Hometown: St. John’s, NL
Alma mater: Memorial University of Newfoundland (Bachelor of Kinesiology; MBA – in progress)
Headquarters: St. John’s, NL
Founded: 2017
Employees: 9

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What does Cyno do?

“Cyno is an employee wellness platform. We were founded on the mission to make health and wellness more accessible to employees no matter where they’re located,” said Peter Barbour.

Cyno operates like an Employee Assistance Program. Companies pay a per-employee fee and employees get access to a virtual marketplace of health and wellness practitioners and programs.

 

Learning from experience

This is Barbour’s second startup in the health and wellness field. He sold his first business in 2011. “Not a massive exit,” he jokes, but definitely a learning experience. The idea for Cyno came from two things he learned about providing corporate wellness programs. First, that employees want a wide variety of services and programs to choose from, and second, everyone needs equal access.

“What was happening was that companies had a head office and they would offer wellness offerings at the head office, and anyone who was remote would be a second-class citizen. So, it never worked well as a comprehensive program for everybody no matter where you are.”

 

Remote work an ideal fit for virtual wellness 

“I think we are a product of the times,” said Barbour. “Companies right now are struggling to figure out, ‘What kind of benefits can I offer my employees if they never physically come in the office anymore? What can I do?’” he explained. “We’re the one unique spot that can be consistent no matter where you are.”

 

Funding and support so far

Cyno has participated in business accelerator programs with Genesis in St. John’s and Propel in Saint John, New Brunswick. On the funding side, the company has raised $1 million in a pre-seed round with money from private investors and government programs. It’s now in a seed funding round, hoping to raise $2 million to $3 million by January.

 

Big wins early on build momentum

“We were very fortunate for Shopify to be our first client, which is amazing,” said Barbour. 

Soon after, Cyno brought on N.L.’s Verafin, as client number two. “So, we did well to land two significant companies out of the gate.” Cyno now has 23 clients across Canada and the U.S.

 

How would you describe the startup life so far? 

“It’s ups and downs. It’s finding capital. It’s building a product and hoping that people will like it, and getting that feedback and keep on iterating. So, it’s definitely a journey, and you kind of have to keep your emotions in check in the good times and the bad.”

 

Dealing with the tough mental game

Barbour is open about the stresses of the job and his philosophy of striving for emotional balance. “Usually, I talk to people who aren’t entrepreneurs and say, “Can you wake up in the morning and know for sure that you’re going to run out of money in three months? Can you go to work and operate, or would you crumble under the stress?” 

“Some people thrive off it. I can’t see myself doing anything different, but when I tell some people things that I do as an entrepreneur, they can’t understand how I can get up in the morning and go to work.”

 

Putting it all on the line

Barbour said there were a few “challenging spots” back in the early days. One that stands out was when he and his wife decided to sell their truck and use the money to start the business. They had a young family, so it was a big decision. “I guess maybe it’s not a low, it’s probably a heavy moment, I’ll call it, where you’re kind of going all in, and there’s a lot at stake.” 

 

A long drive that paid off

Another pivotal moment came during Barbour’s early search for investors. He drove to the other side of the province for coffee with an investor he hoped would give him his first $50,000.

“I literally hopped in my car on Friday morning. I drove eight hours. I got up the next morning, had coffee, locked down the 50K and then drove back home again,” he chuckles. And, that initial investment led to several others that helped him get the company started. 

 

What’s it like pitching to investors?

It’s like someone “kicking you in the teeth,” said Barbour. “You’ve got to be able to go out there and someone says, ’I don’t think this idea is good. I think it’s bad, actually, and I don’t think you should pursue it.’ And, you’ve got to say, ‘Okay, great opinion,’ and go to the next person and say, ‘I’ve got the best idea in the world. This is why it’s good, and this is why you should invest money with us,’” he explained. “You’ve got to do that over and over and over again.”

 

What’s been a high point? 

“Honestly, I think for me, it’s actually being able to have the meetings with clients and knowing people are using and liking the product and finding benefit.”

 

Advice for would-be founders

“I would say two things. One is ensuring outside validation of your idea because, as entrepreneurs, we tell ourselves lies. It’s both the gift and the curse of an entrepreneur. You have to be able to tell yourself that your idea is amazing even if people tell you it’s horrible”

“The other is really think hard about whether this is the life for you. You need to be able to understand the risk that you’re going into and whether or not you can mentally handle that. And, it’s not for everybody – that’s the honest truth.”