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Hardest Parts of Working in the Automotive Technology Industry As a CEO

Tom, Blue Dot Motorworks' CEO, identifies fundraising as the biggest challenge, citing current macroeconomic conditions and the company's "new, new, new" aspects—a novel market, technology, and founder—as deterrents to securing private capital. Government grant acquisition also proves difficult due to the company's "off the radar" status and lack of institutional backing, limiting access to funding opportunities.

Fundraising, Entrepreneurship, New Market Entry, Government Grants, Technology Commercialization

Advizer Information

Name

Job Title

Company

Undergrad

Grad Programs

Majors

Industries

Job Functions

Traits

Tom Gurski

CEO

Blue Dot Motorworks

MIT 1999

N/A

Engineering - Mechanical

Automotive & Auto Parts

Entrepreneurship and Business Owner

Took Out Loans

Video Highlights

1. Fundraising challenges in the current macroeconomic climate

2. Establishing a new market with new technology as a new founder increases investment risk

3. Securing government grants is difficult without institutional backing or name recognition

Transcript

What is your biggest challenge in your current role?

The fundraising side of things was definitely a challenge. Everyone has been struggling with fundraising, especially with the current macroeconomic conditions.

However, we've faced a few additional challenges on top of that. We're trying to establish a new market with new technology, and as a new founder, all these "new" elements tend to scare away private capital.

Mission-focused capital often says they're willing to take big chances, but this isn't always true depending on who you speak to. On the government grant side, we're an off-the-radar solution.

We didn't come from a big institution like a university, nor do we have a billionaire's name associated with us. This lack of institutional support and being off the radar makes it difficult to secure grant opportunities, which are already rare. It's particularly hard if you don't fit neatly into a bucket the government has already decided to fund.

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