My First Million – This $3B Founder Is The Next Elon Musk

Intro

In this episode of the “My First Million” podcast, the hosts interview Brett Adcock, a successful entrepreneur who has sold companies for millions and is now making waves in the electric aircraft and robotics industries. Adcock’s story is inspiring and his ventures have the potential to revolutionize transportation and automate physical labor. Join the hosts as they dive into Adcock’s journey and discover his vision for the future.

Main Takeaways

Entrepreneurial Success

• Brett Adcock is a successful entrepreneur who sold a recruiting website for $100 million and invested most of his money into a company called Archer, which went public at a $1.5 billion valuation.
• Adcock sold his company FEDERI for $110 million after raising over $10 million in funding over 7 years.
• Adcock is a lowkey and humble person who goes all-in on his projects, putting his personal savings into his companies and taking no salary for years.

Archer Aviation

• He invested all of his money into Archer Aviation, a company that builds electric vertical takeoff and landing aircraft to solve the traffic problem in cities.
• The pitch for Archer Aviation was difficult as it required a billion dollars to get to market and no one had ever certified an electric aircraft before.
• Adcock had no prior knowledge or experience in building airplanes before starting Archer Aviation.

Robotics and FIGUR

• Adcock started another company called FIGUR, which makes robots that can work in warehouses and do human labor.
• Figure is building humanoid robots to automate physical labor.
• Human-like AI powered robots will be the biggest company in the next 10-15 years.

Adcock’s Journey and Challenges

• Adcock’s career started out of necessity, as he couldn’t get anyone to invest in his business for the first three years.
• Brett Adcock spent a large amount of time figuring out what he wanted to work on next after his previous venture.
• He faced challenges in transferring the stock to his bank account and funding his startup during a recession.

Summary

From Recruiting to Aviation and Robotics

Brett Adcock’s entrepreneurial journey has been marked by success and determination. After selling his recruiting website for a substantial amount, he invested in Archer Aviation, a company that aims to revolutionize transportation with electric vertical takeoff and landing aircraft. Adcock’s pivot into the aviation industry was driven by his passion for creating an amazing future and solving real-world problems. Additionally, he started FIGUR, a robotics company focused on building humanoid robots to automate physical labor. Adcock’s ventures in aviation and robotics have the potential to reshape industries and improve efficiency.

The Challenges and Resilience of an Entrepreneur

Adcock’s journey hasn’t been without its challenges. He faced difficulties in securing funding for his ambitious projects, especially during the COVID-19 pandemic. However, his perseverance and willingness to take risks have paid off. Adcock’s willingness to invest his personal savings and live off his cash demonstrates his dedication to his vision. He has also faced financial setbacks, such as stock lock-ups and the need to sell stock to fund his startup. Despite these challenges, Adcock remains determined to create a better future and make a significant impact.

The Future of Aviation and Robotics

Adcock’s ventures in aviation and robotics hold immense potential. Archer Aviation’s electric aircraft aims to solve traffic congestion in cities, offering a sustainable and efficient transportation solution. Meanwhile, FIGUR’s humanoid robots have the potential to automate physical labor and revolutionize industries. Adcock’s vision aligns with the growing demand for automation and the need to address labor shortages. With advancements in AI and robotics, the future holds exciting possibilities for these industries.

Conclusion

Brett Adcock’s journey from a successful entrepreneur in the recruiting industry to a trailblazer in aviation and robotics showcases his resilience, determination, and passion for creating a better future. His ventures in Archer Aviation and FIGUR have the potential to transform transportation and automate physical labor. Adcock’s story serves as an inspiration for aspiring entrepreneurs and highlights the importance of perseverance, adaptability, and a vision for change.