A Wellness Fund
The concerns of City investors may seem remote from healthworkers and the lives of most ordinary people. But the demand for wellbeing in all areas of life is beginning to be seen as an investment opportunity. This may benefit ordinary workers as well as the better off.
It all started with some stressed fly-fishermen and a giant egg.
Seonaid Mackenzie is a venture capitalist in the City of London. Around the turn of the millennium she and her husband owned a fishing holiday business in Alaska, much frequented by city executives. It was there that she and her husband realised the level of stress of many businesspeople and thought about how to bring calm to workplaces.
The result was futuristic: a giant egg-shaped standalone room better known as The Senzori. Inside there's a seat for one person, and a computer to programme stress relief - a combination that can include aromatherapy,oxygen, massage, zero gravity and positive messages. It has had some take up from health clubs and even hospitals. The Senzori can be sponsored and put into community projects/hospitals as a means of social venturing.
What Mackenzie didn't anticipate were the difficulties raising funds to bring the invention to market. It made her realise that although wellness products are booming, there's no tailormade route for businesses to find investment for such products - especially smaller and perhaps less experienced manufacturers. She decided to create a fund herself, the Wellness Fund, which is launching in the Autumn.
She says the target investment pot of £100 million 'feels huge' but she recognises that it's slight by City standards. Although big players like Unilever, Tate & Lyle and Nestle have 'wellness' funds they centre mainly around consumer goods - and the definition of products that promote 'wellness' may simply include necessities like soap. Meanwhile small successful food businesses like Green & Blacks and Dorset cereals have been snapped up by big corporate players, appreciating the potential of these eco-brands.
Both positive and negative factors are pushing the wellness business. Relatively wealthy older people are looking to hold onto their health for longer and will pay for everything from neutraceuticals to lifestyle holidays. Meanwhile younger age groups are, says, Mackenzie 'the most diagnosed, most labelled generation in history' with ADHD, obesity, allergies and asthma all on the increase.
Since the 2006 Disability Act, it's been possible for staff to sue their employer for stress experienced at work.
The move towards buying more wellness products won't just affect the relatively well off, says Mackenzie. Since the 2006 Disability Act, it's been possible for staff to sue their employer for stress experienced at work. This has led many to begin to review their working practices and look at how they can improve quality of life. In the US, over 50% of corporations have responded to similar legislation with internal wellness programmes. Huge companies like Shell have their own team of doctors to help manage the health of vast international workforces.
A Dragon's Den line up of experts will make sure that only sound plans get through the selection process - including scientists, doctors and complementary health pioneers such as Professor James Scott, Dr Linda Friedland and Teresa Hale.
Mackenzie's keen for the fund itself to practice what it preaches: it won't invest in any company without a Corporate Responsibility policy. A tithe from Mackenzie's own projects will be going back into a Foundation for wellness research, and she hopes that other investors may decide to follow suit.
Seonaid Mackenzie's Wellness Fund can be found at www.thewellnessfund.eu
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