Progress Through Iteration

Brett Adcock shares his perspective on building transformative hardware companies, emphasizing that technological development and iteration are the core drivers of success, rather than traditional startup metrics like PR or fundraising.

Key Points:

• Hardware vs Software Development Philosophy:

  • Hardware is simpler because demand is pre-existing
  • Physics creates a bounded set of rules to work within
  • Success depends on solving technical challenges rather than market creation

• Focus on Technology Development:

  • What matters most is how often you're iterating
  • Progress is measured between iteration cycles
  • Marketing, PR, fundraising sources, and TechCrunch articles are not meaningful
  • Technology development is the primary driver of success

• Approach to Learning New Industries:

  • Spent 6 months making calls to experts (300+ people contacted)
  • Built comprehensive spreadsheets of industry knowledge
  • Immersed himself in technical books and understanding physics
  • Went back to school to learn mechanical and aerospace engineering

• Investment Philosophy:

  • Goes "all in" on ventures
  • Willing to risk personal bankruptcy
  • Put nearly all earnings from previous exits into new ventures
  • Takes no salary for extended periods (3-4 years)

• Market Opportunity Assessment:

  • Looks for clear existing demand
  • Focuses on solving fundamental problems
  • Seeks markets where technology is the primary barrier
  • Prefers hardware challenges over software's emergent properties

• View on Business Building:

  • "7 years of agony" before success
  • Technology development matters more than conventional startup metrics
  • Willing to take extreme personal financial risks
  • Focuses on solving fundamental problems rather than creating new markets