Varun Bhanot, the Co-founder & CEO of AI Health company MAGIC AI, has established himself as a pioneer in the fitness industry, guiding the startup to impressive achievements and attracting substantial investments and recognition in the process. Despite being a newcomer in the startup world, MAGIC AI has attracted substantial support, boasting an impressive team of brand ambassadors. This success solidifies Varun and MAGIC AI as influential players in both the fitness and AI sectors.
We embarked on this journey when I found myself significantly overweight in my early twenties, exacerbated by the pressures of establishing a previous tech startup. Taking action, I enlisted the help of a personal trainer and managed to shed 30kg, a remarkable achievement considering I had never stepped foot in a gym before. However, the experience revealed the antiquated and rigid nature of the traditional personal training process, involving a trainer providing verbal feedback with a clipboard and pen, and carrying a hefty price tag ranging from £50-£100 per hour in London.
Recognising the need for a more modern and accessible solution, I envisioned a product that leveraged a blend of AI and hardware to automate the fitness training experience within the comfort of one’s home. This idea aimed to democratise access to personalised fitness guidance and potentially revolutionise the well-being of many individuals. This vision inspired the creation of MAGIC AI, the UK’s pioneering AI Personal Trainer.
Handling rejection from investors gracefully! Fundraising is undeniably challenging, especially in the case of MAGIC AI. Dealing with rejection is an inherent part of the process, and it’s imperative to handle it with resilience and a mindset geared toward learning.
Following each rejection, we conducted debriefing sessions within our team and with my co-founder. This involved a thorough analysis of the feedback received, identifying key takeaways, and gaining insights into the investor’s perspective. These sessions were instrumental in refining our pitch and strategy. Rather than perceiving rejection as a setback, we embraced it as an opportunity for improvement and growth.
While it’s difficult not to take rejection personally, especially when your startup is your passion project, it’s crucial to remember that there are hundreds of investors and only one of you. Considering statistical probabilities, multiple rejections are expected on the path to success.
While reflecting on the journey of starting this company, one significant aspect I wish I had known beforehand is the profound impact of establishing a robust support network. The entrepreneurial path is filled with challenges and uncertainties, and having a network of mentors, advisors, and fellow founders can provide invaluable guidance, insights, and emotional support. Building these connections early on not only accelerates the learning curve but also offers a sense of community during the highs and lows of the startup journey.
The power of a supportive network in navigating complexities, making informed decisions, and fostering personal and professional growth is a lesson I’ve come to deeply appreciate in the entrepreneurial landscape. I think Foundervine provides a great network for this.
1. Successful Fundraising: Achieving a significant milestone in our company’s journey, we secured $2.5 million in venture capital funding from esteemed firms, including Fasanara Capital and SFC Capital. This accomplishment stands as a testament to the confidence investors have in our vision and our potential for substantial growth.
2. Noteworthy Industry Awards: In 2023, I was honored with the Technology Entrepreneur of the Year award at the Great British Entrepreneur Awards (GBEAs) and also received the Best New Company award at the Growing Business Awards. These accolades, obtained in our inaugural year of trading, represent major achievements and milestones for our company.
3. Market Recognition and Sales Triumph: Our product garnered recognition from reputable publications like the Financial Times and The Times, earning a spot among the Best Fitness Equipment of 2023. Moreover, achieving sell-out success in prominent retail locations such as London’s Selfridges and Westfield White City within the first year underscores strong consumer demand and our noteworthy sales accomplishments.
4. Strategic Partnerships and Notable Backers: We established strategic partnerships with renowned athletes and celebrities, including Sir Alastair Cook, Jesse Lingard, and Katya Jones. Additionally, receiving backing from angel investors who are CEOs and senior executives at major companies like Spotify, Meta, and Stripe further solidifies our position in the market.
5. Cutting-Edge Technological Innovation with ReflectAI®: Our commitment to technological innovation is showcased through the development and patenting of ReflectAI® technology. This revolutionary technology provides hyper-personalised training through AI form tracking, positioning our company as a leader in the AI-driven fitness space. Notably, we now possess the world’s largest dataset for Computer Vision-based exercise, further underlining our technological prowess.
Prioritise and Establish Clear Goals: Begin by delineating your overarching objectives and then break them down into more manageable tasks. Prioritise these tasks based on their urgency and importance. Clearly defined goals offer a sense of direction and structure to guide your activities.
Develop a Daily or Weekly Schedule: Craft a well-organised schedule that outlines your daily or weekly tasks. Allocate specific time slots for various activities, including focused work, meetings, and breaks. A structured schedule aids in efficient time management, preventing tasks from accumulating and ensuring a balanced approach to your responsibilities.
Employ Project Management Tools: Harness the power of project management tools and applications to streamline task organisation, set deadlines, and monitor progress. Platforms such as Asana, Trello, or Monday.com enable the creation of visual workflows, task assignment, and collaboration with team members, ultimately enhancing the overall structure of your projects.
I would love to help anyone with PR, fundraising, investor relations or building a hardware product. While I’ve encountered both failures and successes in these areas, I am more than willing to share the valuable lessons I’ve learned along the way!
