Decoding Innovation How a motorcycle company kick-started its shift to be an energy company
In this episode of Decoding Innovation, Scott Colosimo, founder and CEO of LAND Energy, discusses the inception of the company and the funding journey.
In the second episode of this two-part series, Scott Colosimo, founder and CEO of LAND Energy, delves deeper into the foundation of his second company, and how his first company, Cleveland CycleWerks, acted as the springboard for it. Although Cleveland Cyclewerks, a legacy motorcycle manufacturer, stopped producing, they still had to support old customers and fix issues, which consumed valuable employee time. This led to making some strategic decisions that, in turn, paved way for the establishment of LAND Energy.
Scott explains in detail how they found sources for seed funding among friends and family, and the importance of perseverance to attain meaningful relationships and success in the industry.
Further into the episode, Scott points out how supply chain paradigms have changed post-2020, and how they utilized technology and adopted latest innovations to augment their manufacturing processes.
Key takeaways:
- It is important to have sustainable goals, especially during the beginning of your company; start slow and accelerate once you get the basics, such as attainable KPIs.
- As using a single manufacturing floor is getting expensive and cumbersome, in-country manufacturing has its benefits for the automotive industry.
- Patents are a business tool, but they are getting more complex, and the patent process can be a barrier to the company growth. Developing in-house knowledge and having a team that has know-how are more feasible.