Buildings 2.0
In this episode of Buildings 2.0, Jose speaks with Adam Zobler, General Partner at Foundamental, who shares his insights on the evolving landscape of venture capital within the built environment. He emphasizes the critical importance of empathy in understanding industry pain points and how this knowledge can guide effective investment decisions.
Adam also discusses the necessity of a customer-centric approach, urging founders to engage directly with their ideal customers to refine their products and enhance market fit. Additionally, he highlights the need for agility in navigating market dynamics, enabling startups to seize emerging opportunities.
Topics discussed:
- The importance of understanding industry pain points to make informed investment decisions that truly support startups.
- How engaging directly with customers is vital for founders to refine their products and ensure they meet real market needs effectively.
- Why founders should actively seek customer feedback to enhance their offerings and adapt their go-to-market strategies for better alignment.
- The need for a strategic, long-term vision in addressing decades-long industry challenges while measuring success in meaningful increments.
- The growing trend of investing in robotics and automation to address labor shortages and improve operational efficiency in various sectors.
- The value of leveraging networks and connections is highlighted as a crucial resource for startups seeking funding and strategic partnerships.
- The fast-paced nature of the industry, where companies must innovate quickly to stay ahead of competitors and market shifts.
- Examples of successful companies that have effectively navigated challenges and achieved significant market impact through innovative solutions.
- The evolving role of venture capital in supporting startups, particularly in sectors facing significant transformation and disruption.
Guest Quotes:
#1.)
“How can we support a different outcome? And that kind of brought us to really heavily invest and support some business models, especially in fund one and fund two. Certainly robotics was certainly one ‘aha.’ Certainly we should be removing humans from very repetitive, dangerous tasks. That's just kind of a no brainer. As well as there should be an elegant way to build an on-ramp to train and up-skill the new labor force because you can't put a robot in everything you're going to have. You're going to need service, individuals and professionals within the industry.” 2:10-2:53
#2.)
“But all these takeoff solutions are really needing what you can maybe kind of package that into last mile is I need real-time pricing. You need an oracle to affect to effectively give you real-time pricing, hook it back to distributors or OEMs, what have you, and so they kind of flipped it on its head. So it really is reading the market and using those other players to your advantage.” 28:05-28:30
#3.)
“The more and more we dug in, it was just like, it was almost like, you know, every check in a box. Why would I want to invest into you know the next you know 100th you know social company? So it’s like, do you really want to do something meaningful that really rises a huge tectonic industry that can make a difference and make a difference to those founders that have the guts and the courage to found in this space, that did it for us.” 32:10-32:41
#4.)
“We're talking these like big organizations. You're not going to be able to be as nimble and as adroit as these startups. And if you're actually overseeing and orchestrated, orchestrating and facilitating that service, there's no way those firms are going to be somehow just completely just upend their business model. It's just not going to happen. They could, but I'd be very surprised.” 23:11-24:11
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