The Hardware Entrepreneur

This is a rerun episode so a re-release of the episode with Joe Justice of WIKISPEED and Scrum Inc. Why a rerun? There are a few reasons for it and I brought up some during the last episode.

One of the reasons, as mentioned, has to do with slowing down at the beginning of the year. Another reason is that this episode was in the top 5 most downloaded episodes in 2017. It had a major impact on me as well since after my conversation with Joe I embraced agile to the fullest: I use it both in my professional and personal life. This re-release emphasizes the importance of this topic. Execution is extremely important for startups and agile is one of the best or the best method I know for project management, and for hardware its application is spreading faster and faster.

As for Joe he is the President of Scrum @ Hardware at Scrum Inc, the company which is led by the initiator of scum, Jeff Sutherland.

Enjoy this very inspiring, information-dense episode.

In this episode we elaborate on the topic of scrum. Raw transcript is available at: https://www.thehardwareentrepreneur.com and show highlights can be seen below:

• Why I think this episode is important so it has to be re-released - [0:34]
• Nokia’s story coming to an end - [3:23]
• Can you describe the Scrum method? - [4:36]
• What the New Zealand All Blacks #1 rugby team has to do with Scrum - [7:09]
• Some companies that use Scrum, especially in the hardware field - [9:17]
• Situation with Scrum for startups in the hardware field, and small or medium sized enterprises? - [13:11]
• Examples where Scrum has been scaled up, specifically for hardware - [16:12]
• Tesla and their job postings; WIKISPEED competing against Tesla - [17:59]
• How to think like Elon Musk? - [19:37]
• The connection between Kanban, Lean Startup, Lean Canvas and Scrum - [19:50]
• Two major obstacles for implementing Scrum framеwork, especially in the hardware field? - [24:10]
• Countries approving Scrum - [29:17]
• “the last of the old will still be the first of the new” - [30:16]
• How the leader, the Scrum master or the product owner, can motivate the team? - [31:43]
• If you could go back in time, when you were younger, what notes what would you take back to that time to keep it to yourself? [37:43]
• Books which had the biggest impact on his career - [39:44]
• Joe’s incredible routines to be super-efficient, super-energetic - [43:12]
• Memorable cultural differences he has encountered - [46:00]
• How to reach him - [48:47]

This is a rerun episode so a re-release of the episode Vibhu Norby of b8ta. Why am I doing a rerun? Well, there are a few reasons for it.

Rather than speed up like what most people do, I want to slow down at the beginning of the year. I am doing some energy management by not coming out with new content. Instead I’m reusing some content. This is in line with the first episode I have released this year which was about simplicity. Many times we’re too busy, so busy that we forget to enjoy life and to celebrate some special episode from the past. This is the episode that you loved most in 2017, based on the number of downloads. By re-releasing it, I wanted to put a spotlight on them. Hardware startups, at least in the consumer space want to sell to the end customer and this episode has some important insights so listening to it again or the first time can prove useful.

Vibhu was before with Nest, the smart thermostat maker. This is where he had the realization that retail is far from optimal and that one might have to rethink retail to bring it up to date, to capitalize on today’s tech capabilities. b8ta is essentially a software-powered retailer.

In this episode Vibhu talks about b8ta’s contrarian belief on why brick and mortar stores are dying, how they want to bring back customers to the stores, and what the best brands do. Nowadays e-commerce topics is stealing the headlines, but contrary to this, people actually buy products in stores. You can also learn about conflict of interest between brands and retailers and how Vibhu wants to solve this conflict with his company. You can also find out how he validated his idea, what mistake he made during this time. He also walks us through the process what details make your brand sell or not sell inside a store. And many more topics will be covered, too. Enjoy!

Raw transcript is available at: https://www.thehardwareentrepreneur.com

Show highlights can be seen below:

• Why I am doing a rerun of this episode? - [0:37]
• How is the store model of b8ta reversing the trend of brick-and-mortar stores closing down? - [3:45]
• Previous professional experience that lead Vibhu to creating a platform for solving the retail conflict - [6:44]
• Important observations that evolved into replacing a whole system – [12:55]
• How did he validate the idea? - [14:28]
• Key ingredients that differentiate b8ta from their competitors - [17:23]
• How does the platform pay the makers? - [20:55]
• Importance of timing and speed of bringing products to market - [22:05]
• A walk through b8ta’s four-step customer journey that they analyse - [24:58]
• Plan for success – mistakes the founders made while growing the company [28:05]
• If you could time travel and go back in time, what notes would you give yourself? – [31:57]
• Which book had the biggest impact on his career? – [32:28]
• Vibhu’s everyday routine – [33:11]
• Some cultural differences that Vibhu observed throughout his career – [34:58]
• What is the best way to reach Vibhu? – [36:46]

This episode is Part 2 of my interview with Stephen Key of inventRight. Why two parts? Soon you can learn why I believe this topic deserves special attention.

Stephen Key, using a relevant Star Wars terminology, is the Yoda of "renting" ideas as Tim Ferriss referred to him. The question is still the same: do you really need to found a company?

In part 1 we discussed Stephen’s guideline on when to start a startup and when to license. He brought up also another point: should you sell a product first, or something else?

In part 2 we talk mainly about Provisional Patent Application (PPA), which is a cornerstone idea behind how licensing can generate profit for you. You don’t hear about this topic often as it’s something some people don’t want to talk about. Such people as patent attorneys. Another question Stephen addresses is why don’t companies steal your idea? There are many more topics we covered, such as open innovation, mistakes he made and the ultrafast round.

Enjoy this episode.

Raw transcript is available at: https://www.thehardwareentrepreneur.com

Show highlights can be seen below:

• What is a PPA and who is the best person to write it? - [2:02]
• Why is now the perfect time for filing a PPA and where in the world can you do that? - [5:06]
• What are the steps for a well-written PPA? - [8:49]
• Is intellectual property good for high tech startups? - [11:50]
• Can you do it on your own? – lessons from Stephen’s entrepreneurial career [15:31]
• Try to steal your own idea first - [17:07]
• If you could time travel and go back in time, what notes would you give yourself? – [21:38]
• Which book had the biggest impact on his career? – [21:57]
• The habit of structured chaos – [22:32]
• Some cultural differences that Stephen observed throughout his career – [24:10]

This episode contains some of the crucial learnings for me in 2017, and critical lessons that you might want to keep in mind in the year to come.

I am extremely thankful for my guests for their insights. Such knowledge has transformed my life and in this episode I am talking about the impact on my daily routines, how I manage projects, some aspects of how I manage my podcast. You can learn about my guests’ routines, how they optimize their businesses from the start, what to keep in mind in terms of human capacity, skill when starting a business. Finally I’ll close off this episode with an outlook for 2018, what you can expect to hear about.

Enjoy this episode and I wish you an entrepreneurially outstanding year ahead in 2018.

Enjoy this episode.

Show highlights can be seen below:

• Simplicity as coming from Da Vinci and how it connects with the thinking of Patagonia’s CEO - [2:10]
• The meaning behind staying small - [5:15]
• Some examples on how my guests’ companies stayed small at the beginnings - [7:55]
• Execution or how my guests stay organised in their life and in their business - [10:05]
• What to pay attention to when building a team - [16:00]
• Outlook for 2018 - [20:35]

This is an episode on a topic that, I believe, should get more attention in entrepreneurship circles. My guest is Stephen Key of inventRight.

Stephen is literally one of the teachers of Tim Ferriss. He went to Stephen’s lectures and sought his advice on how he can make his business at that time, BrainQUICKEN more efficient.

Do you really need to found a company? This is the question we address in this episode. Stephen is a lifelong entrepreneur, inventor and a renowned intellectual property strategist.

This episode is split into 2 parts, because this way the topic can get more attention. In part 1 you will learn how Stephen helped Tim Ferriss and what he got in return unexpectedly. Stephen also discusses what the most important thing is today when you want to bring out a product to market. You can find out some guidelines from him on when to start a startup and when to license. And when you want to sell something, shall you sell the product first or something else?

Enjoy this episode.

Raw transcript is available at: https://www.thehardwareentrepreneur.com

Show highlights can be seen below:

• What do the Yoda of renting out ideas and the German Tim Ferris have in common? - [2:11]
• The Ferris effect - [5:25]
• Why has Stephen’s book gained such a tremendous success? – [7:52]
• The differences between starting a company versus renting out your idea - [10:38]
• A piece of plastic worth a quarter of a million dollars - [13:27]
• Do you want to stay creative or do you want to wear many hats? - [17:04]
• The benefits of selling the benefit first - [18:48]
• What are some safe approaches when communicating your idea to the licensee? - [22:34]

My guest is Alan Clayton of SOSV, who’s the Roaming Mentor at the VC and who’s been with the company since the beginnings.

You might know as SOSV as it’s the world’s top hardware VC. They’re special also in another aspect as unlike other VCs, SOSV runs accelerator programs, such as HAX, HAX Growth, RebelBio, IndieBio, Food-X, Chinaaccelerator, MOX. They are understandably very tech-focused and Alan Clayton is the person who understands people. This means he makes sure you have the right team to deliver the right results as otherwise things can and if they can, then they will go wrong.

The question we addressed in this episode is: how can you maximize your success with your team? You can learn in this episode about successful team’s composition, the Herrmann Brain
Dominance Instrument (HBDI) for testing what areas the team covers, and also how this knowledge can help you pitch your idea better. So in essence we’ll go deeper than just talking about the left and right brain thinking.

Enjoy this episode!

Raw transcript is available at: https://www.thehardwareentrepreneur.com

Show highlights can be seen below:

• Do you use your brain’s full capacity? - [3:27]
• What SOSV stands for and Alan’s role in the company – [6:38]
• Who is Ned Herrmann and how his work is helping startups work more effectively? – [7:48]
• At which phase of the startup process you will most surely need Alan? - [9:17]
• How does a startup founders’ assessment unfold? - [12:42]
• Which type of intelligence are you - Captain Kirk, Doctor Spock, Scotty the engineer or Doctor Bones? - [15:04]
• How to avoid conflicts and benefit from the team diversity at the early stages of a startup? - [21:38]
• What are the major success factors for hardware startups? - [24:58]
• What set of skills does a hardware startup CEO need to develop? - [27:20]
• A Star Trek crash course on pitching - [30:30]
• If you could time travel and go back in time, what notes would you give yourself? – [34:54]
• Which book had the biggest impact on his career? – [35:39]
• Some cultural differences that Alan observed throughout his career – [36:46]
• Alan’s recipe for a good start of the day - [38:55]
• What is the best way to reach Alan? – [42:20]

I had a special guest on the podcast, somebody who’s also originally from Hungary, just like me. My guest was Alexandra Mandoki, founder, chief guide and innovator at Sparks Guide based in Zurich, Switzerland, just like me.

Would you like to perhaps double your brain activity? Then this episode is for you. You’ll soon also learn how the same technique with Lego can be used in a group setting to innovate, to let some creativity juice flow. This topic is close to me as I used to love and still love Lego.

This interview was recorded with a camera, for the change, and this is its audio version. You will learn from Alexandra about the method she’s an expert of and also about its myriad applications that are just mind-boggling. I don’t know why exactly this method is not so widespread yet, but I hope that after this episode some of you find it useful, even if you “just” use its basics.

Enjoy this episode.

Raw transcript is available at: https://www.thehardwareentrepreneur.com

Show highlights can be seen below:

• How a childhood game can bring innovation to the [adult] business world – [2:20]
• LEGO® SERIOUS PLAY® - an on-the-fly definition - [3:40]
• How did LEGO come up with its tool for strategy development and team building? - [5:34]
• Practical applications of LEGO® SERIOUS PLAY® - [7:33]
• Why “serious” and why “play”?- [11:30]
• “I did not know that I know that” - [12:33]
• What is the biggest challenge for the adoption of LEGO bricks in the business world? - [13:53]
• Mistakes Alexandra learned from while working in an international business environment - [15:20]
• If you could time travel and go back in time, what notes would you give yourself? – [16:54]
• Which book had the biggest impact on her career? – [17:16]
• Alexandra’s interesting habits – [18:07]
• How does Alexandra overcome cultural differences in her career? – [19:28]
• What is the best way to reach Alexandra? – [20:32]

Dimitri Nabatov has been my guest recently, founder and CEO of a company called WeAreCinema.

In episode 36 we had VR topic and this time again we’re back to that topic on the show. His company, WeAreCinema has a new business model in the world of VR and his company is a nice example that in order to become successful with hardware products there are a number of ways of doing that, including theirs.

You can learn about VR, why it’s special in the entertainment or advertisement industries, how they validated their idea with very cheap hardware, and also how they managed to pre-sell their idea to customers, getting strong market validation without investing almost nothing. You can also learn how he started thinking about the scaling topic in his business at an early phase and this serves as the basis of his current business model. He also gives a challenge to you, innovators, a call for innovation.

Enjoy.

Show highlights can be seen below:

• What is the current development of the VR industry and what it has to do with a black and white TV? - [3:55]
• What makes WeAreCinema stand out in the buzz around VR? – [5:45]
• The motivation behind founding a company in the entertainment industry - [7:17]
• Previous experience that lead Dimitri to founding the company - [8:58]
• How can a very cheap device help you validate your idea? - [10:00]
• Key lessons from a VR startup venture - [12:15]
• The business model behind WeAreCinema and how their scale-up - [15:56]
• How can challenges provoke you to be creative in terms of cost effectiveness? - [18:20]
• How has WeAreCinema been able to avoid the issue with dizziness? - [22:52]
• Challenges in front of the team - [24:44]
• Mistakes the founders did while developing the company - [26:56]
• If you could time travel and go back in time, what notes would you give yourself? – [29:38]
• Which book had the biggest impact on his career? – [29:59]
• Dimitri’s cold habit – [30:54]
• Some cultural differences that Dimitri observed throughout his career – [32:25]
• What is the best way to reach Dimitri? – [33:28]

My guest is Jong-Wook Shin from the US, founder and CEO of HOPii, which is a company for beer-lovers.

For you who wants to know how to get to the source where it’s the beer is freshest. You’ll also learn why beer on the shelves is actually far from being fresh.

Jong is not simply an avid beer drinker. He was formerly Vice President of Innovations, with over 21 years of experience in high tech innovations. You’ll hear in this interview quite well, I believe how excited Jong is to bring the HOPii’s vision to life and introduce brand new craft beer experiences to fellow craft beer lovers. He talks also about their business model’s attractiveness, so not only the hardware itself. Project management topic will come up, as well, so execution, what he thinks about it since an idea without execution is like a child without growing up.

I met him at IFA Berlin in September this year at the HAX stand, as they're a graduate of this Nr 1 hardware accelerator's program. I liked their product very much, their really unique business model and their story.

Enjoy this episode and make sure you check out their (currently running) Kickstarter campaign.

Show highlights can be seen below:

• Craft beer and the world’s biggest hardware accelerator – [2:33]
• How was HOPii born? - [4:03]
• What happens when you combine professional background and passion - [7:58]
• “If the content is not there, that device is not really useful” - a business model that brings the freshest craft beer to your local town - [11:16]
• Who is the brewmaster and why is he so important? - [15:17]
• What kinds of technological innovations does HOPii introduce? - [17:25]
• Mistakes the founders did while developing the company - [22:10]
• Important insights when you’re doing project management for startups – [24:57]
• If you could time travel and go back in time, what notes would you give yourself? – [28:18]
• Which book had the biggest impact on his career? – [29:22]
• Jong’s interesting prioritizing habit – [30:27]
• Some cultural differences that Jong observed throughout his career – [32:58]
• How can you help bring HOPii to life? - [34:44]
• What is the best way to reach Jong? – [35:33]

This is Part 2 of my interview with Professor Günter Faltin, from Germany and at the same time a successful entrepreneur.

Briefly, I consider him as a kind of the German version of Tim Ferriss, as his book Brain vs capital is similarly influential in entrepreneurship in Germany, similarly to Tim Ferriss’ book especially in the US, but also worldwide.

You can learn in this episode why the MBA person often clashes with the entrepreneur, why a business plan is not actually a plan, what Prof. Faltin thinks about entrepreneurship, how it could be applicable for many of us. We talked also about outsourcing, what’s crucial about it, how it can work in expensive countries. We have many many more topics, including the “ultrafast round” with 4 short questions so here you go. Enjoy.

Raw transcript is available at: https://www.thehardwareentrepreneur.com

Show highlights can be seen below:

• What entrepreneurship has to do with art and how it is different from business administration - [2:30]
• “The moment the business plan leaves the printer, it's outdated” – or is a fixed business plan a dangerous thing to do? - [6:35]
• Entrepreneurship for the many and our underutilizing our brains - [10:49]
• Why is it important to create a business model that can afford to work with professionals? - [14:33]
• Mistakes, or opportunities to empower yourself while growing a stable business - [17:10]
• Entrepreneurship – an existential exercise that helps personal development - [19:35]
• If you could time travel and go back in time, what notes would you give yourself? – [22:40]
• Which book had the biggest impact on his career? – [23:53]
• Prof. Faltin’s early morning routine – [25:25]
• Some cultural differences that Prof. Faltin observed in terms of entrepreneurship – [26:46]
• What is the best way to reach Prof. Faltin? – [28:50]