WEBVTT - A $3,000 Bodysuit to Shock Your Way to a Better Body

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<v Speaker 1>Bloomberg Audio Studios, Podcasts, radio News. You're listening to Bloomberg

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<v Speaker 1>Business Week with Carol Masser and tim Stenoveek on Bloomberg Radio.

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<v Speaker 2>Well, it's the jolt that tickles your muscles and suit

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<v Speaker 2>it up in the Catalyst Jen for you might look

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<v Speaker 2>a bit like one of the Avengers. It's pretty cool.

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<v Speaker 2>It is all part of looking and feeling your best.

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<v Speaker 2>As Bloomberg Pursuits editor Chris Rouser writes about the new

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<v Speaker 2>issue of Bloomberg Business Week with Pursuits devoted to the

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<v Speaker 2>pursuit of wellness. Here with Morris Chris Rouser along with

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<v Speaker 2>Brendan Kennedy, the CEO of Monte Mayer, it's the owner

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<v Speaker 2>of Catalyst, and they both are here in our studio. Welcome, Welcome,

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<v Speaker 2>a great Friday story. First of all, I got to

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<v Speaker 2>start with you, Chris, How did this come on your radar?

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<v Speaker 2>I mean, I know you are always kind of the

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<v Speaker 2>king when it comes to things that you can try

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<v Speaker 2>to feel better to look back.

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<v Speaker 3>Yeah, I'm a fitness person, I'm a wellness person. I'll

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<v Speaker 3>try anything.

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<v Speaker 4>Once.

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<v Speaker 3>If you asked me to do a form of exercise

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<v Speaker 3>with you, I will do it. So I've done everything,

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<v Speaker 3>solid core, phyzeke fifty seven, zoomba, you name it, I've

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<v Speaker 3>done it, hot yoga, hotter yoga.

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<v Speaker 1>And something in a chair yo.

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<v Speaker 3>Yes, yes, there was briefly a PILATEUS studio in Manhattan

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<v Speaker 3>called Shaes twenty three because you did all the exercises

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<v Speaker 3>in a chair and it was on twenty third Street.

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<v Speaker 3>So at the beginning of the year, I just was

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<v Speaker 3>thinking about how overwhelming wellness has gotten. There's endless podcasts,

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<v Speaker 3>The Manisphere podcasts are just like telling you so many

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<v Speaker 3>different things every week to do. There's businesses where you

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<v Speaker 3>can spend like seven thousand dollars a month where you

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<v Speaker 3>go and you get you know, go get tested for

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<v Speaker 3>all this stuff every month and you get AI to

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<v Speaker 3>tell you what to eat and what to exercise. Just

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<v Speaker 3>feels very overwhelming. And I thought, Okay, what's the response

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<v Speaker 3>to that. What is my response to that.

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<v Speaker 1>I want to cheat, I want to cheat code.

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<v Speaker 4>I want an easy way out. I want to hack.

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<v Speaker 3>And so we got the whole pursuit seemed together to

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<v Speaker 3>think to like go out and do research and figure

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<v Speaker 3>out what like the hot wellness hacks right now that

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<v Speaker 3>makes it easier for you because at the end of

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<v Speaker 3>the day, what you really need to do is exercise.

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<v Speaker 3>You need to sleep, you need to talk to people,

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<v Speaker 3>and you need to eat. Well, that's basically all you

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<v Speaker 3>need to do. So like, what are the things that

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<v Speaker 3>can sort of hack your way into doing those more easily?

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<v Speaker 3>And so as I was doing my research, I discovered

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<v Speaker 3>the Catalyst suit, which is an EMS suit. It's a

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<v Speaker 3>stimsuit like you like physical therapists use after you get

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<v Speaker 3>an injury. They kind of zap your muscles with electricity

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<v Speaker 3>and it encourages your muscles to work harder, more of

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<v Speaker 3>it tenses up, and then it heals. It heals stronger.

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<v Speaker 3>And so that technology is now a suit that you

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<v Speaker 3>can wear and you can do workouts and it like

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<v Speaker 3>supercharges your workouts.

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<v Speaker 1>Okay, I know the guy who owns the company is

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<v Speaker 1>sitting right here, but I'm still going to put you

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<v Speaker 1>on the spot, Crisp, because I see technology like this

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<v Speaker 1>and I'm like, yeah, does it actually work?

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<v Speaker 4>I have to tell you it actually works.

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<v Speaker 1>You're not just saying.

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<v Speaker 3>Muscles through my blazer, but you see, but it really

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<v Speaker 3>totally works. I did it for six months after having

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<v Speaker 3>a pair of injuries. I had foot surgery. You guys,

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<v Speaker 3>remember I fractured my elbow. I was like out of

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<v Speaker 3>the gym for months. I felt kind of bummed about it,

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<v Speaker 3>and it really got me back going. Yeah, you really

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<v Speaker 3>see a results that it helped my posture I lost

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<v Speaker 3>to gain muscle.

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<v Speaker 2>All right, So Brendan, come on in. You are the

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<v Speaker 2>owner of Catalyst. Talk to us about this device, kind

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<v Speaker 2>of how it came to be, and tell us a

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<v Speaker 2>little bit about the business.

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<v Speaker 4>Yeah.

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<v Speaker 5>So I joined EMS about four years ago, and I

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<v Speaker 5>was a little skeptical at first too. My wife had

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<v Speaker 5>used it about seven years ago.

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<v Speaker 1>EMS is electric electric electrical muscle stimulation exactly.

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<v Speaker 5>I'm just like a doctor or a physical therapist will

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<v Speaker 5>put STEM on you to heal a muscle. It's the

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<v Speaker 5>same time technology and doctors have been using it for

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<v Speaker 5>six years. If you go to Europe, there are ms

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<v Speaker 5>studios where there's thousands of them where people will go

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<v Speaker 5>in and work out. I went in skeptically and tried

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<v Speaker 5>it about four years ago during COVID and it's amazing

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<v Speaker 5>for me. It compresses time. I can get two hour

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<v Speaker 5>workout workout that would normally take me two hours in

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<v Speaker 5>a gym. I can do it in twenty minutes, and

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<v Speaker 5>it's a whole body workout. It hits a little muscles

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<v Speaker 5>in your back that you you might miss in a

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<v Speaker 5>gym or skip leg day. Is your whole body, twenty

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<v Speaker 5>six pads at once, and it stimulates your muscle. Just

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<v Speaker 5>like your brain sends a signal to your muscle to contract,

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<v Speaker 5>the suit sends the same muscles, the same signals, and

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<v Speaker 5>it hits ninety percent of your muscles.

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<v Speaker 4>And so it's amazing and.

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<v Speaker 5>It works, it's efficient, it's fast, it's safe, and it

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<v Speaker 5>compresses time for me.

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<v Speaker 3>So you were a client, I was a class who

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<v Speaker 3>became an investor, and now you're the owner.

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<v Speaker 4>Yes, it's something I'm really passionate about.

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<v Speaker 5>I use it three days a week, so twenty minutes

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<v Speaker 5>each time, basically an hour a week. That little prep,

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<v Speaker 5>a little cleanup, but compared to changing and driving to

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<v Speaker 5>a gym and working out for two hours, I can

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<v Speaker 5>do it in twenty minutes.

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<v Speaker 4>I can do it at home. I travel with it.

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<v Speaker 4>It's spectacular, all right.

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<v Speaker 2>So what does it cost?

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<v Speaker 5>So the suit retails for three thousand dollars. There's an app,

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<v Speaker 5>and there's trainers on the apps, so you pick I

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<v Speaker 5>want to focus on strength. I want to focus on cardio.

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<v Speaker 5>Maybe I'm going to focus on my old legs or

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<v Speaker 5>my abs. I'm fifty years old. I've worked out in

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<v Speaker 5>gyms for forty years. This is the first I've done Ironman.

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<v Speaker 5>I've done marathons, I've done every kind of fitness activity

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<v Speaker 5>you can do. I'm very active. This is the first

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<v Speaker 5>time I've had abs at fifty three, right, It's never

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<v Speaker 5>happened before. It's all because of suit. I can turn

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<v Speaker 5>up the abs and hit hit those muscles.

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<v Speaker 4>Three thousand dollars.

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<v Speaker 5>You follow a trainer on the app and that person

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<v Speaker 5>leads you through a twenty minute workout.

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<v Speaker 1>People might know you from your days in cannabis medical

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<v Speaker 1>cannabis specifically. You were one of the co founders of Tilray.

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<v Speaker 1>You led the company. It's publicly traded now you're no

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<v Speaker 1>longer involved in cannabis. What was the process that got

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<v Speaker 1>you to buying Catalyst and talk a little bit about

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<v Speaker 1>the challenges the companies had before you came on board

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<v Speaker 1>and what you're trying to do now to get it

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<v Speaker 1>away from those challenges.

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<v Speaker 4>Absolutely so, I think cannabis.

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<v Speaker 5>You know, I started in cannabis back in twenty eleven,

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<v Speaker 5>so fourteen years ago, and back then people thought it

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<v Speaker 5>was crazy, right, is.

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<v Speaker 4>What is he doing?

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<v Speaker 5>He went to Yale, he has an MBA, Why is

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<v Speaker 5>he going into cannabis?

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<v Speaker 4>And he's throwing away his whole career.

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<v Speaker 5>But I could see the future. I could see what

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<v Speaker 5>was going to happen. I knew that country after country

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<v Speaker 5>was going to legalize. In the US, States were going

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<v Speaker 5>to legalize, and so I saw the opportunity. I saw

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<v Speaker 5>what was going to happen. I see the same thing

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<v Speaker 5>in EMS. If you go to Europe, there's these studios

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<v Speaker 5>everywhere with people working out in suits. And I think

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<v Speaker 5>five years from now, everyone in the US will be

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<v Speaker 5>familiar with MS. They'll either have a suit or they'll

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<v Speaker 5>go to gym and work out in that suit, because

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<v Speaker 5>it's the future of fitness.

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<v Speaker 2>Well, Christy, I mean, you do cover so much about

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<v Speaker 2>wellness and fitness. We talk about it with you all

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<v Speaker 2>the time. I mean, how do you slot this sin

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<v Speaker 2>What are you hearing kind of from maybe the industry

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<v Speaker 2>about maybe is this kind of.

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<v Speaker 4>A next way? Yeah?

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<v Speaker 3>I mean this is definitely We've done stories about EMS

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<v Speaker 3>too before. Plastic surgeons in New York City offer it.

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<v Speaker 3>There's some startups that offer sort of similar things where

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<v Speaker 3>you go to a studio. For me, this really fit

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<v Speaker 3>into my normal system of going to Berry's boot camp.

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<v Speaker 3>You know, I'm a big Berries person and doing my

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<v Speaker 3>normal weightlifts, and then I added this in, yeah, two

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<v Speaker 3>or three times a week twenty minutes, and that's where

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<v Speaker 3>I really supercharged everything else that I did. And especially

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<v Speaker 3>on a day when you know, like Brendan said, if

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<v Speaker 3>you're too busy or you're traveling or whatever, you can

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<v Speaker 3>just kind of toss it in. And although I have

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<v Speaker 3>not taken it on a plane before, so I.

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<v Speaker 4>Brought it with me. So this is what it looks like.

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<v Speaker 4>Is it quite big? It's not really.

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<v Speaker 1>So for those listening on radio, christs holding up of

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<v Speaker 1>the best portion. But there's also that that sort of

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<v Speaker 1>there's another portion.

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<v Speaker 2>That goes all the way down.

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<v Speaker 4>Yes, that's for you around your legs and legs.

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<v Speaker 3>There are armbands that go with it, and you have

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<v Speaker 3>to get it wet for the stem pads to like

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<v Speaker 3>really work.

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<v Speaker 1>But do you have to say with a heart rate

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<v Speaker 1>monitor too. It's kind of the same thing.

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<v Speaker 4>Exactly, Okay, very similar.

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<v Speaker 2>So what do you see as your market. Is it

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<v Speaker 2>a case of selling directly to consumers? Is it about

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<v Speaker 2>setting up is like the Peloton model to some extent,

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<v Speaker 2>where you could go and actually get on a peloton

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<v Speaker 2>and be at a physical location. I mean Peloton kind

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<v Speaker 2>of went back and forth. What's the model in terms

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<v Speaker 2>of growing this business?

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<v Speaker 5>So right now there are thousands of consumers that own

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<v Speaker 5>the suit and they work out at their homes or

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<v Speaker 5>at the office or in their hotel rooms. Yeah, while

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<v Speaker 5>they're traveling and they work out with the app. There

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<v Speaker 5>are also maybe two to three hundred studios in the

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<v Speaker 5>US that use a suit. Many of them use the

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<v Speaker 5>Catalyst suit, And so you can go to an MS

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<v Speaker 5>studio if you're mostly in a big city and try it.

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<v Speaker 5>And so they use a Catalyst suit. And so it's

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<v Speaker 5>both supplying to studios and we're seeing more and more

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<v Speaker 5>of those open, and then also to consumers.

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<v Speaker 1>What's the moat that you have here? Because if this

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<v Speaker 1>is big in Europe, you're doing it here in the US.

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<v Speaker 1>People might catch on, they might see.

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<v Speaker 4>That it's working.

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<v Speaker 1>Copycats could come in. What separates you hyper protect them?

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<v Speaker 4>I think I think there's two moats.

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<v Speaker 5>I think the first moat is Oddly, any MS suit

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<v Speaker 5>is regulated like a toaster in Europe, and so so

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<v Speaker 5>manufacturers can just make them and sell them here, it's

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<v Speaker 5>regulated by the FDA, and so this suit is FDA cleared,

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<v Speaker 5>and so we went through the FDA process in order

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<v Speaker 5>to sell it to consumers.

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<v Speaker 4>That's that's one mote.

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<v Speaker 5>I think the second moat is the content. There's there's

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<v Speaker 5>hundreds of workouts online that you can engage in.

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<v Speaker 4>The app.

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<v Speaker 5>Actually is what sends the impulse impulses to.

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<v Speaker 4>That's what's apps.

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<v Speaker 5>You yes, and so the app does it.

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<v Speaker 2>Family to get them to do other things just saying no,

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<v Speaker 2>forgive me go ahead.

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<v Speaker 4>No.

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<v Speaker 5>I think it's the content and the FDA clearance really

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<v Speaker 5>the two moats.

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<v Speaker 2>What about competition or just the wellness world at large,

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<v Speaker 2>Like it feels like, you know, we go through these

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<v Speaker 2>fads and waves and trends.

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<v Speaker 1>Yeah, you don't want this to end up in the

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<v Speaker 1>same pile as the thigh master.

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<v Speaker 2>I think, hey, everybody should have a thigh master. No,

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<v Speaker 2>I'm just kidding, but how do you make sure?

0:10:05.880 --> 0:10:09.200
<v Speaker 5>I think strength is important no matter what you do, right,

0:10:09.440 --> 0:10:11.719
<v Speaker 5>And so I use my suit three day this week,

0:10:11.760 --> 0:10:15.720
<v Speaker 5>twenty minutes I run so I have cardio. You can

0:10:15.920 --> 0:10:18.839
<v Speaker 5>you work out on treadmill wearing the suit. People do that,

0:10:19.440 --> 0:10:21.400
<v Speaker 5>but I think strength will always be there. Strength will

0:10:21.400 --> 0:10:24.480
<v Speaker 5>always be important. It fixes your posture. Bone density for

0:10:24.520 --> 0:10:27.200
<v Speaker 5>a lot of people is really important. People on GLP

0:10:27.320 --> 0:10:32.520
<v Speaker 5>one drugs lose strength, and so this suit helps people

0:10:32.559 --> 0:10:34.439
<v Speaker 5>of different demographics in.

0:10:34.480 --> 0:10:35.720
<v Speaker 4>Ages very quickly.

0:10:35.800 --> 0:10:37.439
<v Speaker 1>You can work out while you're wearing the suit, and

0:10:37.480 --> 0:10:39.440
<v Speaker 1>also wear the suit independently while you're not working out,

0:10:39.520 --> 0:10:41.960
<v Speaker 1>or you're always working out while you wear There are people.

0:10:41.720 --> 0:10:45.480
<v Speaker 5>That do freestyle workouts, which means the suit is charging

0:10:45.600 --> 0:10:48.760
<v Speaker 5>impulsing and they're folding laundry or doing the dishes or

0:10:48.760 --> 0:10:49.640
<v Speaker 5>walking on a treadmill.

0:10:50.120 --> 0:10:51.840
<v Speaker 2>I think you and I need these. You're still doing

0:10:51.880 --> 0:10:52.480
<v Speaker 2>it real quickly.

0:10:52.720 --> 0:10:55.320
<v Speaker 3>Yes, yeah, oh yeah, I'm in.

0:10:55.600 --> 0:10:56.160
<v Speaker 1>I got to tell you.

0:10:56.240 --> 0:10:57.560
<v Speaker 2>I go to a doctor and they say it's all

0:10:57.559 --> 0:11:01.160
<v Speaker 2>about strength and getting your muscles, building muscle strengths. So

0:11:01.720 --> 0:11:04.199
<v Speaker 2>it totally makes sense. Gentlemen, Thank you so much, really

0:11:04.240 --> 0:11:08.160
<v Speaker 2>appreciate it. Brendan Kennedy, chief executive Officer of Monte Maer,

0:11:08.600 --> 0:11:10.760
<v Speaker 2>the owner of Catalysts, joining us here in studio alone

0:11:10.760 --> 0:11:13.120
<v Speaker 2>with our own Chris Rouser. He's editor of Bloomberg Pursuit,

0:11:13.160 --> 0:11:16.079
<v Speaker 2>so you can check out and read more about Chris's experience.

0:11:16.120 --> 0:11:18.400
<v Speaker 2>It was a really fun read. It's in the new

0:11:18.440 --> 0:11:20.480
<v Speaker 2>issue of Bloomberg BusinessWeek in the Pursuit section.