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For those concerned In the future, global markets will need billions of specialized electric machines that work better than the inefficient relics of the past.
Initially, we approached it as a hardware challenge until we realized that the key to meeting the demand for next-generation electric motors really lies in software. That’s why we’ve moved to the SaaS model.
As with any major startup move, several “a-ha!” They were. Insights related to tests to make everything work. Fortunately, we’ve weathered the ups and downs of our SaaS trajectory: we’ve achieved relatively strong product-to-market fit and cash flow positivity without a large VC raise or burn rate.
The process wasn’t exactly linear, but (in retrospect) we did four main things to conclude that SaaS was our model:
- He reviewed what was truly disruptive, scalable and profitable about our technology.
- They engaged our boards and investors with integrity.
- He studied global markets and technology trends.
- They took our MVP to market very quickly, choosing to call it public rather than perfecting it privately.
Turning from hardware to SaaS was the right move for an electric motor design startup, but the process wasn’t exactly linear.
ECM PCB Stator Technology is the brainchild of Principal Scientist Dr. Steven Shaw, an MIT-trained electrical and software engineer. After we started, we started developing proprietary printed circuit board stators that replaced bulky copper windings – a central component in electric motors – and using in-house software to make simpler, faster and more efficient machines.
Two years later, I joined as a growth-stage CEO after leading two energy technology companies to scale and acquisition. At that time, we were still in the financial and product-market fit phase. The beginning had raised a round and was flirting with being an axial flux electric motor manufacturing company. The initial impetus for the SaaS transformation came when I began to evaluate the company with fresh eyes and engage Steve and the board on our path to our natural interests and profitability.
We also brought in some new investors at that time.
At the macro level, we’re dedicated to defining our competitive advantages and our reachable market. An early observation was that there were several large players making off-the-shelf electric motors. A review of global trends (e.g. mass electrification, automation, reduced carbon emissions) also confirmed that demand and requirements for next-generation electric machines are changing rapidly.
After much analysis and several board meetings, this assessment emerged: The global marketplace demands more efficient, better performing, custom-designed electric motors that can be produced in the hundreds of millions more sustainably.
With that in mind, I turned to Steve and our board to evaluate the best business model. We concluded that the most competitive aspect is the ability to use printed circuit boards with “motor CAD” software to create electric motor designs that require less raw material and outperform legacy offerings.
We then posed a critical question: How can we quickly bring this technology to market with a convenient cap profile?
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