Survival Tips for New Startup Entrepreneurs | Keshav Chintamani | TEDxRWTHAachen

Summary

The speaker, a robotics enthusiast turned entrepreneur, shares the challenges and insights of starting a robotics company. Despite the high failure rate in the industry, they found inspiration in simplifying the complex robot market. After facing initial rejections, they discovered a practical application for their robot in factories, emphasizing the importance of identifying real customer needs. The speaker advises on the necessity of prototyping without external funding and highlights the value of patience, persistence, and the unexpected support from a passionate team in the startup journey.

Takeaways

• 🚀 Starting a startup with a great idea and team can seem straightforward, but success is not guaranteed, especially in complex fields like robotics.
• 🤖 Robotics is likened to a complex technology puzzle where many components must align for a successful solution.
• 💡 Despite the fear of failure, the speaker took the leap to start a robotics company, highlighting the importance of taking risks in entrepreneurship.
• 🌐 Visiting robotics fairs and engaging with industry professionals helped the speaker identify real-world problems that could be solved with robotics.
• 🔍 The speaker emphasizes the importance of understanding customer needs and finding a 'aha' moment where a solution meets a specific problem.
• 💡 The initial idea of universal robots was met with skepticism due to its complexity, leading to a lesson on the need for practical and affordable solutions.
• 🛠 Prototyping is crucial to validate ideas and convince both yourself and customers of feasibility, but it can be a challenging process.
• 💰 Instead of seeking external funding for prototyping, the speaker suggests earning money through other means to invest in your own project, ensuring commitment and focus.
• 🌟 Persistence and patience are key in the startup journey, as is the gradual building of a team that shares your passion and vision.
• 🏆 The speaker's company has made progress, gaining acceptance into a top startup accelerator program, demonstrating that perseverance can lead to opportunities and success.

Q & A

What is the general perception of starting a startup in the world of robotics according to the speaker?

The speaker suggests that the perception is that starting a robotics startup is easy, requiring only a great idea, a great team, and funding from unseen investors to be on the path to success.

What does the speaker find exciting about entrepreneurship in robotics?

The speaker finds excitement in taking an idea, turning it into a product, and selling it in the market, making it useful for others.

Why do some robotic startups fail despite having great ideas and funding?

Robotic startups may fail because they might not have a complete solution that addresses practical business environment concerns such as safety, liability, and returns on investment.

What did the speaker do eight months ago that was significant to their entrepreneurial journey?

The speaker quit their job, drove a hundred kilometers to a city called Kortrijk in Belgium, and started a robotics company.

What was the speaker's initial idea for their robotics company?

The initial idea was to create universal robots that could work together seamlessly, like a team, to perform various tasks, such as moving boxes or lifting heavy loads.

What was the first lesson the speaker learned from their startup experience?

The first lesson was realizing that having a great idea is not enough; the idea must also be practical, affordable, and meet a real need in the market.

What is the importance of the 'aha moment' in the context of the speaker's startup journey?

The 'aha moment' is crucial because it represents the discovery of a real problem that the customer needs to solve, which the speaker's robot can address.

Why does the speaker advise against seeking investment money for prototyping?

The speaker advises against it because using one's own money to build a prototype ensures that the creator is fully invested in the project and is more likely to build the right prototype the first time.

What is the speaker's advice on how to fund the initial stages of a startup?

The speaker suggests working for someone else, writing software, or building websites to earn money, which can then be used to fund the startup's prototype.

What qualities does the speaker emphasize are necessary for success in a startup business?

The speaker emphasizes the importance of patience and persistence in the startup business.

What recent achievement did the speaker's startup receive, and what does it mean for the future of the company?

The startup was accepted into one of Europe's top startup accelerator programs, which will provide support to help the company move forward and potentially achieve success.

Outlines

00:00

🤖 The Challenges and Realities of Robotics Startups

The speaker begins by highlighting the misconception that starting a company is easy, especially in the robotics field. They express their passion for robotics and entrepreneurship but also the fear and reality of high failure rates in the industry. The speaker emphasizes the complexity of creating a successful robotics startup, likening it to solving a complex jigsaw puzzle where technology, safety, liability, and financial factors must align. They share their personal story of leaving a job to start a robotics company in Belgium, facing initial challenges such as lack of team and resources, and the struggle to develop a prototype. The speaker sets the stage for sharing lessons learned from their entrepreneurial journey.

05:03

💡 Discovering the Market Need for Simplicity in Robotics

In this paragraph, the speaker recounts their experience at robotics fairs, feeling overwhelmed by the competition and the vast array of robots available. They describe a pivotal conversation with a friend from the logistics industry who expressed a desire for simplification in the robotic market. This leads to the speaker's first 'aha' moment, where they conceptualize a line of universal robots that can be easily combined and customized to meet various needs. However, upon presenting this idea to potential customers, they encounter skepticism due to the complexity and cost of the solution. The speaker learns the valuable lesson that a great idea alone is not enough; it must also be practical and address a clear market need.

10:04

🛠️ Prototyping and the Importance of Customer Feedback

The speaker discusses the process of prototyping, emphasizing its difficulty and the common pitfalls such as ordering incorrect parts and technical failures. They advise against seeking external investment for prototyping, instead suggesting self-funding through other work to ensure the prototype meets one's own standards. The speaker shares their realization that the real problems to solve are often right in front of them, and by asking the right questions, customers can reveal their needs. This leads to the second 'aha' moment, where they identify a specific task that their robot could automate in a factory, thus finding a practical application for their technology.

🚀 Persistence, Patience, and the Power of a Passionate Team

In the final paragraph, the speaker reflects on the importance of patience and persistence in the startup world. They share a personal anecdote from childhood about building and flying model aircraft, drawing a parallel to the startup journey where persistence leads to success. The speaker also highlights the unexpected support and collaboration that emerged from individuals who shared their passion, forming a team and becoming a source of support. They conclude with the successful development of their first industrial robot, acceptance into a top startup accelerator program, and a motivational message that encourages trying, as it's the only way to know if one can succeed.

Keywords

💡Startups

Startups refer to new businesses that are in the initial stages of development. In the video, the speaker discusses the misconception that starting a company is easy, emphasizing the challenges and complexities involved in turning a great idea into a successful business. The term is central to the video's theme, as it sets the stage for the discussion on the realities of entrepreneurship.

💡Robotics

Robotics is the branch of technology that deals with the design, construction, operation, and use of robots. The speaker is a robotics enthusiast who explores the challenges of turning robotics ideas into marketable products. The term is integral to the video as it highlights the specific industry the speaker is passionate about and the difficulties faced in commercializing robotics innovations.

💡Entrepreneurship

Entrepreneurship is the process of designing, launching, and running a new business, which is typically a startup. The speaker's journey into entrepreneurship is a central narrative in the video, illustrating the excitement and risks involved in taking an idea to market. The concept is used to underscore the personal and professional challenges faced by the speaker.

💡Prototyping

Prototyping is the process of creating a sample or model of a product to test its feasibility and practicality. In the video, the speaker emphasizes the importance of prototyping in validating ideas and convincing both oneself and potential customers of the product's viability. The term is used to illustrate a critical step in the product development process, highlighting the practical challenges faced by entrepreneurs.

💡Investors

Investors are individuals or entities that provide capital for a business, often in exchange for equity or debt. The speaker mentions seeking money from investors to fund the development of a prototype, but ultimately suggests self-funding as a preferable approach. The term is relevant to the video's theme as it discusses the financial aspects of starting a business and the dependency on external funding.

💡Aha Moment

An 'aha moment' is a sudden realization or insight that leads to a solution or understanding. In the video, the speaker describes discovering a real problem that their robot could solve, which was a turning point in their entrepreneurial journey. The term is used to illustrate the importance of identifying a genuine need in the market that a product can address.

💡Safety

Safety refers to the condition of being protected from harm or other non-desirable outcomes. The speaker mentions safety as one of the concerns that arise when introducing robots into a business environment, such as a factory. The term is used to highlight the practical considerations that must be addressed when developing and deploying robotics technology.

💡Liability

Liability is the legal responsibility for harm or damage caused by one's actions. In the context of the video, the speaker discusses liability as a potential issue when robots are used in industrial settings, emphasizing the need to consider the legal implications of product deployment. The term is relevant as it underscores the risks and responsibilities associated with entrepreneurship.

💡Returns on Investment (ROI)

Returns on Investment (ROI) is a measure used to evaluate the financial performance of an investment. The speaker mentions ROI as a question that businesses ask when considering the adoption of new technology, such as robots. The term is used to illustrate the economic considerations that drive decision-making in the business world and the need for startups to demonstrate value.

💡Team

A team is a group of individuals working together to achieve a common goal. The speaker talks about the importance of having a team in a startup, initially lacking one but eventually attracting like-minded individuals who share the same passion. The term is used to highlight the collaborative nature of entrepreneurship and the value of a supportive network.

💡Persistence

Persistence is the continued effort to achieve a goal despite difficulties. The speaker emphasizes the need for patience and persistence in the startup business, recounting personal experiences of overcoming challenges. The term is used to convey the resilience required to succeed in entrepreneurship and the importance of perseverance in the face of obstacles.

Highlights

Starting a company today seems easy with a great idea and team, but success is not guaranteed.

Robotics entrepreneurship is exciting but also terrifying due to the high failure rate of robotic startups.

Robotics is a complex technology that requires many components to work together for a successful solution.

Many robotic startups fail despite coming from top research labs and having substantial funding.

The speaker quit their job and started a robotics company in Core Trek, Belgium, despite being terrified and without a team.

Having a great idea is not enough; the idea must also be practical and meet a real need in the market.

The speaker's initial idea of universal robots was deemed too complex and expensive by potential customers.

Identifying a real problem that customers face is crucial for developing a successful product.

Prototyping is essential to convince both yourself and customers that your idea can be built.

Funding from investors is not always necessary for prototyping; using personal earnings can be more effective.

Patience and persistence are key in the startup business, as success often takes time.

The speaker's first industrial robot was developed based on a real problem identified in factories.

Three companies showed interest in the speaker's robot, indicating a potential market for the product.

The speaker's company was accepted into a top European startup accelerator program, signaling a promising future.

The importance of not giving up and trying, as success can only be achieved through action.

Transcripts

so how many of you follow the world of

startups it seems so easy to start up a

company today right all you need is a

great idea a great team and you're gonna

get lots of money from people you've

never seen before okay and you're gonna

be on your way to success it's really

that easy or is it

I love robotics and I love building

robots I also love entrepreneurship

because there's something very exciting

about taking an idea making it a product

and selling it in the market and making

it useful for somebody that's really

exciting

so as the robotics entrepreneur but when

I wake up in the morning to news like

this robotic startups don't succeed it's

terrifying it's horrible please don't

treat this by the way don't treat this

it might say so don't treat it then

there are enough articles like this on

the internet and to be very honest

there's a lot of truth to them in fact

in the past 20 years there have been

hundreds of robotic startups that have

appeared and they've disappeared just as

quickly and some of these startups have

come from some of the top robotics

research labs with hundreds of millions

of dollars of funding and they have

still failed and so let's think about

this for a minute why is this your

robotics is like a complex technology

jigsaw puzzle a lot of things have to

come together to make a good solution

you know in the laboratory we can put

together motors sensors electronics Laer

it with artificial intelligence and

algorithms and we can make these robots

drive around the world sense the world

and even act on the world but when you

take that same robot and put it into a

business environment a factory or a

warehouse suddenly your robot is getting

asked all sorts of strange questions

safety liability returns on investment

and if your puzzle isn't complete

everything's gonna fall apart and your

robotic startup is going down and makes

robotics a very dangerous idea for a

start-up so eight months ago I decided

to quit my job and I drove a hundred

kilometers to a city called core Trek in

the southwest of Belgium and I created a

robotics company there some people don't

take their own advice

right but I did and I was terrified

I'd be very honest with you I was

extremely scared because I didn't have a

team I was all by myself I was alone I

had an idea of what I wanted to do but

it wasn't perfect really it wasn't

perfect and I was building a prototype

of a robot at home when it was sitting

on my desk and it wasn't going anywhere

it was just sitting there and it wasn't

becoming bigger or smaller because I

didn't have the tools or the machinery

to actually make the system a really

high quality product and I was

struggling look I'm not an Elan musk

neither am i or Steve Jobs okay but I'm

actually very happy to be standing here

eight months later because I think I'm

still alive still surviving and and I

thought I'd share four lessons that I

learned in the past eight months with

you and I hope you can use them in your

own startup journey in your own projects

they don't have to be robotics I think

they can apply to anything I hope you

find them useful so let's start with the

big idea they're all talking about ideas

all the time and I know all of us have

these big bulbs in our head of these

lightbulbs and they keep flashing right

all the time and I know all of you guys

here have had a great idea and you've

gone running to the internet to see if

someone has done it already right I know

all of you have done it and you're so

disappointed because ninety nine out of

a hundred times someone has done it

before you all right what can we do

today everything seems to be solved

already there are no more great ideas

necessary right and I struggled with

this question in robotics

because there were two problems first

everything seems to be solved in

robotics there's nothing to be done

anymore and the other problem was the

people we designed these robots for we

never see their working in a factory or

a warehouse somewhere in outer space an

astronaut how do we know what they want

we don't meet them we don't even work in

the same place as they do I was

struggling with this question

so I started visiting a lot of Robotics

fairs to see what was going on in the

market just to see what people are

selling and I would see things like this

small robots big robots

I would even see huge robots that can

carry an entire aircraft from one part

of the factory to another and I said oh

my gosh

how am I gonna beat these guys it's

impossible so I was so frustrated last

year and I contacted a friend of mine

from the logistics industry and I said

hey you know I'm very struggling to find

an idea here can you help me out what is

your problems and factories what do you

guys need and he said you know keV when

I go to the to the market to buy a robot

I get very confused because I see all

these different robots can you simplify

it is there a way we can make it easier

for us to buy robots I said hang on for

a few weeks I'm gonna come back I think

I have something for you and I came back

with my first great idea he shoves

universal robots

all you had to do was buy one of Kaos

robots and it'll drive around and do

things for you

and if you needed more work if he wasn't

enough no problem just buy one more of

case shoves robots and they'll work

together perfectly like friends like a

team and they'll drive around you can

put a robot arm on one robot and a box

on the other robot and they'll work

perfectly and if you ended up with a

huge box or 800 kilogram box no problem

just buy two more of Kaos robots and

they'll all drive together lift the ball

and happily drive away anywhere anytime

what a brilliant idea it was so simple

and classic and clean and I was so

excited by this idea I said man I'm

going to be super rich I looked up look

up my address book and I said oh I have

three companies in my list and I'm going

to go and validate and test this idea

with them and I was very surprised you

know these companies actually called me

to their factories and I went and I

presented these exact same slides and he

looked at me and they said Keesha

this is a very interesting idea it's

very advanced it's very high-tech it's

almost like science fiction it's amazing

but you're a single guy can you build

all of this and what's more difficult

for us to understand is we don't have

any robots in our factory right now and

you're asking us to use four robots at

the same time I don't think it's gonna

work and that was my first lesson I

realized that you might have a great

idea but maybe nobody needs it because

it might be too complex it might be too

expensive or it just might be

impractical but you know what was very

interesting at that same moment that

same very moment that same person would

look at me and say what case you have

hang on a second

do we really need all these crazy robots

no we don't need it

take one robot just one come with me I'm

going to show you something

and they would take me to a part of the

factory where there's somebody moving

boxes you know from one location to

another putting it here then moving it

here putting it here and they would say

look this guy is one of our most

specialized workers he is supposed to be

building high quality products for our

factory but he's wasting his time moving

boxes can your robot solve this aha

yes Eureka because you've suddenly

discovered a problem that your customer

needs you found it an aha moment because

that customer doesn't like your crazy

idea but he has a real problem and he

knows you can solve it and when you get

this 1/2 moment and you go to these

companies with these kind of crazy ideas

you're gonna get a lot more and when you

go to these companies you're gonna see a

transversal set of industry-wide

problems that your company can solve and

that was my second lesson I learned that

the problems that we are trying to solve

are right in front of us but if you ask

your customers the right questions they

will give it you so as soon as you get

this 1/2 moment it's absolutely

imperative to start prototyping it and

there's two reasons why you have to do

that first you have to convince yourself

that you can build it and the second

thing you have to do is you have to

convince your customers that you can

actually build that aha moment but

prototyping isn't easy you know it's

horrible you're gonna order the wrong

parts you're gonna burn electronics and

you're going to be sitting there back

branch like this working and it's really

difficult but there seems to be a

tendency for people to go looking for

money from investors just to prototype I

don't think you need to do that I have

another idea work for somebody write

some software for a company build a

website for your friends and make money

from there sell yourself and use that

money to build your prototype because

it's your money you'll build the right

prototype the first time around and that

was my third lesson you know all of this

reminds me of when I was 12 years old

that's me by the way and that was 25

years ago that was a long time ago and

now you know how old I am

you know when I grew up in India we

didn't have the internet we didn't how

hard we nose and we didn't have

raspberry pies like you guys have today

all these young guys have today right

and at that time I used to love flying

mortal aircraft really simple aircraft

wooden aircraft with a propeller and an

elastic band and I used to find the

plans for these from some old magazines

that my uncle used to collect from the

1960s I still have them by the way and

this aircraft would never fly however

hard I tried they would always fall on

their face all the time and every day I

would come back from school excited to

fly this aircraft because after a lot of

twisting and tweaking twisting and

tweaking one day this plane would just

take off in the air and it would last

only for five seconds but it felt so

good because something that you've built

is actually working and something else

I've learned in the past eight months

is to be in the startup business you

need to be very patient and you need to

be persistent that's extremely important

and the best part about this whole thing

with the startups you might have started

off without a team but suddenly you have

a number of people who are working

around you and some of these people

you've never seen before you've never

worked with them before but they share

the same passion for what you're doing

and they want to work with you they want

to make you succeed because they love

what you do and they become your team

and your family too you know they become

your team because they see you're doing

all of these crazy things and they want

to push you forward they want to make

you succeed too and that's the beauty of

this past eight months so I learned

these four lessons and we ended up with

this guy he's our first industrial robot

and we're very excited we're very

excited about the future because three

companies have told us that they like

our aha moment they want to see us doing

something

and we've built this robot and we think

the future is bright and I'm extremely

proud to share with you today that just

yesterday I got a call that we've been

accepted into one of Europe's top

startup accelerator programs just

yesterday and I think with their support

we can go forward and be successful so I

just like to wrap up by saying if you

don't try you will never know if you're

going to succeed or not

[Applause]