Dan Champoux shares the journey of GEKOT Robotics and how what started as an idea from the kids' robotics team he coached turned into multiple patents, a partnership with Razor, and the development of a solution for light electric vehicle safety. We talk about the challenges of fundraising and the importance of finding a path to revenue, and Dan reflects on the mistakes and lessons learned along the way (including the value of attracting smart people and finding free resources). Dan emphasizes the combination of hard work and luck in building a successful company and discusses his motivation to support and uplift his team. He shares his plans for an upcoming event to celebrate his team's hard work and hopes to announce their first paying customer later this summer. Dan also talks about the evolution of product development, from focusing on collision avoidance for electric scooters to expanding into other areas of transportation. He highlights the challenges of staying focused and managing a remote team with limited resources and reflects on the difficulties of entrepreneurship and the need for more transparency about the risks involved.

Takeaways

• Building a successful company requires a combination of hard work and luck.
• Finding a path to revenue is crucial as investors are less likely to invest in pre-revenue companies.
• Surrounding yourself with smart people and leveraging free resources can be valuable in the entrepreneurial journey.
• Mistakes and failures are part of the process and can lead to valuable lessons.
• The landscape of fundraising has changed, and storytelling and go-to-market strategies are important in attracting investors.
• The journey of building a business involves personal growth and self-discovery. The motivation to pay and support your staff is a hallmark of a good leader.
• Product development often evolves as customer discovery reveals new opportunities.
• Staying focused and managing a remote team with limited resources can be challenging.
• Entrepreneurship is hard and requires a strong why and a willingness to accept failure.