Soar is using Artificial Intelligence to “unleash human potential.”
Its platform helps individuals, teams, and companies increase performance and personal fulfillment. It does this using AI, voice computing, and self-assessments.
Soar is targeting several huge markets, including those for self-help, coaching, AI, and learning/training. Combined, this represents a $192 billion opportunity.
The company already has 2,000 coaches across 40 states and 30 countries. It’s also secured a deal with Sandler Training, a worldwide leader in leadership and management training. This company has 1 million customers, and represents a potential pipeline for Soar to attract more business.
Notably, Soar was founded by Paul Allen, founder of genealogy website Ancestry.com. In 2012, Ancestry was acquired for $1.6 billion, and today has an estimated valuation of $3 billion. Allen also launched an e-commerce division within Gallup, a prominent analytics firm. This division focused on training strength coaches, and grew to $20 million in revenue in 5 years.
90% of Americans want a personal coach. But 75% don’t know where to find one.
This group includes employees, 95% of whom want to improve their career performance, but don’t know how. As a result, an estimated $100 million is lost annually in the U.S. from individuals leaving jobs prematurely.
Coaches, meanwhile, spend countless hours generating leads for new clients, planning content, and running their business.
Soar brings individuals and coaches together through its platform, which includes two elements:
• An online “marketplace” where coaches can upload and present content to individuals and teams.
• And the first voice-enabled virtual coaching app. This app enables users to receive curated content directly from their phone or any Alexa-enabled device.
Here’s how Soar’s platform works for individuals, coaches, and teams.
Individuals can take assessments and access content from coaches. This content helps boost their self-awareness, self-confidence, engagement, and performance.
Content is presented using AI and machine learning, which prioritizes areas a user can benefit from the most. Content focuses on several areas of a person’s life, including education, career, health and wellness, finances, family, and community.
For coaches, Soar provides a pathway to reaching those searching for guidance. It also provides customer relationship management tools, including ones for billing and tracking clients.
Finally, Soar offers AI-based recommendations for teams, enabling each individual member to benefit from personalized coaching. Employers can also upload training modules and create learning pathways for their teams using Soar’s platform.
Currently, Soar makes money through enterprise partnerships and coach subscriptions. Coaches pay $29.99 per month for basic tools, and $199 per month for premium features, including access to qualified sales leads.
Moving forward, Soar will introduce subscriptions for individual users. These subscriptions will be based on the amount of content accessible, and will be available later this year.
In 2018, Soar generated $273,000 in revenue. In 2019, it grew that number to $916,000. This year, Soar projects its revenues to reach $6.5 million.