In each of our podcasts, we ask top hardware entrepreneurs the same 10 questions to better understand the challenges and best practices in starting a hardware company. In Episode 3 of Season 1, Lemnos’s Eric Klein speaks with Peter Platzer, the CEO of Spire, formerly NanoSatisfi.
Why did you start your project? andWhat did you do before deciding to start a hardware startup?I am a high energy and fusion physicist. I got really lucky in my youth. I got to spend some time at CERN and the Max Planck Institutes, and got to touch very, very large hardware. I was crawling through a fusion reactor at the Max Planck Institutes that I was writing my thesis on. It was an unparalleled inspirational experience.
And I always had this drive towards space, but it was, back then, too government-driven, so I followed my other passion, which was business, and joined the Boston Consulting Group. They then sent me to Harvard Business School, where I ended up starting a finance company—a quantitative training company. Then I ended up going back to International Space University in France and spent a year researching and studying anything about nanosatellites and the space industry, everything from the finance side, to the business side, to the legal side, which then culminated in a summer at NASA here in California, which then launched us into NanoSatisfi.
Have you always been a Maker?I mean, I’ve been tinkering with electronic circuitry and soldering since I was eight, nine, 10 years old; and I’ve been building those computers where I basically bought those components, figured them out, put them together so that I can compile faster. I basically always had the single fastest computer that you can build at any point in time.
What is your day like?More prominently early on, I had to drive almost every single process in the company. I was deeply involved in both the mechanical engineering parts, as well as the electrical engineering part, as well as the legal, business, and fundraising sides. Now my involvement is not as much in the day-to-day detail, but more in the higher level, steering and direction of the company. I’m more like a firefighter. For example, two days ago, they said, “Hey, Peter, we’re having a tough time getting a hold of vendor XYZ. You are our best enforcer, right? Can you give them a call?”
What’s the hardest part about being a hardware startup founder?I think the hardest part of being a founder is dealing with people saying, “This is completely stupid. It will never work. It’s impossible.” If you’re a founder, it’s basically like disqualifying you as a person. And dealing with that, not taking it personally, and actually saying, “Okay, tell me why it is stupid.” I’ll ask the question seven times, “Why? Why? Why?” because nine out of 10 times, there is something that you can learn. It could be that you are presenting your idea the wrong way, that it is actually a wrong idea, or that you’re talking to the wrong people. Use it to your benefit, learn, and grow from it.
Why did you choose an accelerator?I mean, quite honestly, I think anyone who doesn’t choose accelerator is missing out. I think it’s 100% the correct way of building. For me, the people and the energy you surround yourself with are intricately linked to your success in whatever you do. You want to be part of an accelerator where there are a number of other companies that are in the same stage as you, that face the same problems as you, that you can exchange i