How Gymtrack will change the gym and how 500 Startups changed their business – with co-founder Lee Silverstone

gymtrack

EPISODE #560

Every once in a while a company comes along that stitches a few of my favourite things together to form a cool business and this just happens to be one. What happens when you take the gym (fitness), the quantified self (data) and the Internet of Things and jam them together? Gymtrack, that’s what.

Lee Silverstone is the co-founder and co-CEO of this Ottawa-based startup that is approaching the whole gym tracking industry from a different angle. Instead of equipping the body with cyborg-like wearable tech, Lee and his team went straight for the stack…of weights…with their connected offerings. A strong approach and, from what I can see, a unique one as well.

This is the story of where the idea came from; how they ended up in 500 Startups and how that impacted their thinking of the business; how they went from believing $100K could build an empire to wanting to build a $1 billion company out of Gymtrack and how they raised their $2.5 million seed round. This plus a bunch of meathead talk makes this one of my favourite episodes to date.

Enjoy!

 


Key takeaways from this episode. Click on the link and the video will take you to that clip

1. What is Gymtrack 2:45
2. Lee’s background 7:45
3. What’s it like turning a passion into a business? 10:00
4. How did you land your first client 12:45
5. How did you decide on this business 14:00
6. How do you finish version 1 of the product? 16:15
7. What about gamification? 18:30
8. How does it work for the individual lifter? 22:45
9. What about over training? 25:00
10. When did you start the company? 27:45
11. When did you realize you needed funding? 28:45
12. How did you get in to 500 Startups? 31:25
13. What makes 500 Startups so valuable? 39:00
14. Why come back to Ottawa? 41:10
15. What changed in your business and company as a result of 500 Startup? 44:10
16. How did 500 Startups change you personally? 46:00
17. What happened when you got back to Canada? 47:30
18. Why raise more than you wanted to? 48:45
19. What has been the hardest thing to do thus far as a startup founder 54:25

Audio


Transcript coming soon!




iTunes Audio iTunes Video Soundcloud


About Lee Silverstone
Lee Silverstone GymtrackFounder at Gymtrack. Sold my first business. Strong management and sales experience.

About the author

Rob Woodbridge

I'm Rob, the founder of UNTETHER.tv and I've spent 14 years immersed in the mobile and pervasive computing world. During this great time I've helped some of the most innovative companies grow their business through mobile. If you are in need of a mobile business advisor or coach, connect with me here to get things rolling.

  • MyLin

    Wonderful interview. Cool and interesting product. Really love that 1 min starting at 40 min into the video when Lee Silverstone talked about being a founder and the value of a support system. Also, love Rob’s enthusiasm as always.

  • http://untether.tv Rob Woodbridge

    Thank you! This story is great so far. Can’t wait to follow these guys as they progress. Stay tuned!

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