Survival Tips for New Startup Entrepreneurs | Keshav Chintamani | TEDxRWTHAachen
TLDRThe speaker shares insights from creating a robotics startup, drawing on his personal experience over the past 8 months. He discusses the challenge of finding a viable idea and validating it with customers to uncover real problems you can solve. He stresses the importance of building a prototype to prove your capabilities and gain customer trust. The speaker advises bootstrapping rather than seeking investor money to fund prototypes. He emphasizes patience and persistence, as something that first fails may later succeed with iteration. He concludes that despite initial struggles, the support of a team sharing your passion can help realize the future potential of a startup.
Takeaways
- 😊 Don't be discouraged by negative reports about startups - you can still succeed with persistence
- 💡 Your big idea may be too complex or expensive for customers - find real problems they want solved
- 🤔 Ask customers questions to uncover the real problems they face that your solution can address
- 🔧 Prototype early to validate your idea and show customers you can build it
- 💰 Earn money through other work first to fund your prototype rather than seeking investors
- 🚀 With patience and persistence, your simple prototype can take flight even if initial attempts fail
- 👥 A passionate team will form around you to help make your vision a reality
- 😎 Getting into a top startup accelerator program validates you’re on the right track
- ✅ Customer interest in your prototype indicates you have an ‘aha’ moment they want solved
- ❤️ If you don't try, you'll never know if your startup can succeed
Q & A
Why do many robotics startups fail?
-Many factors contribute to the failure of robotics startups, including the complexity of the technology, the difficulty of completing the full solution needed for business applications, issues with safety, liability, return on investment, and not having a complete enough 'puzzle' or solution.
What was the speaker's big idea for a robotics startup initially?
-The speaker's initial big idea was to create simple, modular robots called 'Kaos robots' that could work together in teams to perform various warehouse and logistics tasks. The idea was that customers could easily buy and combine multiple Kaos robots.
Why did companies reject the speaker's initial robotics startup idea?
-Companies felt the idea was too advanced, like science fiction. They didn't have any robots currently and found the proposal to use multiple robots together too complex and expensive.
How did the speaker uncover better startup ideas?
-By asking customers about their real problems and needs. This led to 'aha' moments revealing simpler but impactful problems a startup could solve, like freeing up skilled workers from manually moving boxes.
Why is rapid prototyping important for a startup?
-Prototyping quickly validates whether the startup can actually build their solution. It also convinces customers that the solution to their problem is feasible.
What lesson did the speaker learn about startup funding?
-The speaker suggested that startups should self-fund initial prototyping by doing work for others first, rather than seeking early outside investment. This ensures they build the right prototype the first time, using their own money.
How did the speaker demonstrate the need for persistence and patience?
-The speaker related a childhood story of repeatedly trying to fly toy planes that always failed initially. But with enough persistent tweaking and effort, the planes would finally fly briefly, showing the importance of patience.
Where did the speaker find team members for his startup?
-Passionate people with shared interests began working with the speaker to help make his startup succeed, forming an informal team bound by their belief in his vision.
What was the end result after 8 months?
-The speaker developed an industrial robot prototype, had 3 interested customers, and got accepted into a top European startup accelerator program.
What was the speaker's key message?
-You have to try and persist through difficulties to have any chance of success. Without trying, you will never know if your startup could have succeeded.
Outlines
😊 Introduction to speaker's interest in robotics and entrepreneurship
The speaker introduces himself as a robotics entrepreneur who is passionate about building robots and bringing innovative ideas to market. However, he faces a challenging environment where most robotic startups fail quickly despite significant funding and backing. He explores reasons why robotics is a complex puzzle with many interlocking challenges.
😕 Struggling to find a viable business idea in robotics
The speaker describes his struggles to find a good business idea in robotics. He visited trade shows but felt everything was already solved. A friend in logistics suggested simplifying robots for buyers. The speaker came up with a universal robot idea but potential customers found it too complex and advanced.
😊 Validating customer problems is key to identifying needs
The speaker shares his key lesson that the real problems to solve lie in front of you, but you need to ask customers the right questions. He gave the example of a factory worker wasting time moving boxes. Customers know their problems even if they reject your solution ideas. Identifying real needs is an "aha moment".
😀 Prototyping and persistence lead to progress
The speaker argues you should self-fund prototypes by working jobs, not seeking investor money. This incentives building the right prototype the first time. He relates a story of persistence trying to fly model planes in childhood.Startup success requires patience and not giving up in tough times.
😊 Teamwork and support lead to rewards
The speaker concludes that despite starting alone, others who share your passion join in to help. He is proud his startup was accepted into a top European accelerator program. He encourages trying bold ideas rather than wondering "what if", as you never know what results may come.
Mindmap
Keywords
💡robotics startups
💡technology puzzle
💡validating ideas
💡Aha moment
💡prototyping
💡persistence
💡passion
💡accelerator program
💡first robot
💡try and fail
Highlights
Robotics startups face many challenges and often fail despite funding and ideas from top research labs.
Combining all the components needed for a robot to work outside the lab into a viable business is extremely complex.
The speaker was terrified to start his own robotics company, but has survived the first 8 months.
It's very hard to find new ideas today since everything seems to have been done already.
The speaker realized his idea for a fleet of robots working together was too advanced for customers.
Customers won't always like your big idea, but they'll show you their actual problems which you can solve.
It's imperative to build a prototype to prove your idea works and convince customers.
Use your own funds from working jobs to build prototypes rather than seeking investor money.
You need patience and persistence to succeed in startups, just like the speaker's childhood model planes.
Startups often gain team members passionate about your idea to push you forward.
The speaker built his first robot and got accepted into a top European startup accelerator.
If you don't try, you'll never know if your startup can succeed.
Ask customers the right questions and they'll reveal the problems you can solve.
Prototyping is difficult but essential to prove your idea and gain customer buy-in.
The beauty of startups is attracting a team sharing your passion to achieve success together.
Transcripts
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