Intro
In this episode of “My First Million,” the hosts interview Brett Adcock, a successful entrepreneur who started a recruiting website and sold it for $100 million. Brett shares his journey of building his companies, including FIGUR, a robotics company, and Archer Aviation, an electric aircraft company. He discusses his experiences, challenges, and the lessons he learned along the way.
Main Takeaways
Brett Adcock’s Entrepreneurial Journey
- Brett Adcock started a recruiting website that he sold for $100 million and invested most of his money into Archer, which went public at a $1.5 billion valuation.
- He started another company called FIGUR which makes human-like robots that can work in warehouses and do human labor.
- Brett is a lowkey guy who goes all in on his investments and put all his savings into his company when he started.
- He had to borrow $50,000 to pay for rent and survive in 2015, prior to the acquisition of his company.
- FIGUR was acquired for $110 million, which was a windfall for Brett.
- Brett raised over $10 million over seven years and had a large percentage ownership of the company.
- Brett put most of his money into Archer Aviation, which builds electric vertical takeoff and landing aircraft to move people around cities.
- The goal is to create a new type of transportation system in the air to combat traffic.
- Brett had no prior experience in building aircraft and had to learn from scratch.
- Brett spent a lot of time after his previous venture figuring out what he wanted to work on next.
Overcoming Challenges and Perseverance
- Brett spent a lot of time figuring out what he wanted to work on next and decided on Archer Aviation
- He built a spreadsheet and connected with about 300 people to learn about electric aircraft and the physics behind it
- He cold called people and found that people were willing to help
- He went back to school to learn mechanical and aerospace engineering and attended an electric aircraft design course where he met someone who invited him to their lab at the University of Florida
- He lived off the cash from his previous venture and took no salary at Archer for two years while investing all of his veterinary windfall into education and starting Archer
- Brett struggled to get meetings and was even called disrespectful by a potential investor, but he persevered
- Brett persevered despite being told his pitch was disrespectful during the COVID-19 pandemic
- Taking time off to recharge and plan can lead to a successful career shift
- The “Ikigai” concept suggests finding something in the middle of what the world wants, what the world will pay for, what one enjoys, and what one is skilled at
- Using skills and finding something slightly better can lead to success
- Taking a total 180 in one’s career can be successful if it aligns with one’s passions and skills.
Financial Management and Personal Risk
- Money is not always the main motivator for entrepreneurs, as there is a risk-reward balance in startups.
- Starting a business can involve personal financial risk, as seen in the founder’s experience of almost going bankrupt.
- Stock lockups can limit the ability to sell stocks and access personal funds.
- Building a successful startup involves rapid growth and high expenses, requiring careful financial management.
- The speaker faced financial difficulties during a recession and had to take out a second mortgage on their house to keep the business afloat
- The speaker’s wife has been supportive throughout their entrepreneurial journey
Copywriting and Building Businesses
- The speaker learned copywriting through a technique called copy work, which involved copying great writing by hand and analyzing what made it special
- The speaker created a program called Copy That to make copy work easier for others.
- Copy That program makes writing easier, check it out at copythat.com
- StreetofWalls.com offers helpful articles on finance and investment banking
- Author of StreetofWalls.com taught himself finance and created the website as a learning resource
- Finance career not fulfilling for the author, wished he had started building businesses earlier
- Interview with Goldman Sachs showed the importance of understanding finance for certain careers
- Street of Walls was created from the founder’s personal notes and has received 30 million views in 15 years
- The site’s traffic is all organic SEO and still receives around 100,000 visitors per month
- The founder made $5,000 a month selling interview guides but decided not to turn it into a business due to time constraints
- Street of Walls built an outbound lead generation software system for their veterinary business using an offshore team in the Philippines to find contact information
- The system they built ended up powering millions of emails per month and is similar to the startup Outreach
- The founders built a system internally that ended up being worth billions, similar to the startup Outreach.
- The speaker fell into the veterinary industry and used a huge database of traffic to boost the marketplace.
- The battery acquisition gave the speaker the opportunity to start Archer.
The Future of Automation and Robotics
- Time is the most precious asset because we don’t have much of it left.
- Figure aims to build an automation solution to do physical labor and tap into the half of GDP that goes to human labor.
- Many warehouses, manufacturing, and retail facilities face a labor crisis, with high employee attrition rates and difficult working conditions.
- Figure aims to build automation solutions to do physical labor and tap into the half of GDP that goes to human labor.
- Hardware development is simpler than software development because it focuses on building a product with existing demand, rather than convincing people to want it.
- The burden of hardware development is on creating safe, affordable, and reliable technology that can perform useful work.
- Archer’s case involves developing robots that can do useful work, governed by physics and equations.
- Developing robots that can do useful work, governed by physics and equations
- What really matters is the technology development and how often you’re iterating
- Archer’s lab feels like playing with a glorified Lego set, most cutting edge R&D lab you could walk into
- Figure’s industry is bigger than self-driving, easier to scale once it’s working, could be valued bigger than Cruise and Waymo
- People like Archer inspire you to push yourself harder and find people early in their journey
- Investing early in a company can lead to significant returns later on
- Archer Aviation is a promising electric aircraft company that has caught the attention of investors
- The CEO of Archer, Brett Adcock, has an impressive background in engineering and entrepreneurship
- Adcock believes that the aviation industry is ripe for disruption and that electric aircraft will play a major role in the future of transportation
- People like Adcock inspire you to push yourself harder and find people early in their journey
Summary
Brett Adcock’s Entrepreneurial Journey
Brett Adcock, a successful entrepreneur, started a recruiting website that he sold for $100 million. He then invested most of his money into Archer Aviation, an electric aircraft company that went public at a $1.5 billion valuation. Brett also founded FIGUR, a robotics company that creates human-like robots for warehouse and labor work. He took personal financial risks and put all his savings into his ventures.
Overcoming Challenges and Perseverance
Despite facing challenges and being told his pitch was disrespectful, Brett persevered and continued to pursue his goals. He spent time learning about electric aircraft, even going back to school to study mechanical and aerospace engineering. He took no salary for two years and invested all his veterinary windfall into education and starting Archer Aviation. Brett’s journey teaches us the importance of perseverance and taking time to recharge and plan.
Financial Management and Personal Risk
Starting a business involves personal financial risk, and careful financial management is crucial for success. Brett faced financial difficulties during a recession and had to take out a second mortgage on his house to keep his business afloat. He emphasizes the risk-reward balance in startups and the limitations of stock lockups. Brett’s story highlights the importance of managing finances effectively in the startup world.
Copywriting and Building Businesses
Brett shares his experiences in copywriting and building businesses. He learned copywriting through copy work and created a program called Copy That to make it easier for others. He also mentions StreetofWalls.com, a website offering helpful articles on finance and investment banking. Brett’s journey shows the value of continuous learning and leveraging personal expertise to build successful businesses.
The Future of Automation and Robotics
Brett is involved in the development of automation solutions and robotics. He believes that automation will tap into the half of GDP that goes to human labor and aims to build robots that can perform physical labor. He highlights the importance of hardware development and creating safe, affordable, and reliable technology. Brett’s insights shed light on the potential of automation and its impact on industries like warehouses and manufacturing.
Conclusion
Brett Adcock’s entrepreneurial journey is a testament to perseverance, risk-taking, and continuous learning. From selling a successful recruiting website to investing in electric aircraft and robotics, Brett’s experiences offer valuable lessons for aspiring entrepreneurs. His focus on financial management, personal growth, and technological innovation showcases the potential for disruption and success in various industries. Brett’s story inspires us to push ourselves harder and find opportunities in unexpected places.
