Month: November 2013

I’m now deep into my new role at Uniqarta. There have been, and continue to be, a bunch of “mechanical” things that needed to be put in place (getting incorporated, establishing various founder/company agreements, opening a bank account, finding an IP lawyer, etc.). While most of this was new to me, it is established ground that many have traveled so was not that big a deal to get through.

The more challenging stuff has revolved around figuring out exactly where this company is going to focus and how we are going to get there. In my previous positions at Analog Devices I’d become well-versed in strategic planning — especially with businesses commercializing new technologies. So I do feel that I know what questions need to get asked, how to formulate and assess options, and how to select from the ones that emerge. What I’m finding more difficult at a startup is getting many of these questions answered so I can map out an appropriate strategy.

I’m cognizant that I will never have all the answers and that we’ll need to make many decisions with incomplete information. But nevertheless I need to be better armed than I am right now to effectively define our path — both for our own benefit of course as well as for potential investors.

My particular difficulties relate to questions about end markets, customer needs and cost structures, alternative solutions, ecosystems, etc. Part of the issue is that I am seeking to learn about industries (paper making or printing, for example) that are far afield from the electronics industry from which I came. But the bigger issue is simply access to key players in these industries. At Analog Devices my efforts were supported by a global sales force that could almost always get me a meeting with whatever customer I wanted and with a strong brand that brought instant credibility. I don’t have this luxury now so if I want to talk to somebody at Paper Company X, Printing Company Y, or Security Document Company Z, I have to work hard to find a way in. I knew this would be the case at a startup but until I actually started experiencing this firsthand I didn’t realize how big an issue this would be.

One thing I’m doing to address this is to find one or more advisors that are knowledgeable about these markets. The right person would be able to both answer many of my basic questions as well as introduce me to contacts in the industry. My co-founder and I have just recently found highly capable individuals who will advise us on manufacturing issues and general startup business advice. Finding the right end-market expert will fill out our initial advisory board nicely.

I don’t want this post to come across as overly negative. From what I have learned elsewhere, what I am experiencing in this early going is typical. In general, I am enjoying the challenge. I am also enjoying the independence I now have to focus entirely on activities that directly help my business move forward. I no longer am distracted by quarterly reports, management reviews, staff meetings, process improvement teams, etc. Yes, many of these activities are important and unavoidable at a large company — but that doesn’t mean I have to miss them!

That’s it!  My search is officially over!  I’m happy to report that I am a co-founder and the CEO of Uniqarta, Inc.  We are a startup based on new manufacturing processes that embed ultra-thin semiconductor ICs within thin materials such as paper.  This enables a wide variety of applications but has the most immediate applicability to RFID (and NFC) applications.  One of the major impediments to broad RFID adoption is the cost associated with the tags.  Excessive thickness and inadequate flexibility are also frequently problematic.  Uniqarta will address this by both reducing the cost and thickness of RFID inlays as well as eliminating the need for multi-layer laminated configurations.

I consider myself very lucky to have found this opportunity.  I had been doing a LOT of networking, mentoring, and other activities in seeking my next position.  However, this thing came out of the blue from an unexpected source—cofounderslab.com.   This is a entrepreneurship match-making site that I stumbled across last August.  On a whim, I posted a bio and a description of what I was seeking with low expectations of any outcome.  I was surprised when a few weeks later I got an email from Professor Val Marinov of North Dakota State University.  Val had published a paper about his “Smart Paper” research earlier this year which attracted a LOT of media attention (e.g., BBC and IEEE Spectrum).  Of all the opportunities I had come across over these past ten months this was the first that really hit me at a gut emotional level.  I think this is due to the combination of the technology’s great potential, broad applicability, and also the company’s extreme early stage.  The combination of these characteristics made it clear that I could have a huge impact on the future of this technology.  The fact that Val and his university research team are in Fargo, North Dakota while I am in Boston became secondary.

After a number of phone calls with Val I flew out to Fargo and spent several days with him.   By the time I left we both knew we wanted to work together and all that remained was to work the details relative to our roles, equity split, expectations, etc.  Fortunately, this went fairly easily.  We spent another month or so working this stuff out while proceeding in parallel to engage with potential customers, licensees, investors, and other parties.  We are fortunate in that Val’s published paper drew so much media attention that we had large number of parties that were interested to speak with us.

I think there are two key lessons here for anyone at an existing job contemplated a startup job search.  First, cast as wide a net as possible in your networking and don’t neglect any avenue—however unlikely it may seem that something useful may come of it.  This applies to networking events, personal introductions, web sites, meetups, etc.  You just can’t predict where that ideal next position will come from.  Second, prepare yourself and your family appropriately before leaving your existing position.  I mean this from both a financial and emotional perspective.  Financially, build up a bit of a nest egg so that you are not pressured to take the first job that comes your way.  This also opens up a wider range of options as it allows you to be able to consider positions that have little or no salary at the start.  (This is exactly my situation at Uniqarta in that there is no salary until at least I get some seed funding for the company.)  On the emotional front you need to prepare your family for the possibility that it could easily be six months, a year, or even longer before you find the right situation.  Setting this expectation up front will avoid stressful moments later.  I feel very fortunate that I had strong support at home before leaving Analog Devices.  This allowed me to really focus on figuring out what exactly I wanted and on finding it.  Without this financial and emotional preparation you will likely feel immense pressure to find something quickly and settle for a situation that may not be good.

Ok, off my soap box now.  As I dive full blast into Uniqarta I realize that the easy part is behind me.  Now I’ve got to make this thing successful!  I wrote about a lot of the early stuff I was doing in my previous post.  Things are now accelerating as we move ahead with our business planning, market research, etc.  I’ll be continuing this blog and writing about my experiences in getting this company off the ground.  I feel truly satisfied in the way my search turned out and am eager to move ahead with this new endeavor.