line from concept to sales in high-end Italian factories. YogaWorks and Exhale, two of the largest national wellness studio brands, now retail Modern OM. In April, the company launched The 7, an underground meditation studio in Miami, and taught 150 students in the first month of operations.
Biggest startup challenge: “We are building a company that embodies a lifestyle, which is a much grander vision than simply making products. The biggest challenge is consumer education. Once people understand how meaning is infused into our design principles, and how having reminders of their intentions can improve the quality of their lives, they love it,” said Likhov.
Next step: To create a direct relationship with 10,000 customers. “Building awareness is a challenge for a new company. It requires creativity, passion and pursuit of a larger purpose,” Likhov said. “That’s why our strategy is all about delivering tremendous value in alignment with our mission.”
Strategies for next steps: Build The 7, an underground meditation studio, into a recognizable mindfulness resource for the Miami community by providing an immersive meditation experience, where people can recognize the value this lifestyle delivers to them and become evangelists/customers.
Last week, the company launched a fundraising campaign on Indiegogo to bring meditation into the prison system. The goal of this project, which continues through June 30, is to fund meditation lessons for 1,000 inmates. To accomplish this, it has created a limited edition mala (bracelet) for $29. For every one mala sold, Modern OM commits funding for one inmate to learn how to meditate. “Through impact, we also build relationships with meaning-driven consumers,” said Likhov.
Oct. 22-23, the company will hold Miami’s first mindfulness festival — 7 Life — at Sacred Space, with activities, speakers, meditation classes and a party.
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