Robots are in more demand than ever. Hence, it doesn’t come as a surprise that new robotics startups are opening up all around the world. Names like Rozum have already made a name in the industry, yet the market is far from being saturated as it’s a fast-growing market and we need more businesses to crop up.
If you’re planning to get into robotics then you’ve landed on the right page. Given below is all that you need to know about getting into robotics production:
#1 Find a Sub Industry
You can’t get up and start manufacturing robots because the process is highly intricate and a lot of elements come into play to get the job done. Most robotic manufacturers do not create the end product on their own. They need the support of suppliers who produce parts including hands, PCBs, and legs of the unit.
Be clear about what you wish to produce and who you want to target.
#2 Take Care of the Legal Work
Like any other industry, you will have to register your firm and take care of the legal requirements before you can start production.
We suggest that you sit down and do some calculations before you move to this process. It is important to know about costs including starting and ongoing costs. Know the breakeven point and how you wish to achieve it.
Moreover, you will have to decide the name of the business at this stage and how you want to structure it – partnership, single ownership, etc.
Once clear of these, go ahead and open a bank account. You will need one to make transactions. Next, take care of taxes. You may need the help of an expert to register with the relevant body.
#3 Collect Funding
Starting a robotics business is not a piece of cake. You will need millions to open it.
Think of all the expenses you will have to cover:
- The cost of land or factory
- The cost of plants and machinery
- The cost of labor and employees
- Utilities such as electricity
This can easily run into millions. A large number of people consider venture funding and other such options to accumulate funds.
International spending on drones and rebotics was about $115.7 billion in the previous year. This is an increase of about 17.6% compared to the previous year.
According to the latest reports, this will hit the $210.3 billion mark in the next three years due to the growing number of companies showing interest in this field.
A 2018 report suggests that venture capital funding in the country reached $99.5 billion breaking records due to the boom in the sector.
Robotic startups raised more than $9.3 billion in 2018, nearly double the amount when in 2017.
These figures show that it is possible to raise funds. You need to come up with an idea that sells.
#4 Take Care of Licensing Requirements
The and licenses you will need depends on where you do business. Check with the officials to be sure about what you need. Some common agreements or licenses to take care of include a liability waiver, a services contract, a certificate of occupancy.
In addition to this, it is important that you get registered with the local commission that oversees your industry so that your business can be considered authentic.
This step will be helpful when you move out to look for work. Companies use a variety of techniques to find work including taking part in technological exhibitions.
#5 Hire Employees
Since AI robotics grads are hitting the market at a rapid pace, you will have no trouble in finding skilled employees. However, it’s important that you give applicants something exciting so they choose you over competitors.
In simple words, your first step will be to zero in on your niche, register your business, take care of expenses, get registered, hire skilled employees, and go out to find work.
