David Schmidt on Company Growth and Change Over Time
Often, people outside of the world of business tend to think about companies as being more or less static over time. They come to know a company for a particular service or offering, and that is typically how they think of it from that point forward. This idea of companies remaining essentially the same throughout their lifespan, however, is usually not representative of the ones that find long-term success. To explore this, we’ve looked to the work of David Schmidt, CEO of LifeWave, a leading health technology company. Examining how the company has changed over time can help illustrate the growth and evolution often showcased by successful organizations.
Of course, every company must start somewhere, so let’s first see how the career of David Schmidt has informed his work founding LifeWave and building it into a leader in its field. Interested in innovation from a young age, the CEO had long held an idea that he would like to work as an inventor in his adult life. This manifested in a range of activities over the course of his 30-year career in business and product development. One of the clearest examples is the work that he has done to create new methods and processes for synthesizing periodic elements. He’s also known for his work on a bladeless turbine generator and unique designs for a combustion rocket engine.
Eventually, the inventor’s efforts came to the attention of the U.S. Navy, which reached out to him for help with its miniature submarine program. Specifically, the military branch was interested in working with him to design a method for enhancing energy and stamina in military personnel isolated on these mini-subs, many of whom had to be ready to work long hours when called upon. The military branch was interested in achieving this goal without the use of drugs or stimulants, which can carry with them the potential for a wide range of harmful side effects.
The inventor’s work on this project led him to an interest in phototherapy – using light to achieve therapeutic changes and outcomes in human health. Eventually, he formed a company based on that interest and began focusing on how reflected wavelengths of light could have powerful benefits within the human body. From that original line of investigation, LifeWave and its patented phototherapy patches were born. The topically applied patches allow users to target a range of health problems, such as lack of sleep, chronic discomfort, and low energy levels.
Working in Stages
Since its formation, the CEO’s company has achieved massive growth that has turned plenty of heads in the health and wellness field. It’s been named to Inc. magazine’s list of fastest-growing companies in three separate years and has expanded its operations to make its products available in more than 80 countries around the world. When speaking about the company’s growth, the CEO has noted that it’s come in three distinct phases.
“The first stage was when we launched in 2004 when we were focused on quality-of-life issues,” says the entrepreneur. “At that time, we started with Energy Enhancer, and that was a major success. Our first year earned us about $17 million in sales. We saw that as a great sign that there were plenty of people out there looking for alternatives to drugs to improve their quality of life. We followed that with Ice Wave for pain and Silent Nights for sleep.”
He also singled out the release of the Aeon patch in 2011 as another distinct phase in the company’s evolution.
“Stage two was in 2011 when we released Aeon and stepped into the world of anti-aging,” he says. “We had this huge product launch in Dana Point, California, and I was on stage with Suzanne Somers. We were broadcasting the launch to members around the globe, and a photo of Suzanne and [me] was posted in Times Square. Personally, as someone who grew up near there, that moment meant a lot about how far we’d come. Aeon itself was also such a new way to approach the field of anti-aging that it made a huge impact of its own. It ended up being a big success. Along with Aeon came Glutathione and Carnosine patches, together these 3 products making up our Y-Age series.”
The success of the Y-Age line of products was not lost on the CEO, and it helped set him up for a new way of looking at how his company could grow. It showed him how innovating new products to tackle some of humanity’s toughest well-being challenges could help fuel that growth. Although it was a lofty goal, Schmidt doubled down on the work and committed himself to using evidence-based research to address these issues.
The company has always used studies to support its push for innovation. The process has involved working with some of the biggest names in the field to see what science could reveal about new ways to optimize the health of the human body from a physical and mental standpoint. Recently, the company unveiled a new product that has been so influential that it’s ushered in a third stage of growth.
Stem Cell Patches
“The company’s third stage is more recent and involves a focus on regeneration. We launched X39, our latest product designed to support more active stem cells,” says Schmidt. “We spent a millions of dollars and years developing this technology, and when we were able to finally announce it to distributors, you could just feel the excitement. Early results from that product were actually even more pronounced than we had anticipated. When we finally released at the beginning of 2019, sales took off. We’ve seen almost a 10-fold increase in sales, comparing where we are today verses then, and we’re really changing lives as well.”
From examining this most recent phase in the context of the other two stages of the company’s growth, it becomes apparent that change and innovation have really been the key to its continued success. While the patented X39 patch focuses on creating healthy outcomes by harnessing the power of stem cells in an entirely new way, it’s also clear that it represents the company’s latest effort to focus on evolving and changing as it builds upon past success.
Many members of the public have a mental image of a company as an unchanging static entity, but the truth is that the world’s most successful organizations embrace change with open arms. The work and sentiments from David Schmidt, CEO of LifeWave, help illustrate how true this can be. Look to the company’s evolving work in its field to see how a focus on change can be the lifeblood for an organization seeking longevity and growth.
Learn more about David Schmidt here: https://soundcloud.com/lifewaveinc/aches-and-gains-interview-with-david-schmidt-part-1