Takeaways from the “F*ckUp Morning Stockholm III” event on 17th May 2016

by ⋅ 17 Comments

The event that I have attended this morning was indeed inspiring and interesting. All of the speakers had failed several times before achieving their success. The speakers were:

  • Andreas Vural, Founder, and President – Happy Plugs
  • Emilia de Poret, Singer, Author & Entrepreneur
  • Peder Dinkelspiel, Founder and CEO at FoodFriends

The event started with Andreas, Emilia and Peder sharing about what kind of f*cked up businesses they have encountered before they became who they are as of today. Here is a brief background of what they do:

  • Happy Plugs – is a Swedish fashion and lifestyle brand that brings color to the world. It is a tech accessory –ear plug that not only fit your device but also your outfit.
  • Emilia de Poret – is a true multi-talent including being a singer (she has been the open act for Katy Perry), TV-presenter, music production company owner, author, blogger, pod-caster and entrepreneur. She strongly believes in constantly moving forward and always challenges herself to develop believing that “the worse thing that can happen is that you fail and that failure will make you stronger”.
  • FoodFriends – is an online tool for restaurants. It is a desktop management that helps to facilitate online booking and scheduling of apps to employees.

Key takeaways that I have taken from them were:

  • Always start your startups/businesses in local before entering into the global market. Have a good foundation that is being set appropriately and steadily before venturing out.
  • There is never a straight forward and smooth journey to success without encountering any failures. Failures can be good as it spurs oneself to learn from these mistakes and make oneself to be positive and stronger. Therefore, it is good to keep trying and fail but never fail to try.
  • Finding the right team players to partner with in a startup/business is important and necessary for the success of your business. It is not advisable to have the mentally of “Ensam är stark” means”Alone you are strong”, there will always be someone that has a much better idea than yours, no harm having more than just one idea. Additionally, to find the right partner, you can start from finding people who you have known for years that includes your siblings, your spouses, and even your close friends. Having a partner who you find comfortable to work with will definitely create a positive and great working environment to achieve your goals.
  • Focus on one thing at a time rather than spending your focus on so many things.

Why did Tesla open their patent?

by ⋅ 3 Comments

In my opinion, there are a few reasons of why Elon Musk releases their patent to the public. Firstly, he wants to control the standards in the industry and speed up the adoption of electric vehicles. This is aligned with their company’s mission to “accelerate the advent of sustainable transport by bringing compelling mass market electric cars to market as soon as possible.” By obtaining the patents in the first place, he is discouraging any other company from adopting the same technology to innovate and create a mass market for electric vehicles.

Secondly, having competitors who leverage Tesla patent work actually serve as validation such that their technologies are viable and desirable. It can serve as a strategy to allow Tesla to reach a larger crowd – Crossing the Chasm, over a doubting public.

Thirdly, Tesla have made early investments into production facilities like the Gigafactory, they may be able to change their business model such as to manufacture parts for other automobile manufacturers who are in the same playing fields. This will provide them with an alternate revenue stream until the time when those manufacturers have developed their own supply chains.

Lastly, having such an open environment that encourages information sharing may be the best way to spur creativity and allowing Tesla to challenge themselves constantly to innovate and improve in order to stay in the age of technological advancement.