Fireside Chat Dives Deep Into the Current State of Robotics Investment
In a remarkable gathering at The Clubhouse, the stage was set for a captivating Fireside Chat, delving deep into the realm of robotics investment. Attended by illustrious groups such as Tech Square ATL (TSQATL), the Atlanta Robotics Meetup, Cosmos Robotics, and the Advanced Technology Development Center (ATDC), this event brought together the finest minds in the field to discuss the intricacies at hand.
Hosted by esteemed professionals Brad Pruente, Partner at Prime Movers Lab, and Sebastian Arias, Co-Founder of Cosmos Robotics, our Fireside Chat: The Current State of Robotics Investment invited local community members to explore the multifaceted landscape of investment opportunities in robotics.
After brief introductions were made, the discussion started immediately, with the conversation drawing intriguing parallels with the journey undertaken by startups and entrepreneurs. However, one notable avenue mentioned that differs was the prospect of securing funding through academia or obtaining state funding and grants.
When the question of academia-sourced funding arose, Brad voiced his insights, emphasizing that while academia offers access to cutting-edge technology, one must exercise caution not to become ensnared in the allure of technology itself. It is crucial to keep the customer's needs at the forefront, for it's all too easy to construct a solution for a nonexistent problem, ultimately leading to a product with no market. Contrasting this, outside academia, the threshold for robotics investors' interest typically lies in the realm of game-changing ideas with an incredibly high valuation, such as $10+ million, in Brad’s opinion.
In a moment of contemplation, Parker Laue, Technology Strategy and Advisory Consultant at Accenture posed a thought-provoking query, seeking to identify industries that yearn for robotics solutions the most, but receive scant attention. The realms of logistics, space exploration, deep-sea exploration, and agriculture were brought into the spotlight, but the underlying message remained constant: every domain harbors unanswered questions and challenges awaiting innovative solutions. Embarking on the journey of addressing these challenges, the starting point lies in conducting customer discovery, to identify pressing needs and lucrative opportunities. As Sebastian astutely noted, the initial step in this process can be as humble as pitching to friends and family – it doesn’t really matter how you begin, but rather that you actually take that first crucial step.
Intriguingly, an attendee questioned the suitability of Prime Mover Labs as an investor, which sparked a positive response from Brad. Actively encouraging such inquiries, he revealed the significance of comprehending one's potential investors, as it enables entrepreneurs to tailor their pitches to the investors' preferences. For instance, Prime Mover Labs specifically seeks out serial entrepreneurs, but this criterion might not hold true universally. Moreover, Brad highlighted that Prime Mover Labs is committed to being genuine partners to their entrepreneurs, boasting a dedicated talent resource to aid in staff acquisition and a marketing team to refine media and marketing strategies. Ultimately, the litmus test for any entrepreneur considering an investor should be the question, "If things go awry, can I trust this person?" And the answer must unequivocally be a resounding "yes."
As the evening continued, the notion of the power of community – something we pride ourselves on here at TSQATL – resonated profoundly. Brad drew attention to how the pandemic had propelled many into remote work, highlighting the indispensability of a supportive community, especially when it comes to pushing individuals toward greater levels of success. He shared, “When you work in an area with lots of other entrepreneurs, you build a support system and see what other people are doing. You see people set a high bar and get to see what's really possible. I think it's really important for an ecosystem as they grow to see others set higher and higher goals.” And it’s this mindset and environment that really drives our purpose and culture here at Tech Square.
With the conversation drawing to a close, anticipation for future events and collaborations continued to pervade the space, leaving attendees eager to witness the continued evolution of robotics and its profound impact on our world. In fact, many participants stayed long after to network and talk further with other like-minded individuals.
This came as no surprise to us, though, as robotics garners fervent interest in general in our community, with numerous Tech Square Research Building (TSRB) members being actively involved in the field. And to ensure this momentum continues to accelerate, an upcoming robotics conference with ATDC is in the works! After all, we want to position Tech Square as a thriving hub for robotics innovation while simultaneously underscoring our commitment to fostering groundbreaking advancements in the field.
What robotics investment questions do you have? Let us know in the comments below.