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Archive of posts published in the category: million

What the CEO of Specialized Bicycle had to do get a million masks

  • Mike Sinyard, CEO of Specialized Bicycle, one of the world’s biggest manufacturers of high-end bicycles, is paying for 1 million masks to be manufactured out of his own pocket.
  • But, he tells Business Insider, what he thought would be an easy task turned into an almost impossible one between regulations preventing countries from exporting masks and price-gouging.
  • So far, he’s obtained 40,000 masks, and he finally found a contract manufacturer to make the rest, which will be delivered within a few months.
  • Sinyard says its become the responsibility of business leaders to take on a social role, especially when government efforts are falling short, and people’s lives are at stake.
  • Visit Business Insider’s homepage for more stories.

It was the pictures of nurses coming to work wearing trash bags for protection against COVID-19 that riled up Mike Sinyard into doing something. 

Sinyard is founder and CEO of Specialized Bicycle, one of the world’s largest high-end bicycle manufacturers. Its bikes can be seen all over the roads and trails among those who are willing to spend big bucks on their sport. The flagship S-Works bike frequently graces the podiums at mountain biking world cups and pro WorldTour races.

The private company, with an estimated $500 million in sales back in 2011 — the most recently published data — was founded by Sinyard in 1976 in the sleepy little town of Morgan Hill, California, the southern outpost of Silicon Valley. It now employs about 600 people worldwide, including the impacts from a layoff of 46 people (about 7% of its workforce) last week, mostly in Europe, where COVID-19 has been raging in bike-loving places like Italy. As part of that layoff, Sinyard is forgoing his salary and his top management is taking pay cuts, reports Bicycle Retailer’s Marc Sani.

About a month ago, Sinyard heard the tales of hospital staff struggling to get enough protective gear and vowed to do something.

He looked to his own network of Asian manufacturers that produce all sorts of products for his company, from complicated bike parts to clothing. 

“Initially, we were stunned at the significance of this. We have a lot of colleagues in Europe and Italy,” he said. After reading the story of the nurses wearing trash bags. “All the sudden I became obsessed with this thing.”

At first, he thought his team could manufacturer face shields, as they love engineering and building stuff, he said. But then he realized that spinning that up would take too long. The immediate need was (and still is) professionally manufactured face masks, both N95 and surgical masks.

So he vowed to buy 1 million face masks and have them imported to the US. He also needed to procure masks to protect his employees. Bike shops are essential businesses in the US and have remained open.

“So I thought, ‘Oh this easy. No problem,'” he says.  But it wasn’t. With the whole world trying to buy masks, Sinyard ran into one road block after another. “Asia, Oh my


How to Build a Million Dollar Medical Transportation Company

Welcome to the Non-Emergency
Medical Transportation Industry, an industry that’s literally
growing by the day. How do I know? Because the elderly
population is literally in the process of doubling and
the medical industry is experiencing huge change.

Further, I know
because I started my first company, a NEMT business in
1999. Since then, I have help and untold number of transportation
providers and entrepreneurs from all across the country
to grow, build, expand and diversify their NEMT businesses.

So what is Non-Emergency
Medical Transportation (NEMT)?

Also known as an
ambulette service, NEMT is the transportation of people
in wheelchairs, stretchers or those ambulatory who need

Do NOT be
confused: This is NOT an ambulance service!
This is strictly non-emergency transportation.
You do NOT need any kind of special life-saving
skills, training or equipment!

Million Dollar Medical Transportation Company

As a non-emergency medical transportation provider, you provide a critical service that helps people in need get to their medical appointments, dialysis and treatment centers, in and out of nursing, rehab, skilled care, and assisted living facilities.

Further, your service supports and sustains the daily mission of hospitals, facilities, doctor offices, and medical centers. Without you, people in need don’t get treated, residents don’t get to appointments, and facilities can?t discharge patients.

Do not confuse this high-demand service with a common senior transportation or elderly transportation service.

Trust me, I know the internet is flooded with common information regarding “how to start a senior transportation service,” but I can assure you, I am not going to waste your time or take your money attempting to teach you something that, essentially, amounts to you simply driving for Uber or Lyft.

There is no real money-making opportunity in rideshare services because you can’t scale it with such low rates of reimbursement. To the contrary, I am going to teach you how to build a real and legitimate non-emergency medical transportation company – one with increased capacity that you can grow and scale.

And here is the absolute best part. your two niche markets, the medical industry and the elderly population, are not just growing, they are exponentially booming!

The elderly
population is the fastest growing niche market in
the world – and it’s only getting bigger! By the
year 2030, the US elderly population will have doubled,
reaching in excess of 70 million!

US health care industry is one of the world’s
largest and fastest growing industries! By the
year 2016, the growth of the US medical industry
will have consumed almost 20% of our GDP!

Now seriously, if
you have any kind of keen business sense then these two
statistics, the growth of the elderly population and that