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Getting to the Heart of International Sales

Q&A with Liz Dickinson, inventor of the MIO Heart Rate Watch

Liz Dickinson is the CEO and Founder of Physi-Cal Enterprises Inc. and also the inventor of the world’s first watch to offer an ECG accurate heart rate without a chest strap. The MIO Heart Rate Watch has received rave reviews from the likes of Dr. Phil, Deepak Chopra and the women of The View. Here she shares her story and provides tips to build a successful international customer base.

Q: What inspired you to invent
the MIO Heart Rate Watch?

With each of my children I gained quite a lot of weight. After the first two, I didn’t really have a problem losing the weight but after my third, who was born in 1996, the weight just kept hanging around. I was travelling internationally at the time and was constantly jet lagged. I kept turning to food for energy and didn’t make the time for work outs. When I peaked at over 200 lbs. I realized I was in serious trouble.

After doing extensive research, I found what seemingly was the best method for losing weight: exercising daily until I burned 500 calories and restricting my caloric intake to 1,500 calories per day. It was like a magic formula and the weight started to come off. The problem was, at that time, there were not too many exercise machines that gave you an accurate calorie burn and certainly nothing that you could use during outdoor exercise was in existence and affordable. In terms of calorie intake, I was using a journal to record my calories but soon found that inconvenient.

One day, an idea just struck me. If I could have something that I could wear around all day; something that would allow me to record my calorie intake as well as give me my calorie burn; something simple and convenient – what a difference that would make to my ability to keep to my program. I thought a watch would be a good form factor – you wear one every day anyway. I looked everywhere for such a thing and couldn’t find it anywhere. That’s when I decided to invent one.

Q: When did you start your business?

I first came up with the idea in 1997. I started to raise investment capital in 1999 and formed the company in June of 1999.

Q: When did you make your first sale internationally?

I have sold to the U.S. since day one. Right away when my business started, I was also selling to distributors in Australia and Holland. Today, our products are sold also in China, Singapore, France, Spain, Italy, UK and Mexico as well as in Canada. About 10% of our sales are Canadian; the rest are international sales.

Q: Did the Export Development Corporation help you?

In the beginning, the EDC helped me by factoring my receivables so that I could get cash into the business more quickly.

Q: What has been your toughest challenge?

Finding distributors who are as passionate about the product and its potential as you are is difficult. Many distributors are excited about the idea of adding a cool new product to their roster but, when the product just doesn’t sell itself, they are reluctant to spend the funds required to properly promote the item.

Q: Did you ever consider quitting?

There certainly were times when I wondered if I would make it but I never wanted to quit. I guess I have what Ayn Rand identifies as essential to the entrepreneur: “unflagging optimism and belief in oneself”.

Q: What is your biggest international achievement to date?

Our biggest international achievement is our broad retail distribution in the U.S. We have become a serious player in their health and fitness market. We have successfully created a brand that is respected and we get invitations to meetings and orders from some of the largest U.S.-based retailers like Costco.

Q: What advice would you give to Mompreneurs who are interested in expanding their business internationally?

Research, research, research. Which retailers will you target? Are you set up to be able to handle a market like the U.S. that is ten times larger than Canada? Is your supply chain efficient? How much inventory will you require? Have you thought through cash flow requirements? Are you able to extend terms? If yes, are your receivables insured so that you don’t get burned by companies going under or not paying. How will you sell?  How will you promote? You need to have the answers to these questions if you plan to tackle the market yourself. The other option is to find a distributor and hope they will build your international market effectively.

Q: What are your goals over the next five years?

I would like to have a significant presence in multiple verticals – pharmacy, sporting goods, electronics. Additionally, I would like to have a very developed corporate wellness practice and be the dominant player in the market for the supply of internet connected portable electronic tools for health and wellness. In terms of revenue, I would like the business to reach US$100 million.

Q: How do you balance business and family?

Although my family claims that I am addicted to my iPhone, the best thing is that I have been able to spend a lot of time working from home. This means I have been able to make the kids’ lunches and see them off to school and then be home when they arrive back. I set up my office really close to my house so that I could always make it to school plays and class field trips. I feel I got to spend a lot of time with my children while they were growing up.

Q: Is there anything else which you would like Mompreneurs to know?

Sometimes I feel like one of those “whack-a-moles” that keeps popping up from different holes and you bop them over the head to push them back down. But they keep popping up again. I think this must be very common for entrepreneurs. You have to have resilience and the ability to bounce back from every set back. If you keep an unshakable faith in yourself and your creativity and your ability to find solutions, you will find solutions. Don’t run away, wring your hands in despair and cry. Meet the challenges head on, analyze them, understand them, solve them and learn from them.

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