Words about Myworkout from Founder and CEO, Knut Løkke
It has now been five years since a group of hopeful entrepreneurs and researchers established Myworkout to save the world from inactivity. It feels like five months. There have been days and nights where the tasks have been so tricky and all-consuming that, at times, it has affected the night's sleep. I readily admit it. It has been a challenging and demanding birth with high uncertainty and high risk. But now, the company has reached school age, and without the help of investors. We have managed to get through the first "dangerous" years of the life of a company, where an average of 7 out of 10 companies goes bankrupt, with shine.
In 2019, according to Deloitte, Myworkout became one of the fastest-growing technology companies in Norway. In 2019, we had a turnover of almost NOK 27 million, which is 20 million more than three years ago. The profit for 2019 was 10 million before tax, which is 9 million more than three years ago. Making money is essential. It opens up opportunities and gives instructions to take new vital steps in the right direction. So far, the company has not taken out a single kroner in dividends but instead invested the profit in further development. One day the company will take dividends, but it makes me proud to lead a company focused on reaching a goal that the entrepreneurs set aside their financial gain.
How we save the world from inactivity
That we grow and become more robust increases the chances of reaching the goal of saving the world. To save the world from inactivity, we need to conduct an average of 5.5 million workouts every day for an entire year. Today we cut 1500 training sessions per day. With the commitment we have today, this will increase significantly in 2020, 2021 and the years ahead. If we achieve the goal of 5.5 million training sessions in Myworkout (they must be carried out with Myworkout for the training sessions to be effective for health and the economy), the world population will be a total of 1 billion years younger in biological age. As a result, 1 billion more healthy life years, equivalent to employers saving 318 billion dollars on reduced sick leave and the insurance companies as much as 125 billion dollars in smaller payments. If we manage this, we will save 157 trillion dollars saved costs for society over the next four decades!
Better quality of life
It is crucial to reduce biological age. It is one of the most important things we can do. It is essential for you who want to live a good and healthy life, for your employer who needs you to perform at work, for the health trusts that will take care of your health, and for society to tolerate virus transmission better. 9 out of 10 deaths in Norway due to infection with COVID-19 have one or more chronic conditions. Inactivity is a global megatrend. The same is ageing. Inactivity combined with ageing increases the effects of inactivity exponentially. Some researchers have made some gloomy forecasts about the consequences of ageing and inactivity, which say that if the cost per health case is to be 1 to 1 equivalent to what it is today, the world will run out of money in 2060. We have to work smarter and more sustainably. We have no choice. And Myworkout wants to contribute. For real.
«Man vs machine »
For almost three years, Myworkout has been researching to document the actual effect of using Myworkout as digital training as medicine, i.e. not only the methods but the tool itself. We have called the project «Man vs. Machine,» a scientific article where ACSM, American College of Sports Medicine, has approved the abstract. The research documents the follow-up characteristics of Myworkout compared to human personnel. The aim is to publish the article internationally in 2021. We believe it will receive massive attention. In 2019, Myworkout contributed to three research articles published. You will find a link to these articles in the annual report. Myworkout is unique. We have the world's only technology to instruct how to reduce biological age and evaluate effect with scientific precision without the need for anything other than a smartphone. The fact that the technology is so accessible that anyone with a smartphone can use it worldwide means that we can help a lot of people. It helps reduce inequality.
The past year
In the last year, we have worked primarily with the entertainment part and the customer journey in the product, with artificial intelligence that makes it possible to get "cred" of intensity regardless of training type. I am very much looking forward to launching this, which has been developed in collaboration with, among others, SINTEF, Storebrand, Innovation Norway and the Research Council. We develop Myworkout in close cooperation with customers. In 2019, we worked very closely with, among others, Storebrand. Storebrand became the first insurance company to link biological age to its insurance premium. Their customer Oracle became the first corporate customer to reduce their insurance premium corresponding to its reduction in biological age. This case received international attention. The help we receive from the Research Council and Innovation Norway is invaluable. Myworkout is a perfect example of how the policy instruments in Norway work. In the annual report, you will be able to read in detail who we in Myworkout are, how we work and how 2019 turned out. Should there be anything you are wondering about or want more information about, feel free to send me an email at email@example.com.
Imagine that 7 out of 10 are inactive, that inactivity is as harmful to health as smoking and that according to the Norwegian Directorate of Health, this costs Norway 500 billion annually. Do yourself and those you love a favour. Blunt the "smoke" and reduce your biological age. Do it because you want to live a good life. We have a slogan in Myworkout, which is «More life». Is there anything more valuable?
Senior Sales Manager
Sales and marketing manager
Daily Manager and Founder
Marit Sofie Emaus