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.
Google gets sued for misleading name ‘Incognito mode’
(TECH NEWS) Incognito mode was a way to stay safe while searching right? Wrong! Google is getting sued because of its misleading naming.
Have you ever played hide and seek? Of course you have, you were a child once. But imagine opposite hide and seek, where you get blind folded, and placed somewhere; then everyone just stands there looking at you. That’s pretty creepy, but that’s basically what Google incognito mode actually does.
I think many people expect that something called incognito mode, would basically stop your searches, visits, and form information from being seen by anyone else. In actuality it puts a blindfold on the device you’re using, and that’s it. Everyone else can get all the information you thought was being held secret.
This may not come as a shock to many people, but enough have cried out to bring a class action lawsuit to Google for misleading its users. Google responds “Incognito mode in Chrome gives you the choice to browse the internet without your activity being saved to your browser or device. As we clearly state each time you open a new incognito tab, websites might be able to collect information about your browsing activity during your session.”, and they are not wrong. It does state it clearly every time you open the browser.
The lawsuit is on the grounds that the tech giant intentionally misled users with the name incognito mode, and that makes sense to me. I mean when spies, or ninjas, or what-have-you go to fade into the shadows, they don’t just put some cloth on their face, and wander around bumping into things, that kind of defeats the purpose.
If anything, all it’s really doing is saving your device some hardware space, so storage saving mode would ring a more apt name in this case. I’m glad someone is doing something about it, but they should reach further, Safari has very similar language. They just leave off the actual warnings, and stick with the part about your particular device.
The best way to keep your data yours, so no one else can take it is through a VPN. They scramble your IP address which gives location data, and access to your computer, and we have you covered with this story about 5 that are inexpensive.
I do hope law firm Boies Schiller & Flexner can win the minimum $5b they want from google, but also pay out more than the $5,000 to the 3 current plaintiffs.
Google begins evolving Hangouts into Google Chat
(TECH NEWS) Google is transitioning from Hangouts, and Meet to Chat to offer what they think consumers want. No more competing with themselves.
What is your favorite instantaneous way to communicate with your team these days? Phone call, text, video call, group text message, email, or instant message?
It might depend on the team members and their preferences, but organizations and business owners run the gamut on IM (Instant Messaging) software: Slack, Skype for Business, MS Teams, and Google Chat to name a few. There have also been several that worked well for smaller companies and startups like HipChat by Atlassian. These are often used in addition to still meetings, conference calls, and emails but depending on the culture of the organization, they may love IM, and require it to have a wider range of capabilities that just copy (i.e. photo and file attachments, groupings, privacy settings, focused team, or group channels)
To be fair, there are varying degrees of interest by employees in instant messaging. Some love the idea that you can quickly reach out to a coworker and ask a question, and some find it bothersome and would prefer an email so they can file and sort topics easily (or if it’s really that quick, a phone call or stopping by to ask – if they are in the same space – not COVID-19 alternative working).
This begs the question, does IM allow for more remote working capabilities, and does that mean Google is on to something that they may have just hit the right time and need? The truth of email is that we are becoming less and less interested in reading long forms of copy, and want the information quickly.
Google consolidated their people working on communications tool to one team and is moving Hangouts to Google Chat as well as quickly integrating Google Meet for everyone (you can start a video meeting from within your Gmail, so think Zoom but not having to leave your email – assuming you’re on the G-suite).
If timing is everything, this could be a really smart move for them. Do you even remember Google Hangouts? This was a product launched originally as a feature of Google+, and then became a stand-alone product in 2013. It incorporated video and voice call capabilities for individuals or groups. The thing is, in 2013, I think many people were still using IM through their work email (which was dominated by Microsoft Outlook and PCs). For whatever reason, people just weren’t really using it that way. Most likely people could use it with their internal teams, but would have to use Chat for external users.
The history of Instant Messaging is kind of fun to review – starting with AOL in 1997 when they launched AIM. Now pretty much every platform has a version of the instant message, and people are extremely accustomed to short exchanges and ways to reach out quickly. People frequently use text, Twitter, iMessage, GroupMe, and Facebook Messenger among other ways to quickly reach out, break through the clutter, and hopefully hear a response back pretty quickly.
It appears that Google hopes to offer the capabilities that their users need – when they realized it seemed that business users were using Chat within their organizations, but having to use Hangouts to speak to those outside of that company. Right now, this is only for business users, but they are likely to see how to roll it out to all customers now that they’ve added the Meet capabilities.
According to Android Police, “Furthermore, it’ll soon be possible for G Suite users to message other G Suite users from outside their organization starting May 26. Anyone not in your company will have an ‘External’ label next to their name in the Google Chat UI so there’s no confusion. You’ll also be able to add any contacts to group chats so long as you designate them as ‘External.’ This will only apply to new rooms, though — any you’ve already created will have to remain internal-only rooms.”
It looks like Google is working on getting rid of Hangouts for good, and broadening Google Chat, but there could be some other products in the meantime. Will this change how you use your G-suite?
A look into why AI couldn’t save the world from COVID-19
(TECH NEWS) AI is only as powerful and intelligent as the teams building it, but we just don’t have the data yet. So perhaps, we just aren’t there quite yet.
Even in the best of times, the human race can hardly be defined by our patience in the face of uncertainty. COVID-19 has rocked our feelings of safety and security. Hospitals have struggled to keep up with demand for care, and researchers are working tirelessly to create a vaccine. Early on in the fight against this virus, some looked to artificial intelligence technology to lead the pack in finding a solution to the global health crisis, but science takes time and AI is no different.
Over two months ago, when COVID-19 was still most prevalent in China, researchers were already attempting to use AI to fight the virus’ spread. As Wired reports, researchers in Wuhan, China attempted to screen for COVID-19 by programming an AI to analyze chest CTs of patients with pneumonia.
The AI would then decipher if the patient’s pneumonia stemmed from COVID-19 or something less insidious. This plan failed for the same reason many pursuits do – a lack of time and data to pull it off.
The United Nations and the World Health Organization examined the lung CT tool, but it was deemed unfit for widespread use. The lung CT tool, and all other AI driven projects, are limited by the humans designing and operating them.
We have struggled to collect and synthesize data in relation to COVID-19, and as a result tools, like the lung CT scans, cannot hope to succeed. AI is only as powerful and intelligent as the teams building it, so perhaps, we just aren’t there quite yet. Our tenacity and optimism continue to drive AI forward, but progress can only be sped up so much.
Like all science, AI has its limitations, and we cannot expect it to be a miracle cure for all our problems. It requires data, experimentation, and testing just like any other scientific pursuit. There are many problems to unlock before AI can be a leader in the driving force for positive change, but its shortcomings do not outweigh its potential. AI couldn’t save us from COVID-19, but as researchers continue to learn from this global event, AI may still save us in the future.
Google gets sued for misleading name ‘Incognito mode’
‘Small’ business was once a stigma, but is now a growing point of pride
Pier 1 couldn’t weather the storm so they’re shutting all ports for good
Samsung shines a new light on indoor health with artificial sunlight
Will startups ever fully return to offices?
Lead generation company mass scrapes emails from LinkedIn
Bistro owner rewards 1 star reviews to beat Yelps ‘algorithm’ racket
Amazon VP resigns via spicy letter calling the company chickensh*t
TikToks new augmented reality ads seeks new audiences
Microsoft launches free Python coding language courses easy peasy
Anti-surveillance mask – creepy, ingenious, or potentially illegal?
Amy’s Ice Cream founder on Austin’s business risks and rewards #WhyAustin
Turns out a lot of people are in between introverted and extroverted
P. Terry’s founder on the booming economy in Austin #WhyAustin
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