The field of robotics is growing at a rapid pace in the business world. After all, robots can do quite a bit in the market, particularly with building or going places humans just can’t go. (You’d be surprised how often robots are used for intergalactic travel, for example.) But before you go running out thinking you have the best idea for a robotic startup, you need to remember something. You need money.
Robots aren’t going to build themselves, after all. And it’s not like you can just dig change out of your wallet as you create them for your work force. Nope, you’re going to need investors. And we mean deep wallet investors that have the cash to help you attain your resources. But how can you convince them in an already crowded business market?
With these helpful tips, you’ll be ready to sell your idea to even the stingiest of cash holders. Just remember to be honest and true to yourself, and have a vision that stands out from the rest of the pack. Here are the tips to build the robotic startup of your dreams!
Which Direction Will Your Robotic Startup Go?
Before you can sell anyone anything, you need to understand what you want out of your robotic startup. That means a direction that you want the business to go in.
For example, what kind of robots are you looking to create? Do you want those that are simply focused on manufacturing goods? For that matter, what about something that can truly innovate in the field of medical science? Or maybe you just want something that can lend a hand in the general business market, like cleaning or maybe even self-driving.
The goal here is to find where the robot’s usefulness would be. And it helps to have something that stands out from the rest of the market. So many companies these days are already hard at work on manufacturing robotics, so creating a new robotic startup from scratch behind that is tough. You need a hook to go along with your direction. Otherwise, investors will lose interest.
Focus and figure out which direction you want your idea to go. Then draw up those schematics and hit the ground running with your dream.
Make Sure You Have a Deep Learning Model
We’ve talked about deep learning in the past, but it’s absolutely vital in some cases with robotics. It basically adapts artificial intelligence to the point that robots can make decisions on the same level as humans. Now, relax, that doesn’t mean they’re going to go all Skynet on you (remember, Terminator 2: Judgment Day?). Instead, they’ll help drive the business model forward.
When you’re presenting any kind of idea with a robotic startup, you need to assure your investors that it has proper deep learning behind it. Otherwise, the robots could easily get out of hand, and there goes all the money in an effort to fix them.
What you can do to avoid this is get some “tech heads” aboard your staff. These are robotic specialists that can help you build out the models you’re looking for, based on your business idea. In fact, having them at the presentation to provide technical expertise wouldn’t hurt, provided you’re both on the same page. Remember, the better your pitch looks to investors, the better chance you have of landing cash for your robotic startup.
Assure a Solid Business Model
Any business can have robots. Hey, look, a robot bartender! But the idea here is to have a business model where robots are used effectively. Without that, hey, they’ll run amuck, and, well, there’s your Skynet vision come to life.
So the key here is to assure investors that robots will be useful in your robotic startup business. Make sure they understand you’ll use it. Make sure you highlight each of their duties and why they’re much more vital than, say, some kid out of college. Assure that they flow smoothly with the general business, instead of against it or hampering if something gets broken. (It never hurts to have your “tech head” buddy on hand with a contingency plan, just in case something does get broken.)
The key here is confidence. You want investors to be happy with the money they give you, and assure they’ll make it back with ease with your robotic startup. Without that thumbs up, they won’t give you a dime – and all you have are robotic dreams.
So, again, take the time. Work out a plan of business with your robotic startup. Make sure you’re on the same page as the technical advisors of your team. Assure they’ve got a proper role in the business, and make sure the investors understand that. Do all of this, and that robo-money is as good as yours!
The post How to Pitch a Robotic Startup to Investors appeared first on KillerStartups.
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January 2, 2023 at 06:13AM by Robert Workman, Khareem Sudlow
