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This $3B Founder Is The Next Elon Musk

My First Million

Tue Sep 26 2023



Brett Adcock's Background and Successes:

  • Started a recruiting website called Vettery, which he sold for $100 million
  • Invested most of his money from the sale into another company called Archer, which went public at a $1.5 billion valuation
  • Started another company called Figure, which focuses on building humanoid robots for physical labor tasks

Brett's Unique Thinking and Decision-Making Process:

  • Brett is described as subtle, low-key, humble, and quiet in contrast to other high-energy personalities often seen in the startup world
  • He is motivated by wanting to wake up with an exciting and inspiring future rather than being driven by money
  • Takes a thoughtful approach to choosing what projects to work on and spends time figuring out the right opportunity before diving in

The Potential of Building Humanoid Robots:

  • The market for human-like tasks that require physical labor makes up half of global GDP (around 70-80 trillion dollars)
  • Brett believes that within the next 10-15 years, the biggest companies will be those developing AI-powered humanoid robots
  • There are opportunities for both selling the robots outright or providing them as a service through leasing models

Challenges Faced in Building Figure:

  • Brett nearly went bankrupt personally while trying to finance Figure during its early stages due to limited stock availability and challenges in fundraising during a recession
  • Leveraged personal assets such as taking out a second mortgage on his house to fund the company
  • Despite facing financial difficulties, Brett remained optimistic about the potential impact of Figure's technology and persevered through previous near-death experiences with Archer Aviation

The Labor Crisis and Demand for Automation Solutions:

  • Many companies face employee headcount issues and struggle with employee retention
  • Warehouses, manufacturing facilities, and retail businesses experience high attrition rates and turnover due to harsh working conditions
  • These industries have expressed interest in automating more dexterous tasks that humans currently perform

The Potential Value and Future of Figure:

  • Brett believes that Figure has the potential to be valued higher than companies like Cruise and Waymo, which are valued at around $30 billion pre-revenue
  • Expects to have robots in commercial applications within 5 years, with a valuation potentially reaching the $40-50 billion range
  • Sees an unbounded demand for humanoid robots as they can fill the void left by shrinking labor forces and provide solutions for businesses facing labor crises

Impact of Being Around Brett Adcock:

  • Being around Brett inspires others to push themselves further and realize their own potential
  • His boldness and willingness to take risks can motivate others to step up their game and strive for greater achievements