TBS sat down with Vlado Bosanac, a former bodybuilder turned CEO who found a sweet spot in fitness technology.
Vlado Bosanac is the CEO of MyFiziq, a technology for partner apps that uses pictures from the user’s smartphone to create an accurate 3D avatar representation of them. Based out of Perth, the former bodybuilder’s company offers the user tracking, managing, and sharing information relating to fitness activities.
What first attracted you to the fitness/tech industry, or at least this hybrid?
I come from an investment banking and deal origination background, so when I combine this with my earlier years as a competitive bodybuilder, having or developing a digital measuring tool for the human form naturally is in my sweet spot. Additionally, when looking at the commercial landscape it became apparent there was a gap in the market for this sort of solution.
What are the key ideas or concepts you’ve learned since its foundation and your being CEO?
Identifying you have a real market, that is, do you have a real product that people want? Does it solve a problem or is it just a better mousetrap? Is your offering exciting and fills a real need in the marketplace? Can it appeal to the masses? Once you establish those basics, surround yourself with the right team. A team that shares your vision as a CEO and delivers the skills you need to grow the company, as important to this vision is a culture within the team. The team will only be as strong as the weakest link.
As their leader/CEO, I drive my team with the ideas and direction that is foundational to our business, but success ultimately depends on their buy-in. I must set the example for the rest of the company with EQ, attitude, work ethic, and determination. Having the right mix with your team and mentors will ultimately drive the cultural ethos of a company that wins out in creating the right decisions and direction for those at your company. Your company culture should not only say who you are, but who you aim to be.
What do you see as the most exciting developments in your industry?
The expansion and trust of the mHealth space. We’re using digital tools and activity trackers as a real source of data to make predictive analytics an accepted method of early warning to populations, with the rise in chronic diseases. MyFiziq can take full advantage of this by giving the consumer the ability to run a risk profile scan in the privacy of their own home via their mobile phone.
What can you list as being your significant accomplishments this year?
I recently had the opportunity to speak at the ‘Rise’ conference in Hong Kong. The reaction to our solution and the amount of commercial approaches we encountered from significant global companies.
The list is endless. Being a CEO is as much about learning as it is creating.
Is the role you have one which has you learning new things all the time?
It certainly is. I’m never backward in admitting I had a great idea that became MyFiziq. I surrounded myself with an incredible team that takes this to new levels every day and in turn teach me some much about where we can take this technology and its capabilities.
What do you know now that you didn’t know before you took on the role?
The list is endless. Being a CEO is as much about learning as it is creating. It is also my first foray into standing at the front of a public company. I have built and assisted in building numerous businesses over the past few decades. The importance of the team is a big one.
Yours is a competitive marketplace. What makes MyFiziq stand out from the pack?
We thrive in the competitiveness of the marketplace. This probably sounds crazy, but the marketplace is screaming for this kind of technology in online apparel, insurance, fitness, weight loss, and population health. All our competitors have solutions that are machine- or device-based, meaning you have to either go somewhere to have the scan performed, or you have to buy an expensive device that you can keep at home to do what we can do from your mobile phone. We are already in the palm of your hand. You only need to download our technology from one of our partners, and away you go.
What strategies, marketing or otherwise, have you employed to make this happen?
As a B2B business. our strategy is simple: we supply our technology to existing large communities such as insurance companies, fitness applications or Mobile phone manufacturers to name only a few. Our mission is to globalize our technology and assist individuals, communities, and populations to live better healthier lives by working with governments, healthcare providers and the best health & fitness identities and solutions available worldwide with the data we can provide in the palm of their hands.
What are some of your company’s most notable recent achievements?
First of all, having created this technology first and developing this capability on a mobile phone is an incredible achievement. Also, we have achieved patents in some of the largest commercial jurisdictions one could hope to. Then we layer on this the commercial transactions we have signed with global sporting stars.
The importance of Emotional Intelligence (EQ) has been getting a lot of talk in recent years within the business sector. How important do you see EQ as being within an organisation?
This could be the single most important quality a CEO should have. The ability to connect with the people in your surroundings, workplace and partnerships is paramount to the success of this role. Having the ability to read and understand your emotions and that of the people you are communicating with is an incredible strength when looking at the many situations you face as a CEO.
Has promoting or encouraging EQ in staff something you have found to be a challenge, and if so, how have you overcome this challenge?
The EQ in our team is very high. We have a very strong understanding of our strengths and weaknesses and have all bases covered. We thrive on change; we are close-knit and I encourage my team to understand each other strengths and weaknesses so they can support and influence each other’s environment to make our workplace the best it can be. Work within the boundaries of each other’s character and challenge each other with the ability to take risks. We teach people not to be offended if their idea is challenged as it is good to have robust conversations. This build trust instead of fear in team meetings. Culture is strong and I nurture it in my team.
What does the future look like for MyFiziq? What’s next?
We have a six month, one-, three- and five-year plan. We currently have multiple applications in their build processes, (as well as) binding term sheets with Evolt 360, Boditrax UK, Mayweather Boxing & Fitness, McGregor F.A.S.T., and Fitocracy. We anticipate launching a further two to three applications over Q3 & Q4 2019. This will see the company exposed to over 50 million potential users. Also, we are presenting our technology all over the world and have new commercial discussions well underway with multiple other companies across, Apparel, Fitness, Corporate Wellness, and Insurance.
To find out more, visit www.myfiziq.com
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Ush Dhanak is a qualified and certified Executive Coach, Emotional Intelligence Coach, Neuro Leadership and Mediation coach. She has worked with a variety of corporate clients ranging from the Australia Federal Police, Smeg Australia, as well as clients in hospitality and dental. An expert in Emotional Intelligence and how to improve it, she can be found at the link above.