How Technology Is Transforming The Hearing Health Industry with Teo Son, Chief Global Officer at Olive Union: Audio automatically transcribed by Sonix
How Technology Is Transforming The Hearing Health Industry with Teo Son, Chief Global Officer at Olive Union: this mp3 audio file was automatically transcribed by Sonix with the best speech-to-text algorithms. This transcript may contain errors.
Saul Marquez:
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Saul Marquez:
Welcome back to the Outcomes Rocket everyone, Saul Marquez here. Today, I have the privilege of hosting Teo Son on the podcast. He is the Chief Global Officer of Olive Union. He’s just an extraordinary leader in health care space, but also has plenty of experience in technology with previous experience at Hyundai and Foxconn. He’s just talented and able to put together teams and technologies to solve some of the largest problems out there from the consumer perspective. And at Olive Union, they are looking to solve for really better hearing. And today we’re going to be covering his perspective on the olive smarter and the many ways that they plan to make hearing better for the world. And so it’s such a privilege to have you here on the podcast. Thanks so much for joining experimentation. Absolutely. So, Teo, before we dive into Olive Union and the work that you guys do, tell us a little bit about you and the interest in the health care market.
Teo Son:
Sure. My name is Teo, I’m the Chief Global Officer in Olive Union. The Olive Union Incorporated in year 2016, we have our company vision like a hearing for all. And then ever since we establish our company, like we launch our products, like we relaunch our look at three different types of product. On the first year, it was Olive Hearing Aid. On the second year was Olive Smart Ear. Now we are doing a preorder from the Indigo campaign, which is Olive Pro. The three of them are great products. But the Olive Pro especially is like a 2-in-1 hearing in high-five, it the works really well, connecting to your smartphone and conducting a five minute hearing test, optimize the sound frequency to the user’s unique hearing needs. So with the traditional hearing aid you’d experience to take a trip to the audiologist to do this. For you an expensive costs. But Olive Pro customization is easy and can be done along with the Smart app. So also this device is like providing like a high five Bluetooth earbuds as well, like with the HD speakers and balanced armature driver produce great sound quality. And then you can use it just as you use any Bluetooth earbud.
Saul Marquez:
That’s pretty awesome. And folks, if you look at the product, I mean, it looks like a pair of earbuds from Apple. They look sexy.
Teo Son:
Beautiful, right?
Saul Marquez:
Yeah. And so hearing aid and Bluetooth earbuds. I mean talk about convenient. And so, you know, really tell us why you guys decided to focus on this Teo and really some of the value that you guys are offering to the users of the device.
Teo Son:
Ok, I’d like to I’d like to talk about two things in order. About like 38 million of Americans and then like a five hundred millions globally, have some degree of hearing loss yet less than four in one have ever used the hearing aid. And then whether it’s barriers like the hearing cost, whether it’s a barrier like a high cost like average, a hearing aid, you know, like a two thousand to six thousand and or social stigma. And people wait as long as like a fifteen years to get help. And then here’s an idea came from like our CEO, Owen is the founder and CEO of Olive Union. And then he’s the biggest asset of the company with a strong vision ever since, like he started it, ideation like the when he was a studying master’s degree or architecture in Columbia University because he’s close family uncle who supported his studying abroad and then he use a hearing aid issue and he and start recognizing hearing aid issue and decide to start the campaign.
Teo Son:
And now, here we are. Moreoever, we want to make hearing air normal like wearing glasses, without a social stigma. And then eventually, Olive Pro is like our third product in our line. Like, this is our best. Yes. I think we can reach out the mission success eventually wearing a hearing aid, like wearing glasses.
Saul Marquez:
I love it. I think that’s so great. And, you know, it’s stigmatized and, you know, it’s not right. And here you are bringing forth this product that looks and feels much like something that’s very socially acceptable, those earbuds that all of us, many of us have and enjoy wearing. And oftentimes, hey, you know, you got the buds, you’re cool, you got the new buds. You’re cool, right? I mean, it’s just the this is kind of the culture.
Teo Son:
Yeah, that’s right. That’s right. So we study about that, you know, like the number of hearing loss is like a really largem as large as I mentioned. But, you know, like why the penetration rate is like a really still low. And then there’s a there are like a major three reason close to by the current market status is in the hearing aid industry, which are the average price, like I say, hearing aids, very expensive. Like two thousand six thousands unlike wearing glasses. And then people not that friendly to, like, wearing to hearing it. The last one last one is a hearing impaired thing. They don’t deserve what they pay for. And then the performance – there’s a performance impeding issue. And then, of course, you know, like they want to listen to the music like a wire where the hearing is as well, you know, as convenient. So that’s like three major hurdles and we try to solve it.
Saul Marquez:
Well, you guys are definitely doing things differently. And I think that I mean, as evidenced by your Indiegogo campaign. So I see that it was funded a hundred percent in 15 minutes. You guys are up to about a million dollars. And so how much longer is this thing going to be available? People can have early access to these. When does this thing go away?
Teo Son:
Indiegogo campaign is going to last for before, like we actually launching in the Amazon and then all of union dot com and some of those stories. So it’s going to be it’s going to be like March. So, yeah, it’s going to be over during the March. So the beauty of the new campaign is like you can access the media campaign, you know, and then you can get like a discounted prices like before people we’re launching, actually. So that’s kind of like a privilege be providing to individual campaigners. So, yeah, yeah. Please, please enjoy your dicounted prices. And so with amazing performance in early April.
Saul Marquez:
I love it. I love it. And folks will leave a link to the Indiegogo campaign where if you’re curious to learn more, there’s a nice video there. There’s an opportunity to get the discount. If you buy if there’s a thirty three percent discount on it, if you buy two or three and there’s even bigger discounts there. So a great opportunity to give a gift to yourself or somebody that you love, just somebody that wants to have an enhanced hearing and enjoyable sound experience. So appreciate you guys doing that. And so talk to us about maybe one of the biggest setbacks you’ve experienced while you guys were putting this together. What was the key learning that came out of that?
Saul Marquez:
Um, so, like with the with the new product, with the new technology, you know, and then, you know, like a tech and health becoming like entwining and then more affordable solution now available, like especially those who have mild to moderate hearing loss who may have previously unlikely ask for. And then people don’t judge themselves or others for the glasses. They don’t they don’t do hearing aid, you know, like Olive Union is your glass for hearing aid. I think that’s that’s the biggest concern that we have got it.
Saul Marquez:
Yeah, that’s great. And and, you know, it’s the opportunity to help is big. So so talk to us about what you’re most excited about today.
Teo Son:
Um, we are, of course, like you said, Indiegogo campaign. You know, like I think it’s like only for Olive Pro. It is running really. Well, like like you said, you know, we raised over one million over like five thousand backers, like a reshaping our like in a few months. And then we are so excited to bring health, that healthy hearing, to make a message with Olive Pro and then to be a disruptor in the industry.
Saul Marquez:
Yeah, that’s big. And so there’s an opportunity here for really all of us to take a look at the exciting approach, the consumer-based approach that Olive is doing. You know, so many of us talk about, hey, we got to keep the consumer at the center of our product design of the way that we deliver care. But the reality is a lot of people talk about it. They don’t do it. Olive Union is doing it and and they’re doing it in a very consumer focused way. So that’s what is super exciting for me on this one. And so I want to just thank you, Teo, for for jumping on the podcast today. The need is clear. It’s a huge market. You guys are doing phenomenal things. The opportunity for our audience to take advantage of the of the discounted deals through the Indiegogo campaign are wonderful. So thank you for that. Before we conclude, I love if you could just leave us with the closing thought and and the best place for the listeners could get in touch with you or the company to learn more.
Teo Son:
Search the Olive Pro in Indiegogo. And then, of course, you can preorder your Olive Pro today. And then read more about us at OliveUnion.com, please.
Saul Marquez:
Outstanding. Well, thank you so much Teo. Again, congrats to you and your team for the extraordinary work that you’re doing and the progress you’ve done. I mean, over a million dollars on this campaign thus far speaks for itself. Take a look, folks. OutcomesRocket.Health. Type in OliveUnion in the search bar and you’ll see a link to the Indiegogo campaign or just type in Olive Union in the the Indiegogo search and you’ll find it there. Teo, thank you so much. Definitely looking forward to having these things go live and wishing you guys the best.
Teo Son:
Thank you, Saul.
Saul Marquez:
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