There’s never been a better time to start a robotics business. Robots have been around long enough that you can find parts and support easily, but not so long that the market’s saturated. If you have an idea for a robotics company, now’s an excellent time to follow through on it.
Before you rush into creating your startup, though, you should consider a few things. No matter how desirable a market’s climate is, starting a business is a complicated and challenging venture. Of the millions of small businesses that start every year, only half will survive past five years.
It can help to see what other robotics businesses did right. It’s even more helpful to understand where failed ones went wrong. If you’re going to start a robotics business, avoid these seven common pitfalls.
1. Moving Too Quickly
Setting deadlines for yourself is an excellent way to stay motivated and productive. Just make sure your deadlines are reasonable. Too many robotics startups rush to push out their product without spending the necessary time refining all the small details.
Robots are tricky machines, so it’s worth spending the time getting them right. Starting a robotics business involves more than just making robots too. It’s a mistake to try to handle product development, financial management and legal paperwork all at once.
Even after launch, understand that it will take time to start earning any significant amount of money. Don’t be lazy, but don’t overwork yourself, either. Moving too quickly will result in bigger losses than anything you have to gain from it.
2. Having Too Broad a Vision
The robot market may not be saturated, but it’s still considerable. You need your robots to stand out in the crowd, and that requires a specific vision. What problem does your robot solve, and how does it do it better than any other option?
It’s not realistic to make a robot that everyone will buy. You need to identify a specific niche audience and create something that suits their needs. Even then, you need to specify what sets your robots apart from the competition.
Are you making a robot for factory work? What separates yours from the abundance of robotic arms in the manufacturing industry? Identify a need within your target audience and work to address it.
3. Rushing Into Hardware
If you’re starting a robotics company, then you probably want to start making robots immediately. Believe it or not, this is a mistake. Save your resources and save the hardware building for later.
Why shouldn’t you start working with hardware as soon as possible? It’s expensive, and robots are complicated. You need to work out all the kinks in your design before you start spending on materials.
You’ll most likely go through several models before you have your final product. If you build physical versions of each one, you’ll quickly burn through cash. Don’t mess with the hardware of your robots until you’re confident of your design and have more capital.
4. Waiting to Make Connections
You may want to wait to connect with consumers and investors until you have a finished product. It may seem like jumping the gun, but making connections early is crucial to your startup. If you don’t, your robotics business is almost sure to fail.
Talking with potential customers helps you see what their needs are. This information will help you create a more marketable robot. These conversations also help you establish your name in the industry before you bring your product to market.
It’s also essential to connect with investors early on. To build your company, you need capital, and capital comes from investors.
5. Turning to Too Many Investors
While you’re talking to these investors, make sure you don’t turn to too many of them. You need investment, but you also need to have control of your company. You need to walk a fine line between getting capital and remaining in power.
Accredited investors typically have a net worth of more than $1 million, but they’re still putting their own money in your business. Because they’re dealing with their personal bank accounts, they’ll likely want their investment fits their desires. This can lead to investors trying to push your company in a direction you don’t want.
Your robotics company is your dream. Bringing on too many investors can take that dream away from you. Turn to investors, but not so many that you lose control of your own company.
6. Focusing on Advances Over Profitability
When you do secure investors, don’t let the money go to your head. After investors give you an advance, it can be tempting to start spending more rapidly. Don’t let a few commas in the bank account distract you from making a profitable company.
Robots are expensive machines. You can burn through an advance quickly in this business, so don’t think a big check makes you invincible. Focus on profitability, no matter how much money is coming in.
Large sums of cash are nice, but they’re not what keeps your business alive. Keeping costs low and maximizing profit is how you’ll survive.
7. Not Documenting Everything
When you first start, you may think you can keep track of everything in your head. You’ll quickly find that this isn’t true. You need to document everything that goes on in your business, from profits to losses to failed ventures.
Details that seem small now may matter more later on. You have too much on your plate to be able to remember everything. It also helps to get used to keeping records, so you’re prepared when your company takes off.
As your robotics business grows in size and worth, you’ll need to start documenting everything. Why wait? Start bookkeeping now, even if it means hiring staff to do it.
Start Carefully and Build Slowly
Robotics is a multi-billion dollar industry, so you have a lot of potential for profit. To survive in this business, though, you’ll need to start carefully. Don’t fall for the same mistakes that failed startups in the past have.
If there’s one common thread through all this advice, it’s that building a company takes time. You won’t achieve success overnight, so why shoot for that? If you tread carefully and slowly build your company, your robotics business could be the next big thing.
Loss of internet access is used as punishment for those who abuse it
(TECH NEWS) Internet access is becoming more of a human right especially in light of recent events –so why is revoking it being used as a punishment?
When one hears the word “punishment”, several things likely come to mind—firing, fees, jail time, and even death for the dramatic among us—but most people probably don’t envision having their access to utilities restricted as a legal repercussion.
Unfortunately, that’s exactly what’s happening across the country—if you consider Internet access a utility.
In the past, you’ve probably heard stories about people awaiting trial or experiencing probation limitations being told that they are not to use the Internet or certain types of communication. While this may seem unjust, the circumstances usually provide some context for the extreme nature of such a punishment; for example, it seems reasonable to ask that a person accused of downloading child pornography keep off the internet.
More recently–and perhaps more controversially—a young man accused of using social media to incite violent behavior during country-wide protests was ordered to stay offline while awaiting trial. This order came after the individual purportedly encouraged people to “[tip] police cars”, vandalize property, and generally exhibit other “riot”-oriented behaviors.
Whether or not one reads this post as a specific call to create violence—something that is, in fact, illegal—the fact remains that the “punishment” for this crime in lieu of a current conviction involves cutting off the person involved from all internet access until a verdict is achieved.
The person involved in this story may be less than sympathetic depending on your stance, but they aren’t alone. The response of cutting off the Internet in this case complements other stories we’ve seen, such as one regarding Cox and a client in Florida. Allegedly, the client in question paid for unlimited data—a potential issue in and of itself—and then exceeded eight terabytes of monthly use on multiple occasions.
Did Cox correct their plan, allocate more data, throttle this user, or reach out to explain their concerns, you may ask?
No. Cox alerted the user in question that they would terminate his account if his use continued to be abnormally high, and in the meantime, they throttled the user’s ENTIRE neighborhood. This kind of behavior would be unacceptable when applied to any other utility (imagine having your air conditioning access “throttled” during the summer), so why is it okay for Cox?
The overarching issue in most cases stems from Internet provider availability; in many areas, clients have one realistic option for an Internet provider, thus allowing that provider to set prices, throttle data, and impose restrictions on users free of reproach.
Anyone who has used Comcast, Cox, or Cable One knows how finicky these services can be regardless of time of use, and running a simple Google speed test is usually enough to confirm that the speeds you pay for and the speeds you receive are rarely even close.
In the COVID era in which we find ourselves, it is imperative that Internet access be considered more than just a commodity: It is a right, one that cannot be revoked simply due to a case of overuse here, or a flaw in a data plan there.
How to personalize your site for every visitor without learning code
(TECH NEWS) This awesome tool from Proof lets you personalize your website for visitors without coding. Experiences utilizes your users to create the perfect view for them.
What if you could personalize every step of the sales funnel? The team over at Proof believes this is the next best step for businesses looking to drive leads online. Their tool, Experiences, is a marketer-friendly software that lets you personalize your website for every visitor without coding.
Using Experiences your team can create a targeted experience for the different types of visitors coming to your website. The personalization is thought to drive leads more efficiently because it offers visitors exactly the information they want. Experiences can also be used to A/B test different strategies for your website. This could be a game changer for companies that target multiple specific audiences.
Experiences is a drag-and-drop style tool, which means nearly anyone on your team can learn to use it. The UX is meant to be intuitive and simple, so you don’t need a web developer to guide you through the process. In order to build out audiences for your website, Experiences pulls data from your CRM, such as SalesForce and Hubspot, or you can utilize a Clearbit integration which pull third-party information.
Before you go rushing to purchase a new tool for your team, there are a few things to keep in mind. According to Proof, personalization is best suited for companies with at least 15,000 plus visitors per month. This volume of visitors is necessary for Experiences to gather the data it needs to make predictions. The tool is also recommended for B2B businesses since company data is public.
The Proof team is a success story of the Y Combinator demo day. They pitched their idea for a personalized web experience and quickly found themselves funded. Now, they’ve built out their software and have seen success with their initial clients. Over the past 18 months, their early-access clients, which included brands like Profitwell and Shipbob, have seen an increase in leads, proposals, and downloads.
Perhaps the best part of Proof is that they don’t just sell you a product and walk away. Their website offers helpful resources for customers called Playbooks where you can learn how to best use the tool to achieve your company’s goals be it converting leads or engaging with your audience. If this sounds like exactly the tool your team needs, you can request a demo on their website.
3 cool ways bug-sized robots are changing the world
(TECH NEWS) Robots are at the forefront of tech advancements. But why should we care? Here are some noticeable ways robots are changing the world.
When we envision the robots that will (and already are) transforming our world, we’re most likely thinking of something human- or dog-sized. So why are scientists hyper-focusing on developing bug-sized (or even smaller!) robots?
Tiny robots could assist in better drug delivery, as well as conduct minor internal surgeries that wouldn’t otherwise require incisions.
We’ve all heard about the robot dogs that can rescue people who’ve been buried beneath rubble or sheets of snow. However, in some circumstances these machines are too bulky to do the job safely. Bug-sized robots are a less invasive savior in high-intensity environments, such as mine fields, that larger robots would not be able to navigate without causing disruption.
Much like the insects after which these robots were designed, they can be programmed to work together (think: ants building a bridge using their own bodies). This could be key in exploring surfaces like Mars, which are not safe for humans to explore freely. Additionally, tiny robots that can be set to construct and then deconstruct themselves could help astronauts in landings and other endeavors in space.
Well, perhaps the most important reason is that insects have “nature’s optimized design”. They can jump vast distances (fleas), hold items ten times the weight of their own bodies (ants) and perform tasks with the highest efficiency (bees) – all qualities that, if utilized correctly, would be extremely beneficial to humans. Furthermore, a bug-sized bot is economical. If one short-circuits or gets lost, it won’t totally break the bank.
Something scientists have yet to replicate in robotics is the material elements that make insects so unique and powerful, such as tiny claws or sticky pads. What if a robot could produce excrement that could build something, the way bees do in their hives, or spiders do with their webs? While replicating these materials is often difficult and costly, it is undoubtedly the next frontier in bug-inspired robotics – and it will likely open doors for humans that we never imaged possible.
This is all to say that in the pursuit of creating strong, powerful robots, they need not always be big in stature – sometimes, the tiniest robots are just the best for the task.
Opinion Editorials1 week ago
Declutter your quarantine workspace (and brain)
Opinion Editorials2 weeks ago
Minimalism doesn’t have to happen overnight
Business News5 days ago
Everyone should have an interview escape plan
Opinion Editorials2 weeks ago
Online dating is evolving and maybe networking will too
Business Entrepreneur6 days ago
Small businesses must go digital to survive (and thrive)
Tech News5 days ago
How to personalize your site for every visitor without learning code
Business News4 days ago
You should apply to be on a board – why and how
Tech News2 weeks ago
4 ways startups prove their investment in upcoming technology trends