.png){kind=logo}
- Insights
- Cryptocurrencies
- Stocks
- White Papers
- Industry
- Geography
- Insights
- Cryptocurrencies
- Stocks
- White Papers
- Industry
- Geography
Robots are taking over the world. They are now into every industry namely the healthcare industry, defense, education, and many others. It also now uses different technologies such as AI, ML, and many others to improve its functions and applications. Across the globe, there are 300,000 Robotics Engineers are striving to discover or invent some of the other new things in robotics.
Many such interested people now investing in startups and following their dreams. But every segment has its own merits and demerits. Just because you gotcapital to invest in doesn't mean you've succeeded. There are many things to deal with in a startup. According to the statistics, it is said that 99% of robotics startups fail. This is due to lack of knowledge and experience in many factors such as lack of capital or investing capital in unnecessary things, lacking knowledge on present trends of robots, and many other things. It's the dream of many Robotics Engineers to have a startup and introduce their own product into the market. Every person does mistakes so does happens in a startup. To avoid such mistakes here are the top 10 mistakes that should be avoided by robotics startups in 2022.
Problems occur when the higher authorities are expecting to manage teams and not perform day-to-day tasks. Build the teams accordingly. Start making teams right from where it is actually necessary. Don't just form a team for any higher authority as they might lose track by monitoring people under them rather than focusing on the entire functioning process.
Set deadlines to make yourself more productive but also make sure that the deadlines are reasonable and accountable. Don't push yourself or the people you are with too hard to complete the task quicker. Robotics is a tricky and time-consuming industry. Make sure you give time for every small detail of the product. Go with the flow.
Don't just spend a large amount on resources or hardware. Every individual wants to start making robots when he or she starts a company but this is the huge blunder that everyone does. Due to this, the company gets easily into losses. Make a plan, discuss it with the coworkers. Design the models go through them thoroughly. Make several small models before your final product as at earlier stages you might not get what you actually want. Don't mess with the resources or the hardware or anything and everything else. Make sure you are confident enough before you finalize the end product and before spending your capital.
Designing for investors (DFI) instead of designing for manufacturability (DFM) is a surefire and common startup killer. When the pressure is on to develop a working model, engineering teams focus on prototype production processes, frantically search the Web for parts, and use samples from unqualified suppliers. Selecting the optimal manufacturing partners takes a back seat to DFI as if the two are mutually exclusive.
The result is a functioning demonstration model that is not manufacturable at projected volumes or targeted cost. In this scenario, stop-the-presses manufacturing problems are often not discovered until the production ramp deadlines loom
There's a popular saying which goes like "slow and steady wins the race". Don't over-push yourself or the workers in order to gain much popularity or profits in a short-term period. Build the company steadily step by step. Don't rush things. This field is a time-consuming and long-term industry. Give enough time for everything to take place but that doesn't mean you delay things. Just do things accordingly but don't just rush or delay.
Communicate with people such as investors, clients, coworkers, staff, etc. Make sure you get updated with everything happening around you. Talk with investors and clients about the process happening regarding the project day today. This develops a good relationship with the clients as well as investors. This will also help in building trust among you both.
The Robotics startup companies overestimate the technology and the end product. Few even blindly overpromise their investors and clients. The technology is not as fast-paced as we see in movies. Think practically don't overthink or overestimate your product and promise things that you are capable enough to fulfill.
Startups invest plenty of capital on their product but they fail to gain much attention from people. This is due to a lack of marketing strategies. Make sure you make a strategy to promote your product and also to put aside some amount of capital for marketing.
Don't just select investors or partners bluntly. This is your dream. Make sure you collaborate with people who have the same vision and mission. Wait until you find such people don't hurry in making partners or collaborating with investors. It's a huge step, to begin with, think carefully before going ahead with any such decision as you need to work with them from the beginning to the end in each and every segment.
Most of the robotics startups try to create the same thing which already exists. It is a waste of time capital, human resources, and many other. One such example is the Robotics Arm, years ago robotic has been invented but even now many companies reinventing the same product by adding a few advanced functions. Startups should consider working with well-established robotics partners to increase their business and experience, but also their distribution systems and support networks and brand awareness to their own benefit.
