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Avoid these pitfalls when starting a robotics business

(TECH NEWS) Regardless of what happens in the world, tech keeps moving forward. If you want to ride that robotics business wave, here are things to avoid.

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robocalling robotics business

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.

The American Genius is news, insights, tools, and inspiration for business owners and professionals. AG condenses information on technology, business, social media, startups, economics and more, so you don’t have to.

Tech News

Failure to launch: Quibi’s short-form platform is short-lived

(TECH NEWS) Despite receiving major funding from big players, Quibi is shutting down only 6 months after launch. What led to their downfall?

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A mobile phone open to Quibi in feminine hands with decorated nails.

Only 6 short months after launching its platform, Quibi has decided to pull the plug.

The mobile-only streaming service’s vision was to create short-form videos with higher production value than that of competitors like YouTube or TikTok. Having enlisted big names such as Steven Spielberg, Ridley Scott, Jennifer Lopez, and Lebron James, Quibi had high hopes for what the service could accomplish. In an open letter posted to Medium, founding company executives Jeffery Katzenberg and Meg Whitman cited timing and the idea of mobile-first premium storytelling not being strong enough as the primary reasons for shuttering.

“As entrepreneurs our instinct is to always pivot, to leave no stone unturned — especially when there is some cash runway left — but we feel that we’ve exhausted all our options.” The letter stated, “As a result we have reluctantly come to the difficult decision to wind down the business, return cash to our shareholders, and say goodbye to our colleagues with grace. We want you to know we did not give up on this idea without a fight.”

The move is somewhat surprising considering that back in March the service managed to raise an additional $750 million in funding, bringing its total fundraising to $1.75 billion. At the time, Quibi CFO Ambereen Toubassy had touted that the second-round of cash had provided the organization with “a strong cash runway,” that would give Quibi “the financial wherewithal to build content and technology that consumers embrace.”

Originally called “New TV”, the initial investors of the service included Hollywood titans Disney, NBCUniversal, and Sony Pictures Entertainment just to name a few. While the amount of money raised was minuscule compared to services like Netflix, it was still an impressive start for an untested idea.

The service did itself no favors, however, in trying to gain new subscribers. Along with being mobile-only, the service started at $4.99 per month for an ad-supported subscription, only slightly cheaper from more robust offerings like Hulu and ESPN+. While you could pay $7.99 per month to get rid of ads, you were also forbidden from taking screenshots, limiting the ability of content on the service to go viral.

Quibi was also financing content, meaning that ownership would revert back to creators after just a few short years. This means building a growing library of content owned by the service was an uphill battle from the start.

“This was flawed from the start, down to the idea of financing content and then giving it back to the creators after a few years.” Said a veteran producer who refused to work with the company, “There is anger in town right now, because it just makes it harder to raise money.”

Quibi is set to be inaccessible starting around the beginning of December, according to a post on the company’s support site. While much of the service’s content will not be missed, one still wonders what might have been had the company managed to gain some traction, or the COVID-19 pandemic had not come to pass. Either way, Quibi’s business partners may want to read up on some of these tips as they discuss where things should go from here.

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Acorns launches job searching tool, but is that what job hunters need?

(TECH NEWS) When it comes to job searching, many people are able to find jobs online, it’s getting the interview where people need help.

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Woman doing a job search on laptop seated on floor

If you are currently job searching, you are likely going to sites like Indeed (250M unique visitors monthly) and LinkedIn (260M users monthly). You may also be checking out ZipRecruiter because they’ve advertised on every single podcast you’ve ever listened to. Just for fun, you might also be looking at jobs on Craigslist for your local area. This could have excited you or depressed you.

If you want an easy way to aggregate several job search sites, you may like the app Huntr that will pull in job postings (after you put in some preferences) from Glassdoor, Google, LinkedIn, ZipRecruiter, GitHub, the muse, Dice, Monster, Indeed, Angel.co, Dribbble, etc. so you have them all within one place.

Acorns has joined in on the job postings board by implementing a Job Finder within their app, in an effort to help people find work which makes sense if they want more people to save through their platform. “Acorns is an American financial technology and financial services company based in Irvine, California that specializes in micro-investing and robo-investing. As of 2019, Acorns had over 4.5 million users and over $1.2 billion in assets under management.”

The article from The Press that describes it tells consumers about adding in a Job Finder to help millions of people find jobs. But really, it’s great as a positive public relations initiative (and likely will drive more visits to ZipRecruiter postings) since it’s within their app. The gesture is nice but will it really help?

“Within a few taps, Acorns customers at every tier can find millions of full-time, part-time, and remote job opportunities, set job alerts, and explore custom career development content to support their financial wellness at no additional cost. By introducing Job Finder to its financial wellness system, Acorns is looking after the financial best interests of the up-and-coming and removing a main barrier to its customers achieving their money goals.”

Most people know where to find job postings. What they don’t know is why they aren’t hearing back from their applications or how to be invited for more interviews. It would be great if companies really wanted to help make an impact on unemployment by:

  • Offering career coaching services or references to candidates that do not fit what the hiring manager or HR person is looking for.
  • Giving people access to what key skills they need on their resume within the job posting (less vague and generic descriptions).
  • Within the automated rejection letters, including a referral or resources that will help them break through the clutter or introduce them to current employees or how to get to know the company better – in case there’s a position that is a better fit.
  • Ensuring that all job postings are for real jobs and real openings – it should be made clear to candidates if the job posting is for pipelining talent and/or not going to be offered to an external candidate.
  • Bringing back some humans in to the automated process. Yes, ATS (Applicant Tracking Systems) are great for the employers and companies who are fielding hundreds of applicants. They are terrible for the 40 million currently unemployed. More about ATS here from Jobscan if you are curious. They are built to knock out candidates.
  • Considering hosting webinars, educational speakers, or events where candidates can get in front of you versus solely relying on online submissions.
  • Contemplating implementing an apprentice program so that less experienced applicants may gain knowledge and learn from more experienced workers – but you would also be getting fresh ideas and new talent for growth within your organization.

There are many caring people and organizations out there so it would be great to see some more assistance for job seekers versus just more places listing job postings or the same job boards but in different formats.

There also seems to be a mismatch in looking to hire someone based on what they have done in the past – when really, the best qualified candidate may have a different background and be looking to make a switch to continue to grow and learn. The perfect match of key words in a database to a resume are not always the best way to find the right fit.

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Bet you forgot about them: Yahoo Groups is shutting down

(TECH NEWS) After over a year-long process, Yahoo is finally shutting down Yahoo Groups for good, marking the end of an internet era.

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Yahoo Groups is shutting down.

For a long while, most of us forgot that Yahoo Groups still existed in a very limited way, of course. But now, it’s going to be discontinued for good. Yahoo announced that the Yahoo Groups website will be shutting down on December 15, 2020.

The removal process of Yahoo Groups is one that began in October of last year. At that time, Yahoo decided to no longer allow new content to be uploaded to the Groups site. Features that allowed for sharing files and photos, creating polls, etc. were all removed. However, users could still view and download any existing content. On its website, a statement read, “Don’t worry, though, Yahoo Groups is not going away…” But, we all knew that was never going to be the case.

In December 2019, the Yahoo Customer Care Twitter account tweeted that content on the Groups site would no longer be available or viewable. Users had until the end of January to download their data before it would be permanently deleted. All public groups became private and would require administrator approval to join. Also, admins had limited access to other administration tools, but group members could, at least, still send messages to each other.

Earlier this month, the creation of new groups was disabled. And now, the end of Yahoo Groups is on the horizon. On its site, a pop-up message reads:

Announcement: End of Yahoo Groups
We’re shutting down the Yahoo Groups website on December 15, 2020 and members will no longer be able to send or receive emails from Yahoo Groups. Yahoo Mail features will continue to function as expected and there will be no changes to your Yahoo Mail account, emails, photos or other inbox content. There will also be no changes to other Yahoo properties or services. You can find more information about the Yahoo Groups shutdown and alternative service options on this help page.

Yahoo said, “Yahoo Groups has seen a steady decline in usage over the last several years.” As a result, this is why the company decided to shut it down. “While these decisions are never easy, we must sometimes make difficult decisions regarding products that no longer fit our long-term strategy as we hone our focus on other areas of the business,” Yahoo added.

What became of Yahoo Groups isn’t even a bare-bones version of what it was during its prime. And, frankly, I don’t think it will ever be resurrected. Sometimes all good things must come to an end.

But, if you are a former Groups user and want to stay connected with your groups, the Yahoo Groups’ help page, hopefully, has all your answers.

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