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Cesar Carvalho

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37
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2025-04-10
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2025-04-10
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  1. “And I'll touch a little bit on trust in when leaders trust their employees and trust deeply trust. Trust like you trust your spouse, right? You don't need to be checking on everything that your spouse is doing all the time. You don't need to know where your spouse is at 100% of the time, that level of trust. When you have that level of trust, you naturally empower the employee to make the right decisions for them. And making the right decisions for them and for the business makes that employee reach the optimal point of their well-being regardless of how they get to that. The right tradeoffs between social well being, physical well-being, mental health, and delivering results for the business. And to that CEO, I'd say you would be surprised by how much happier people would be and how much more you'd get from them. Your business”

    2025-04-10 · Masters of Scale · The business case for wellness, with Wellhub CEO Cesar Carvalho · IDENTIFIED FROM THE TRANSCRIPT

  2. “My guidance would be that well-being is not only about offering the resources. It is about the culture you create in your company and to your employees. So what we see is that the employees that are at a great state of well-being, they tend to stick longer with their employers. They're 40% more likely to stay than employees that are not engaging with well-being. And they are better co-workers. They collaborate better and they interact better with each other. And when I see A coach of trust, empowerment and feedback, I see companies drive.”

    2025-04-10 · Masters of Scale · The business case for wellness, with Wellhub CEO Cesar Carvalho · IDENTIFIED FROM THE TRANSCRIPT

  3. “Everyone would benefit from sleeping better, eating healthier, from exercising, from meditating. So driving that enrollment rate up is a second thing that I'm deeply passionate about and I'm working hard to have made.”

    2025-04-10 · Masters of Scale · The business case for wellness, with Wellhub CEO Cesar Carvalho · IDENTIFIED FROM THE TRANSCRIPT

  4. “They're correlated, grow for us comes in two ways in spreading our mission to more companies. We have 22,000 clients, as I said. We should have 200,000 clients. This should be a standard benefit that every single company offers. So there is a challenge on how to spread the word faster, how to get more companies to talk about this and to implement, to invest in the well-being of their employees. The second one is more related to the employees themselves, is how can we get more people to subscribe? One of the best things we do is whenever we launch a client, we triple the number of active employees because our plans are super attractive, flexibility, lower prices, more options. Everyone loves that. But we're still engaging 40% of all the employees of a given client, 30 to 40. Why shouldn't be 100%?”

    2025-04-10 · Masters of Scale · The business case for wellness, with Wellhub CEO Cesar Carvalho · IDENTIFIED FROM THE TRANSCRIPT

  5. “We now work in 11 countries. We partner with more than 22,000 different companies offering Wild Hub to their employees. And we have about 4 million subscribers. Employees of those companies that are visiting our different partners in all these different countries. We have 60,000 gyms and studios partnering with us and we partner with the 100 best digital apps for awareness available on Apple Store or Google Play. We normally have three of the top five in every single category and they're all included in the same membership. The company has WellHub has about 2,000 employees and we've been growing really fast here over here following this trend that everyone's talking about wellness for everyone.”

    2025-04-10 · Masters of Scale · The business case for wellness, with Wellhub CEO Cesar Carvalho · IDENTIFIED FROM THE TRANSCRIPT

  6. “100% Globally in every single country. And with wellness and well-being, the interesting thing is that the needs are the same across the board. Every single company wants healthier and happier employees. Every single person wants to live better, have better mental health, physical health. And this is why I get so motivated doing what I'm doing. It feels like the more we grow, the more we help people and that access to illness should be like a universal right. It should not be based on salary where you live, what's your position with a company, should be for everyone.”

    2025-04-10 · Masters of Scale · The business case for wellness, with Wellhub CEO Cesar Carvalho · IDENTIFIED FROM THE TRANSCRIPT

  7. “Wellness and wellbeing, they have been a secular trend, a topic that no one would talk about 20 years ago, but now it's more and more prevalent. And if you look at the youngest generation, it is their most important attribute. When we survey employees in general, not only clients, but They're ranking wellness and well-being as important as salary to them. And to me, it is a dramatic shift. And with the new generations coming and valuing it even more, it's going to be a business imperative in the future.”

    2025-04-10 · Masters of Scale · The business case for wellness, with Wellhub CEO Cesar Carvalho · IDENTIFIED FROM THE TRANSCRIPT

  8. “You see in your data We can, and I'm seeing I wouldn't call this a prediction, but I'm seeing a few changes in user behavior. One is towards strength training. We're also seeing a trend of when people exercise is changing. It used to be always in the mornings and on Mondays and Tuesdays. We're seeing people replacing happy hours with wellness hours So, the most used time for physical activity now is on weekdays, but at 5 or 6 p.m. after work. And at such a healthy habit, and we're seeing companies more and more push for that, eliminating alcohol in company gatherings and pushing for those type of activities.”

    2025-04-10 · Masters of Scale · The business case for wellness, with Wellhub CEO Cesar Carvalho · IDENTIFIED FROM THE TRANSCRIPT

  9. “And in different countries, there are different flavors. And the true recipe for longevity in this space is working with all of them, is being the platform that's going to be relevant no matter what. I don't know what's going to come next. You know, I don't know what the new trend will be.”

    2025-04-10 · Masters of Scale · The business case for wellness, with Wellhub CEO Cesar Carvalho · IDENTIFIED FROM THE TRANSCRIPT

  10. “Take a step back. I've been working on the space for 13 years and there's something very interesting I realized being on the space for all this time. Every true years, there's a new trend in this space. When I started what was Jim As back then, Zumba was the thing. Everyone was talking about Zumba every single day, it was the activity everyone did. And there is still a die-hard fan base of Zumba today. It's an amazing solution. We partner with Zumba. I love them. They're still there. Then CrossFit started being the thing. Everyone was talking about CrossFit all the time and it picked. And now we're seeing the rise of the racket sports.”

    2025-04-10 · Masters of Scale · The business case for wellness, with Wellhub CEO Cesar Carvalho · IDENTIFIED FROM THE TRANSCRIPT

  11. “And we noticed that from clients. We noticed that from investors, from subscribers. Everyone was saying, look, it's way more than this. When I made the decision, we needed to change the name because the brand was somewhat restricting the message we wanted to share with everyone. And it took two years to find a name that was equally descriptive, as Jim Pess was when it was just about access to gems. And then came WellHub. WellHub being the hub for everything related to wellness. We are a year into the transition and in the majority of the markets people search more for WellHub than for GemPass.”

    2025-04-10 · Masters of Scale · The business case for wellness, with Wellhub CEO Cesar Carvalho · IDENTIFIED FROM THE TRANSCRIPT

  12. “If you like to run outside Apple Fitness Plus You like to exercise at home. We also started signing apps on meditation and mindfulness. Headspace is an amazing example of a partner. On the nutrition side of the house, my fitness pal, Nutrium, New Trik, they all offer access for people to go and do appointments with nutritionists so that they eat better. Sleep, sleep cycle is an amazing partner. So the offering expanded to all these different verticals of wellness. And very quickly, our clients would have this moment in the conversations with us saying, wait, but you became way more than just a gympass, right? You have all these other parts of your offering so much more holistic than before.”

    2025-04-10 · Masters of Scale · The business case for wellness, with Wellhub CEO Cesar Carvalho · IDENTIFIED FROM THE TRANSCRIPT

  13. “It started with COVID up until then. We had as part of our offering was about access to gyms and studios in person. Man, gyms and studios closed. Mission to give people access to physical activity became even more important at that time. And what our clients wanted was also the same. When companies send their employees home, getting the employees engaged with well-being in a great state of mental health, et cetera, was even more important than before So, in response to that, we started signing the same way as we had partnerships with Jims and Swords. And aggregating them to our offerings.”

    2025-04-10 · Masters of Scale · The business case for wellness, with Wellhub CEO Cesar Carvalho · IDENTIFIED FROM THE TRANSCRIPT

  14. “100%. And we normally would start with the company that was perceived to be the company that appreciated employees the most because those are the as a consequence are the companies that are performing better. The companies that have more higher margins and that are growing faster because they appreciate their employees. They offer this type of benefits to their employees. And when they looked at the value proposition, the solution that we were doing, they were the easiest ones to convert.”

    2025-04-10 · Masters of Scale · The business case for wellness, with Wellhub CEO Cesar Carvalho · IDENTIFIED FROM THE TRANSCRIPT

  15. “And our second large client was Unilever in Brazil. Then we got Procter& Gamble, J&J, all the other ones to sign afterwards. And it has been a strategy we used not only scaling Brazil, but also to expand internationally, because the next step for PWC was to launch PWC in Mexico. We launched a Spanish bank in Brazil, in Mexico, and in Spain as well. And eventually signed the Global Deal of another client that led us to launch the US.”

    2025-04-10 · Masters of Scale · The business case for wellness, with Wellhub CEO Cesar Carvalho · IDENTIFIED FROM THE TRANSCRIPT

  16. “If you are competing with them head to head, and if all the other employees of your competitor are seeing that that's a great benefit, that would naturally make the next best client for us to sign. And that became a little bit of our commercial strategy. We went from PwC to all the other players that compete on the same space. Goddamn S clients as well. So UI came next, KPMG and Deloitte came next.”

    2025-04-10 · Masters of Scale · The business case for wellness, with Wellhub CEO Cesar Carvalho · IDENTIFIED FROM THE TRANSCRIPT

  17. “Sure. No, I think every single B2B channel you open or client you want to serve, it is indeed an uphill battle. Like it takes months to sign every single deal. There are a number of people you need to sell into. It's not only HR, it's finance, it's the purchasing area, vendor management, infosec. And I guess it's when not knowing helps. We just had one case of success and it was so magical to see we wanted to see more of those cases. And it took some time, a few months to get the next client to sign and to perfect our strategy. What we found was that it would be very hard to get a company that was very distant from PWC to sign, right? But if you hire people from PWC,”

    2025-04-10 · Masters of Scale · The business case for wellness, with Wellhub CEO Cesar Carvalho · IDENTIFIED FROM THE TRANSCRIPT

  18. “Because PWC alone is a first client. They had 10,000 employees in Brazil, and PWC was happy. The employees were super happy having access to all these partners for a lower price. And our partners, the gyms and studios, suddenly they saw a thousand people coming to them that were not members. And at that time, we kind of stopped doing everything else we were doing direct to consumer and funneled all our resources into getting more companies to offer WellHub to their employees.”

    2025-04-10 · Masters of Scale · The business case for wellness, with Wellhub CEO Cesar Carvalho · IDENTIFIED FROM THE TRANSCRIPT

  19. “When we launched in three days, we tripled the number of users we had on our platform. And for the first time, everyone was happy”

    2025-04-10 · Masters of Scale · The business case for wellness, with Wellhub CEO Cesar Carvalho · IDENTIFIED FROM THE TRANSCRIPT

  20. “And essentially, he was the HR director of PWC PricewaterhouseCoopers in Brazil. And he said, look, I love what you guys do. I'm on different places all the time because I have to visit the different offices. And my employees are now asking me for some sort of gym wellness benefit. And I don't want to go and sign contracts with all these gyms and studios. I don't want to give them just a reimbursement because I know they need flexibility and they need options. And essentially he pitched the business model, the B2B business model to us. He said, look, I want to offer this to my employees. But I don't want them to be paying for every single time they use. Just give them a membership, unlimited access to different locations. We're going to deduct something off their payroll to make sure that they appreciate this and they sign up to this benefit and I'll pay the difference.”

    2025-04-10 · Masters of Scale · The business case for wellness, with Wellhub CEO Cesar Carvalho · IDENTIFIED FROM THE TRANSCRIPT

  21. “We're not going well as B2C as a B2C company. It wasn't working and then Trying to figure out what to do, you know, I started answering customer calls and one of those calls. Was a great one, and like was this guy who was a user and he used five different gyms using the day passes we had.”

    2025-04-10 · Masters of Scale · The business case for wellness, with Wellhub CEO Cesar Carvalho · IDENTIFIED FROM THE TRANSCRIPT

  22. “I shared division, and in the end, what we proposed was almost risk-free for them as well. Because if we didn't bring any members to them, I mean, like, it wouldn't cost them anything as well. And we spoke to something that really mattered to them, which was bringing new members.”

    2025-04-10 · Masters of Scale · The business case for wellness, with Wellhub CEO Cesar Carvalho · IDENTIFIED FROM THE TRANSCRIPT

  23. “There is. And when we made our first pivot to B2B, it got even worse. Because we needed to convince not only. The subscribers, people, and the partners, but also companies to invest on the well being for their employees. But in the early days, it was brute force on both sides. Sign as many partners as you can. Be very smart about which partners you're signing first in which locations, which neighborhoods, and trying to get every single data you can to prioritize the right ones. We were distributing pamphlets on the streets. We did online marketing. It was brute force.”

    2025-04-10 · Masters of Scale · The business case for wellness, with Wellhub CEO Cesar Carvalho · IDENTIFIED FROM THE TRANSCRIPT

  24. “First round was when we're still at PowerPoint, not a product at all. And essentially it came from friends and people I worked or one of my co-founders worked with in the past. And that was very fortunate that we got that because we needed that money. We had to pivot the business a few times before finding product market fit if we didn't have the money probably the company wouldn't be here.”

    2025-04-10 · Masters of Scale · The business case for wellness, with Wellhub CEO Cesar Carvalho · IDENTIFIED FROM THE TRANSCRIPT

  25. “Two safety nets, a free call option everyone should take if they have the opportunity and if they have an idea, if they have the Raiko founders.”

    2025-04-10 · Masters of Scale · The business case for wellness, with Wellhub CEO Cesar Carvalho · IDENTIFIED FROM THE TRANSCRIPT

  26. “It was going to be a very difficult decision. But it turned out it wasn't. And the reason was that I had such great connections with people from HBS. And they wanted to incentivize the students to go and start ventures. And in the end, HBS gave me up to five years to come back at any point in time if I wanted. And so did McKin It was one year on McKinsey's side, five years on HBS. And that really helped me because coming from the family I came and having the parents I had, I don't know if I would have made that decision if it wasn't for the support from both HBS and McKinsey.”

    2025-04-10 · Masters of Scale · The business case for wellness, with Wellhub CEO Cesar Carvalho · IDENTIFIED FROM THE TRANSCRIPT

  27. “Other co founder went to the same university I did and has the biggest heart I have ever seen. It's the person that is the happiest person I know and it's someone I look after when I'm thinking about how can I become a better person as well.”

    2025-04-10 · Masters of Scale · The business case for wellness, with Wellhub CEO Cesar Carvalho · IDENTIFIED FROM THE TRANSCRIPT

  28. “The first part was getting my co founders on board. I'm a first time entrepreneur. I've been doing this for almost 13 years now. Still feel like it's day one, but I think the confidence, the support, and the relationship I got with my co-founders was probably the most important thing. One of the co-founders dropped out of his MBA at MIT with me. The other one had a job offer to start working at Bainin company, one of the main consulting companies out there. And he also gave up on the offer. And the fact that we were all making this commitment together meant a lot. One of my co-founders worked with me at McKinsey. He was the smartest, he is the smartest person in the room. There's no one that is brighter than him, that has such a logic deduction process to making decisions, et cetera. He's the best one at that.”

    2025-04-10 · Masters of Scale · The business case for wellness, with Wellhub CEO Cesar Carvalho · IDENTIFIED FROM THE TRANSCRIPT

  29. “That was most of the value proposition. They would be willing to give us their passes for free if we were promoting their gyms as they were.”

    2025-04-10 · Masters of Scale · The business case for wellness, with Wellhub CEO Cesar Carvalho · IDENTIFIED FROM THE TRANSCRIPT

  30. “Exactly. So, what they rightly did at the time was to charge extremely high fees for day passes. And it made sense, you know, because then you're not cannibalizing what should be the main product. Our pitch to the... And it should be a fair price. We wanted to price the day passes at that time in such a way that if you are going twice a week, you're indifferent between a subscription and buying day passes from what was Jim passed then. And they accepted. They wanted a new channel. None of the gyms and studios at the time were big on internet, on online marketing, on digital marketing, and we provided all of that to them.”

    2025-04-10 · Masters of Scale · The business case for wellness, with Wellhub CEO Cesar Carvalho · IDENTIFIED FROM THE TRANSCRIPT

  31. “Because for gyms and studios, most of the revenue comes through subscriptions and their right to push people to subscriptions and not the day passes.”

    2025-04-10 · Masters of Scale · The business case for wellness, with Wellhub CEO Cesar Carvalho · IDENTIFIED FROM THE TRANSCRIPT

  32. “So, the vision there was for a platform that would sell day passes to consumers. So it was a direct-to-consumer business, not what we have today. We're full B2B today. The name was Jim S, not Wellhub. And the last component of it was that there was always this focus of bringing back to the industry people that were frustrated by something with either gyms or studios or apps, whatever it was. And our idea was to find a more efficient way for people to pay less and still have access to Jimson Studios. We learned a lot. We pivoted the business several times, but that was the original concept.”

    2025-04-10 · Masters of Scale · The business case for wellness, with Wellhub CEO Cesar Carvalho · IDENTIFIED FROM THE TRANSCRIPT

  33. “But it was a story about how important new members was for bellies. Essentially, the cost structure of a gym is rent, the equipment. So it's mostly a fixed cost structure. There's an incentive to bring as many members as possible. And I said, What if there could be a solution that would bring back to the industry people that at some point in time in the past had a membership, didn't use potentially, got frustrated with it. But now if this new method, using this technology that would bring them back and therefore generating incremental revenues for gyms and studios. And so that was the spark in the middle of the class. I logged off, started writing the idea, the value proposition on a piece of paper. And six months later, I was dropping out.”

    2025-04-10 · Masters of Scale · The business case for wellness, with Wellhub CEO Cesar Carvalho · IDENTIFIED FROM THE TRANSCRIPT

  34. “Exactly, and I was into all this work, this stress, and I couldn't even get my head off the water and kind of look around to understand what was happening around me”

    2025-04-10 · Masters of Scale · The business case for wellness, with Wellhub CEO Cesar Carvalho · IDENTIFIED FROM THE TRANSCRIPT

  35. “It's a story that shows the power of education. My grandparents were illiterate delivering milk door to door, and my dad and mom were the first ones in our families to get an education and they moved to what they thought was a large city. This tiny town in the countryside of Brazil and where I was born and grew up. When I got to college age, I moved to S ⁇ o Paulo, the largest city of Brazil, went to the S ⁇ paulo University to study business, and ended up working for McKinsey. And I think that was when a lot of things in my life changed. One, because I was working 15 hours a day”

    2025-04-10 · Masters of Scale · The business case for wellness, with Wellhub CEO Cesar Carvalho · IDENTIFIED FROM THE TRANSCRIPT

  36. “Business case to me is quite clear. Resilience Probably the most important quality that every single employee needs to have. More active employees, they get sick less often. There's no way to have great resilience if you are not sleeping well, if you're not active, if you're not at your best well-being.”

    2025-04-10 · Masters of Scale · The business case for wellness, with Wellhub CEO Cesar Carvalho · IDENTIFIED FROM THE TRANSCRIPT

  37. “Working from client to client, many hours not being able to prioritize wellbeing, physical activity at all. This is a real problem”

    2025-04-10 · Masters of Scale · The business case for wellness, with Wellhub CEO Cesar Carvalho · IDENTIFIED FROM THE TRANSCRIPT