How Avi Lasarow Pivoted the Business to $100 Million During a Pandemic: An EOFire Classic from 2021

0:01Light that spark fire nation JLD here and welcome to entrepreneurs on fire the only daily show interviewing the world's top entrepreneurs seven days a week. Today, we'll be breaking down how Avi Lazaro pivoted his business to$100 million. And Avi is a health entrepreneur who succeeded in pivoting his business to$100 million and played a crucial role in getting Britain back to work, travel, and play. And today, Fire Nation, these value bombs are taking time out to give the people who support you support as busy as you might be. And in delivering a successful business, that comes down to people, teamwork, and great collaboration, and oh, so much more.

0:38And a big thank you for sponsoring today's episode goes to Avi and our sponsors. Over 41 ,000 businesses have future-proofed their business with NetSuite by Oracle, the number one cloud ERP, bringing accounting, financial management, inventory, and HR into one platform. Download the CFO's Guide to AI and Machine Learning for free at netsuite.com. slash fire. Avi, say what's up to Fire Nation and share something that you believe about becoming successful that most people disagree with. What's up Fire Nation? Success is defined in many ways. And in the context of my recent 18 months at Prenetics, we grew our company to north of a hundred million dollar business.

1:25And as the company grows, and as you get to certain stages in their growth, you have to put in certain management structures that give you good governance, good oversight, and a good drumbeat in terms of how you should run your business. And actually, as you implement these structures, and you bring in, you know, a management team that, you know, come from different backgrounds, it can tend to slow down the agile, moving entrepreneurial spirit. And at this size, often you feel some sort of discord or disagreement as to the speed you should go. And sometimes the risks you should be taking based on the speed that you're going.

2:06And most people disagree and say, you shouldn't move that fast necessarily at this stage. You maybe shouldn't take as many risks. And you should let process sometime drive decision making as opposed to some of the usual things entrepreneurs have like instinct and drive and all that intuition that you feel and see and act upon. And I believe that you still need to find a way to maintain that regardless of the size of the business you create. Well, I teased Fire Nation with a little bit of your story when I gave the introduction here. But I want to really go into your backstory because it is pretty fascinating.

2:41And walk us all the way through to your entry into the health industry. I've been working in the health industry now for sort of just, over 10 years, actually. Hard to say that. As you all know, I think as entrepreneurs in your own business, time just goes so fast because you're so focused that you turn around and suddenly so much time has passed, right? But actually, I got into the DNA testing business because I went through a personal experience. And that personal experience made me realize that going through a DNA testing experience in terms of, in my case, was a paternity type issue. I sort of realized that that experience was not great and I could do better for people that found themselves in my situation so I did that you know I succeeded did it well it was one of the first online companies offering at the time it was DNA paternity testing actually but it was so much more it was ancestry family testing immigration testing and that's sort of how I got started in that space and then very quickly that company didn't succeed as I intended but what I took from that company was a ton of lessons in what I shouldn't do and what I can do better.

3:47So very quickly, I set up a testing business focused on testing hair for the purpose of drug testing. And while I was in that business, I knew there was an opportunity to also probably investigate the ability to test hair for alcohol testing that no one had ever done before. So really created a complete new market segment where we used an innovator to create hair alcohol testing, which was a great success and ended up selling that business in 2012. And then very, very quickly after that, that was my first real, I'd say, success in terms of a full business exit. I didn't have a lot to do. It was my first success.

4:22You know, sort of I was questioning myself, was it just luck? Was I in the right place at the right time? Can I do it again? What do I do next? And I set up this business called DNA Fit, which essentially was the first, one of the first genetic testing companies that focused on commercialization of weight and nutrition use using your genetics and exercise using your genetics. And in fact, we went on to publish the first ever genetic exercise intervention study, which is quite difficult to get published, actually, because of the, I'd say, market forces, let's call it. And, you know, we got that published.

4:55We won a number of Queen's Awards, which is the highest accolade you can get here in the UK. As the name says, it's an award from the Queen's organization. And, you know, that business got some great success. and then very quickly into that business, when I say quickly, just over two years, we then exited that business into Prenetics and Prenetics stands for preventative genetics. That's where I am now and that's where I love doing what I do every day. Well, as you mentioned, Prenetics is your main focus right now and it's also your passion. So let's talk about the mission of Prenetics. Prenetics' core mission really is about bringing health closer to the consumer and decentralizing healthcare.

5:35And I think as you and as we all now know, because of the pandemic, that consumers globally are just familiar with self-testing, with COVID-19 testing, whether it's lateral flow testing or PCR testing. You know, consumers are or have had a lot of time over the last 18 months to really reflect upon their own health because of this environment that we've all found ourselves in. And as a result of that, you know, there's no better time now than to essentially democratize and also decentralize laboratory testing and bring it into the home. So we very much focused on exactly that. Our roots come from DNA testing, genetic sequencing for, as I indicated, you know, fitness, nutrition.

6:16But we obviously expanded that into genetic testing for pharmacogenomics, i.e. what drugs you should take, genetic testing for family health, for wellness, and for a whole host of predispositions that you get by the time you're born. So, you know, the pandemic has really helped us achieve this mission and move closer to the goal of this mission, which is exactly what I said, is bringing, you know, health closer to the consumer and into their home. So Far Nation, I love how you can combine passion with real impact in this world. And to me, that's exactly what Avi's doing here with Prenetics. And let's be honest, COVID threw a wrench in a lot of people's lives and their business plans as well.

6:58And I'm sure, you know, Prenetics had to have a couple sit down conversations about what was going on during this new world that we live in. So can you share how your business adapted to COVID? I sold DNA Fit as part of the strategy into Prenetics. And, you know, that's the team out of Hong Kong. And Danny Young, who himself is a really fantastic entrepreneur and the group CEO, he's based in Hong Kong. And when the pandemic influenced and sort of arrived here in Europe, in the UK in particular, Hong Kong was really three weeks to a month ahead of experiencing that impact. So, of course, at that time, the team in Hong Kong was saying, hey, you know, can we send you masks?

7:36There's a real problem. And there was lots of signals that there's a big issue sort of heading in our direction. And I don't think at that time we really understood what that meant until such time, you know, it obviously impacted us here in the UK. And I'm sure you felt the same, you know, where you are and, you know, our colleagues in other countries we work with, they were in a similar situation. But, you know, just to, you know, sort of take that further. So at the time, you know, the team in Hong Kong, you know, as a DNA testing company repositioned their laboratory capability to start testing for, you know, PCR testing and COVID generally.

8:10And as a result of being first in the market, you know, one of the first in the market in Hong Kong, they started to really get some great community initiatives going, sort of working with some, you know, well-known brands, well-known hospitals, a brand that might not be familiar to some of your audience. but certainly there will be others that will be no it is a company say for example Deliveroo which is well known for delivering food and so they started helping for example the community hospitals and the people that were delivering food so people are just trying to keep some sort of novelty so this experience and and mobilization that they had in country helped us in the UK very quickly start working on a proposition so at the time in the UK we had 30 people and there's this concept of furlough where you know if you put people on the furlough scheme they still get paid a percentage of their salary by government while the pandemic has impacted the companies that are you know trying to still operate so what we then did was very very quickly we came up with a proposition and just being in the market there were six so there were six of us left really on a daily basis really passionately working out what can we offer in this market how can we help how can we make an impact and you know according to our mission the COVID pandemic sort of didn't change what that mission was it was this was something where we could you know do our social bit but also make a difference and therefore just stay true to that vision and um so really we you know information is very important we as a company that was working in the world of sport with genetic testing we heard that one of the most famous uh one of the most famous leagues in the world the uk premier league uh were looking to do some sort of testing or some of the clubs were so i can't remember the exact clubs or maybe manchester united liverpool and some of the famous ones And so very quickly, we came up with a strategy and were very successful in winning the Premier League.

9:53And why that was so significant, I'm not big into football, by the way. So for me, it was like, yeah, I knew they were a big or well-known organization, but I didn't quite really garner the extent of how big. But what was really important, at the time, the UK was on full lockdown. So you actually couldn't leave your house. You know, companies were closed. You know, just transport was closed. It was a real big deal, of course. and the the project restart as it as it was labeled was about getting the premier league back and what was so important about that in the world of football and the most well loved and watched sports globally in the uk um was that it was about mental health and there was a real passion to get sport back behind closed doors because if you could do that you could help the whole um you know society's population's mental health by virtue of and give them something extra to do and so we got that back and when we won that contract there wasn't a lot of information about how to do it but we had information from our team in Hong Kong we partnered up with our university and in a period of two weeks we rolled out 20 sites across the whole country developed a national infrastructure built an electronic health passport and a number of other methods to make sure we could do this and do it well and at that point the whole country was actually watching in fact people from around the world were watching and we just had no option but to make this a success and actually we made it a success.

11:17We rolled out our methodology and continue doing this work with them till today. But most importantly, it just opened up so many doors for us and we're really privileged to have had that opportunity to do that. I mean, when you keep your eyes open, Fire Nation, and your ears open, you look for opportunities and then you jump at them when they present themselves, great things can happen. And we're gonna be getting a little bit more into a pivot to$100 million. dollars and also you know Avi he's kind of staying cutting edge on a lot of things so we're going to pick his brain on that as well when we get back from thanking our sponsors there's a lot to consider when starting your own business and protecting your identity and privacy are top concerns with Northwest Registered Agent you get more privacy more guidance and more freedom to run your business from anywhere in just 10 clicks in 10 minutes Northwest Registered Agent has been helping businesses launch and grow for nearly 30 years.

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12:50Get more with Northwest Registered Agent at www.northwestregisteredagent.com slash fire. It would be really nice if we could predict what the future holds for our business. Talk about saving a lot of time and frustration, but predictions are just that, predictions. Rates will rise or fall, inflation's up or down. Can someone please invent a crystal ball? Until we can actually see into the future, over 41 ,000 businesses have future-proofed their business with NetSuite by Oracle, the number one cloud ERP bringing accounting, financial management, inventory, and HR into one fluid platform. NetSuite gives you one source of truth so you can have the visibility and control you need to make quick decisions.

13:32And with real-time insights and forecasting, you can see into the future with actionable data. If our businesses needed this type of software, I'd use NetSuite in a heartbeat because whether your company is earning millions or even hundreds of millions, NetSuite helps you respond to immediate challenges and seize your biggest opportunities. Speaking of opportunity, download the CFO's guide to AI and machine learning at netsuite.com slash fire. The guide is free to you at netsuite.com slash fire. netsuite.com slash fire. Avi, we're back and we've been talking about some opportunities you guys took advantage of, some pivots you made.

14:08But let's get real specific. I mean, as I said in the intro, you pivoted to$100 million. Let's get some more specifics around this. Yeah. So just to also further give you detail on that, we pivoted to$100 million just in the UK. And I can tell you that out of our Hong Kong office, we did the same thing. So actually, from a relatively small unknown company, we developed a brand and capability and revenue new stream with the privilege of, you know, doing our civic duty, which is actually making an impact when people really needed us to do so, right? But I mean, I think just to say, in order to do that, you know, in Pivot, you know, you had to move fast, you had to, you know, deliver tons of just passion in all aspects of what we were doing, you had to be adaptive, you know, we had to be very, very sort of, you know, sort of, as I'm actually trying to get the words of my mouth, I'm actually thinking about all these things we had to do.

15:06So there's just so much. But ultimately, we had to just really be super passionate, super dedicated, and just make things happen. And it wasn't just pivoting to COVID, because the first success for us was the Premier League. But of course, we then rolled out our systems into different sports across the UK, different sectors, you know, film production, some of the most major film production brands in the world. We essentially are running all their productions here in the UK and internationally. We started sectors. We, you know, we've won a number of film, sorry, cruise liner business. So we opened up the travel sector.

15:38We have laboratories at some of the most major airports in the world, Heathrow Airport, for example, here in the UK and others. And to do that, each of those different segments had their own methodology of where they do things. And we had to learn and pivot within each of those segments. And at the same time, you've got to cope with scaling a team from you know 30 people to you know in some cases over 500 people depending on what you're working on but as a core team today we have 500 people here in the uk and with that comes also lots of other sorts of pressures i kind of compare it to a lightning bolt that comes through the organization right so it comes in at the top you then got to act very very quickly you got to mobilize you got to execute you got to deliver and deliver well because you're in the public eye in a pandemic learning new things and new technology all the time as well as the science is evolving you've got to keep your eye on that as well and adapt within that as to what you're offering and how you offer it as well as legislation and governments all those those important things and then as this sort of lightning bolt comes through your organization you know you you have to work closely with people to make sure they're okay as well because of course in delivering a successful business it comes down to people it comes down to teamwork it comes down to you know our colleagues in Hong Kong and how you all collaborate together And, you know, in the context of that, mental health, mental wellness is so important.

16:55So, for example, you know, at first, you know, we've been here for 18 months, right? And in the first six months, everybody's doing it because every day you are living this. We are making history every day. We'll look back on this in 10 years time akin to a war, a World War II. Our children might say, what did you do during the pandemic? So every day is history making in what we do. But then suddenly, you know, a year in, you realize this could become the norm. and you have to find some sort of balance for the people around you in terms of their mental health, work-life balance, and all these interesting but important things to do.

17:27And that's also a bit of a challenge we overcame and have succeeded upon. So this is a very fascinating topic. And again, you've touched on a little bit of this, but I really want to get specific for Fire Nation. What's the future? What's the future for Prenetics? What's the future for Avi? What are you seeing right around that corner? Yeah, so I mean, in terms of the future, I've got to tell you that, you know, we actually have filed for a SPAC listing. So with all good order, we should be a NASDAQ listed company in the coming months. So that's really exciting. You know, and I've always said as an entrepreneur, and all the ideas that I've created and taken to market, that it's about making a difference and a social impact.

18:06And you can do that, everything else falls into place. And, you know, my partner, who I value so much, he's the guy that really acquired DNA initially, Danny Young. He said to me at the time, Avi, we're going to create a$1 billion business. Wow. And there wasn't a minute that I did not believe that. And now him and I talk and he says, because now effectively, you know, it's in the public domain, you know, our valuation is$1.2 billion. And, you know, what did he say to me? He said, Avi, we're going to create a$10 billion business. And I believe it because I know we can do it, right? So in terms of the future of Prenetics, I mean, we live in our mission.

18:45We are making an impact. Just to put this in context, we've done more than 6 million COVID tests since the pandemic started. And we have operations in major airports around the world to include Hong Kong, UK and otherwise. We're working and starting in many different sectors. But actually, again, it's all about continued social impact. And what feels great about what we do every day, not just do we make history, we're taking innovation to market because the market innovations are happening so fast and in the context of that we're actually you know helping people in their daily lives just get on with their daily lives um in terms of me personally what i can tell you is that i'm very committed to living my entrepreneurship desires through creating even a bigger print mix brand and i think we can do that and hopefully you will hear more about us avi i know we will hear a lot more about you.

19:34And I want you to share with Fire Nation the one message, the one core theme, the one takeaway that you really want to make sure Fire Nation gets from our entire conversation today. Then share the best way that we can connect with you, any call to action you have, and then we'll say goodbye. Around you are people that care about you and love you in what you aspire to do in business as an entrepreneur in making an impact. And I think sometimes when you are so focused on your mission without realizing subconsciously you might not give as much attention as needed to those people around you. They could be friends, they could be family, they could be children, they could be mums and dads, right?

20:14And I think in this pandemic, we've all got to reflect on all of these things. The companies like ourselves that are so heavily involved in delivery of helping within this pandemic might have been some of the companies and people in those companies who tend to not necessarily give the attention to those around you that they deserve. And I think these are the people that actually support you to become successful and just take that time out to give them what they need as busy as you might be. What call to action do you have for our listeners, ways to connect, and then we'll say goodbye. If you want to reach out to me, I'd love to hear from you.

20:47You can contact me at Lazaro A on Instagram. Fire Nation, you're the average of the five people you spend the most time with. You've been hanging out with AL and JLD today. so keep up the heat head over to eofire.com type avi avi in the search bar his show notes page will pop right up with everything we've been chatting about here today links to his instagram and more avi thank you for sharing your truth knowledge value with fire nation today for that we salute you and we'll catch you on the flip side thanks so much john i really appreciate the opportunity to be here hey fire nation today's value bomb content was brought to you by avi and fire nation If you've ever thought about creating a podcast of your own, The Podcast Journal is for you.

21:33It is gorgeous. It is full leather, and it will guide you step-by-step in the creation and launch of your podcast in 50 days. Visit thepodcastjournal.com, and I'll catch you there, or I'll catch you on the flip side. Over 41 ,000 businesses have future-proofed their business with NetSuite by Oracle, the number one cloud ERP, bringing accounting, financial management, inventory, and HR into one platform. Download the CFO's guide to AI and machine learning for free at netsuite.com slash fire.