Inc. 5000 Applicant of the Week: MyDailyMoment
As we process applications for the 2011 Inc. 500 | 5000, we thought it would be worthwhile to shine a spotlight on some of the companies that are vying to appear on our ranking of the fastest-growing private companies in the U.S. One that caught our eye was MyDailyMoment.com, a women's entertainment and lifestyle website that delivers a daily dose of information to consumers via e-mail.
"Our focus is providing useful, inspiring, insightful small pieces of content to women who are busy on a daily basis," says Sujay Jhaveri, CEO and co-founder of the New York-based site.
With 15 employees, Jhaveri's site covers content such as fitness and parenting tips, style and beauty, horoscopes, as well as celebrity gossip. So far the most popular content verticals are 'food and recipes', with two million subscriptions, with 'horoscope' and 'diet & fitness' coming in second with roughly 700,000 to 800,000 subscribers.
After being in business for only three years, MyDailyMoment has already managed to accumulate almost four million subscribers.
First, Jhaveri and co-founder and president, Ray Costa have experience in the industry. They both worked at iVillage and Beliefnet, whose demographics happened to be predominately women.
"We had a lot of experience in terms of women's media and understood what type of content and what kind of interests there was among that demographic," he notes.
With previous knowledge of the market, Jhaveri says they understood exactly what type of women they'd be targeting and how best to reach them.
"[These] women were very busy and they didn't have time to spend half an hour perusing long forms of content everywhere," he says. "Part of the differentiation for us is that we really look to e-mail to be a way to deliver this content to users. It is a small bite-size piece of content that provides something interesting and insightful."
For a company that was created with no investor capital it was still able to bring in $3.7 million in revenue last year, and continues to show promise even despite the challenges that came from the recession.
"Ray and I come from a background where we're very prudent and understand that the way to manage a business through difficult economic times is really focusing in the cost side and keeping costs low."
Even in the midst of a gradual recovery, Jhaveri learned the importance of being selective. "There are so many opportunities available to you and you can waste a lot of time and money chasing all of them down. Focus on one or two of them and do them well."
"For us it's really about delivering on this concept of the daily moment on a much deeper level than we're doing right now," he says. "The website is still young. We think there's still a massive opportunity ahead of us."