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Ben Nader

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31
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2015-09-04
most recent
2015-09-04
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1
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  1. “Next I hope to get Butterfly to the level. So Butterfly will have series of products and software services around the smart home and around connectivity of smart devices. Actually, it will be home and outside of the home as well, home, office, small businesses. I hope to build. To a brand that's similar to what GoPro or Geizon Beats by Dre have done. It's just a consumer brand, the consumer recognized and can trust.”

    2015-09-04 · The Twenty Minute VC · FF 011: 'The Savviest Investors Don't Ask What If' with Ben Nader, CEO & Founder @ Butterfleye · IDENTIFIED FROM THE TRANSCRIPT · source

  2. “Yes, I highly recommend it ten minutes a day in the morning. I feel like the days I give up ten minutes to do that I get more done throughout the day.”

    2015-09-04 · The Twenty Minute VC · FF 011: 'The Savviest Investors Don't Ask What If' with Ben Nader, CEO & Founder @ Butterfleye · IDENTIFIED FROM THE TRANSCRIPT · source

  3. “You must have apps or software, okay? I use Asuna a lot. I use Sunrise for calendar. Oh, my latest new one that I did last month, I've been using it every day is the calm meditation app. It's like meditation for dummies. I've been trying to do some meditation at people like Jason have told me about it. I haven't been able to stick to one till I found Calm app.”

    2015-09-04 · The Twenty Minute VC · FF 011: 'The Savviest Investors Don't Ask What If' with Ben Nader, CEO & Founder @ Butterfleye · IDENTIFIED FROM THE TRANSCRIPT · source

  4. “The highlight of butterfly journey. So being in a consumer electronic and working for corporate, there's so many different ones, so many different ones. From hiring really awesome people to joining us, but probably a smaller one, but it's a great highlight for me.”

    2015-09-04 · The Twenty Minute VC · FF 011: 'The Savviest Investors Don't Ask What If' with Ben Nader, CEO & Founder @ Butterfleye · IDENTIFIED FROM THE TRANSCRIPT · source

  5. “Founder Idol Lots of different ones in the more recent years guys like Travis Klanick at Ubert, the Consumer Electronic guys have been able to take a simple idea and have a massive, massive growth and show massive worldwide adoption of people want this. Brian Chesky at Airbnb is another one. And obviously on the more traditional one guys like the Steve Jobs obviously big, big inspiration. Reader button, yeah”

    2015-09-04 · The Twenty Minute VC · FF 011: 'The Savviest Investors Don't Ask What If' with Ben Nader, CEO & Founder @ Butterfleye · IDENTIFIED FROM THE TRANSCRIPT · source

  6. “My favorite book alchemist by Paula Coelho and I love that book. That book because it changed my mindset that when things get really, really hard It's a really good thing. It means you're that much closer to your end goal. Don't give up. You're so much closer. As opposed to most of the time when things get really, really hard is when you want to give up. You're like, okay, I've had it. It completely changed my mindset about that.”

    2015-09-04 · The Twenty Minute VC · FF 011: 'The Savviest Investors Don't Ask What If' with Ben Nader, CEO & Founder @ Butterfleye · IDENTIFIED FROM THE TRANSCRIPT · source

  7. “Around our company, just within the angelist community, and we closed on some individual investors there. At the very, very beginning before that was really Friends Round. I used the executives of the corporate companies that I worked for to collect the first few, the $100, $150,000 checks. And the very first investor of Butterfly, it was myself. I put myself on my own savings in there. It wasn't like I left my job and everybody was ready to give me a bunch of money. Had to make some progress first.”

    2015-09-04 · The Twenty Minute VC · FF 011: 'The Savviest Investors Don't Ask What If' with Ben Nader, CEO & Founder @ Butterfleye · IDENTIFIED FROM THE TRANSCRIPT · source

  8. “A lot of it came through Angela, so before we met Jason to meet Jason and how Jason finds us, as you know, there are many startups on Angelist. I think one of the advice I give to my other founder friends on whether they're doing connected devices or software, as long as they're doing something consumer facing, I highly, highly recommend them. Don't be in a stealth mode. Don't be in a stealth mode that nobody's going to find out about you. You should talk about your idea and you should have a presence on Angelus. You should put pictures up. You should put detailed text of what you're building and get yourself out there. So we got away before we met Jason. We found a way to get featured on Angelist. The Angelist people liked us. There's a team at Angelist that features company. And we gave our name to them through some contacts and then they featured us. So that generated a lot of”

    2015-09-04 · The Twenty Minute VC · FF 011: 'The Savviest Investors Don't Ask What If' with Ben Nader, CEO & Founder @ Butterfleye · IDENTIFIED FROM THE TRANSCRIPT · source

  9. “And there are so many different ways it can go. So I try to avoid that. And I found the most savvy investors don't ask you that question. They spend a lot one-on-one time with you.”

    2015-09-04 · The Twenty Minute VC · FF 011: 'The Savviest Investors Don't Ask What If' with Ben Nader, CEO & Founder @ Butterfleye · IDENTIFIED FROM THE TRANSCRIPT · source

  10. “I mean, and some of these features are well, you don't have all everything corrected 100% yet. Some of those features that you put on there, you're going to go out there and get some feedback and realize, oh, no, that's a completely wrong feature. Nobody wants it. So why are you wasting engineering time building it? Or too many what-if scenarios. One of my radar detectors for bad Angel investor, if you will, is if they're asking me as a founder too many, what if this, what if that? There are a million what ifs it could go. My radar for a good angel investor is if they're asking me, they're sitting down with me and asking me about the business case and asking me about what is your vision of the company, asking me about what execution have we done to get here, where are we going to go. It's too many what if this, what if that, what if your biggest competitor does this? What if your biggest, what if Google does that?”

    2015-09-04 · The Twenty Minute VC · FF 011: 'The Savviest Investors Don't Ask What If' with Ben Nader, CEO & Founder @ Butterfleye · IDENTIFIED FROM THE TRANSCRIPT · source

  11. “A lot, yes. I've learned so much. So I think an angel round, one of the things I didn't realize at the beginning is, and now that I've closed some Angel funding, I think the best angel investors, and this is how it went with Jason's meeting too, is they're spending so much of their time on you as a founder and the founding team around you and your ability to execute, where were you before, where are you now in the last months you've been working on it before you met them? And maybe, and it's a one or two months period from when you meet them to probably when you get the money and how much execution are you doing during that time. As opposed to some of the Angela Mester, some of the other, my other meetings was going over so many detail of, okay, well, this product, this, this so focused on the different features of the product. Do you know what I mean?”

    2015-09-04 · The Twenty Minute VC · FF 011: 'The Savviest Investors Don't Ask What If' with Ben Nader, CEO & Founder @ Butterfleye · IDENTIFIED FROM THE TRANSCRIPT · source

  12. “The biggest probably his guidance is that he's been available for me over the weekends, in the evenings. I've been able to send a quick text and chat about things that I'm going through. And he's been incredibly supportive. His advice has been very, very valuable.”

    2015-09-04 · The Twenty Minute VC · FF 011: 'The Savviest Investors Don't Ask What If' with Ben Nader, CEO & Founder @ Butterfleye · IDENTIFIED FROM THE TRANSCRIPT · source

  13. “Actually no he found us him and his chief of staff they wrote a note to me and I followed up and we met a couple of times and then we did at the time I believe it was his biggest syndicate at the time he hadn't done a million dollar syndicate and we did a million dollar syndicate with him and it just we just got along really well I learned a lot you know going through the process of Angel funding and raising the angel round and the seed round of the company and when I met with Jason it was just it was it was over time over a couple of different meetings but it was just a fantastic match and I really felt like wow he's there to really help me as an entrepreneur and as a first time founder to become successful to figure out the next things to do after after the Angel round what are we going to do for the VC round what are we going to do with so many different things so”

    2015-09-04 · The Twenty Minute VC · FF 011: 'The Savviest Investors Don't Ask What If' with Ben Nader, CEO & Founder @ Butterfleye · IDENTIFIED FROM THE TRANSCRIPT · source

  14. “Yes, fundraising process. How did I met Jason? Let's start from that. Yeah, let's start with Jason. Yes, Jason is awesome. I think the world most helpful Angela Mester is a fantastic and a very appropriate title for him. I met him through Angelist. Simple than that, yeah, and I love I've come to love the Angelus platform, especially for early stage seed stage companies that need to meet Angels, not necessarily the big venture capital. Angelus is awesome. So I met Jason through Angelus.”

    2015-09-04 · The Twenty Minute VC · FF 011: 'The Savviest Investors Don't Ask What If' with Ben Nader, CEO & Founder @ Butterfleye · IDENTIFIED FROM THE TRANSCRIPT · source

  15. “Thank you. First of all, the big credit goes to the team. The team, I'm very fortunate to have an amazing team around me from our marketing eye to our designer, to the rest of the team, but specifically these two guys on the Indiegogo campaign side. They have done a fantastic job of preparing for this. We didn't just put it up there and hope for best. So the last six weeks, we were aggressively preparing for this. The last week of it, I think the guys were pulling 12, 14 hour days just preparing for this. Obviously you need to have PR from building an email list and a kind of momentum of the people behind you to get your social media right, have a Facebook presence, have a Twitter presence, to have a plan on what you're going to do in day one. That video has the messaging of that video, the messaging of the page. They're all critical part.”

    2015-09-04 · The Twenty Minute VC · FF 011: 'The Savviest Investors Don't Ask What If' with Ben Nader, CEO & Founder @ Butterfleye · IDENTIFIED FROM THE TRANSCRIPT · source

  16. “You know, Indiegogo over Kickstarter both are awesome. We've talked to both of them. I think we would have, I like to think we would have been successful if we'd have gone and Kickstarter as well. I think it comes down to we went with Indiegogo because we're based in San Francisco. Indiegogo team was based in San Francisco and we just felt a little bit more closer working collaboration with them. There was lots of questions we had. Obviously it was our first time doing it. But for the Indiegogo or Kickstarter people, it's not their first time doing it. They've seen hundreds of thousands, if not millions of these campaigns. So we just felt a little closer with Indiegogo people, I think part of it geographically we were here and they would come to our office and show us some things and we would go to their office probably if it were New York based maybe would have used Kickstarter.”

    2015-09-04 · The Twenty Minute VC · FF 011: 'The Savviest Investors Don't Ask What If' with Ben Nader, CEO & Founder @ Butterfleye · IDENTIFIED FROM THE TRANSCRIPT · source

  17. “So Indiegogo has been amazing. So, Indiegogo is a perfect platform for us to go on there and get our customers. So in the world of connected devices and the IoT world, so we're fortunate that there are this platforms called Indiegogo and Kickstarter. And these platforms have an amazing group of early adopters, which is perfect, which is the people we are trying to find and trying to talk to. And we show them the product, we give them some discount for being the early and the first one to get on the product. And then these guys are really going to shape the last, let's say, the last 10% of the product and the things that we want to get feedback on, especially the things we can reiterate and especially on the software side and we can change a little bit. So highly recommend platforms like Indigo Go and Kickstarter.”

    2015-09-04 · The Twenty Minute VC · FF 011: 'The Savviest Investors Don't Ask What If' with Ben Nader, CEO & Founder @ Butterfleye · IDENTIFIED FROM THE TRANSCRIPT · source

  18. “You will know it. By the time you talk to five people, you've got the message of this feature is not very useful or no, this feature is really useful.”

    2015-09-04 · The Twenty Minute VC · FF 011: 'The Savviest Investors Don't Ask What If' with Ben Nader, CEO & Founder @ Butterfleye · IDENTIFIED FROM THE TRANSCRIPT · source

  19. “It's a lot more controlled, it's a lot more focused on who is that 100 people. And it's even smaller than that. In case of a hardware, one of the things I learned about and this connected devices, I used to try to, on every different feature, we used to go 20, 30 different feedback or 20 different people play with it, use it, and give us feedback. What I learned was really interesting. After three to five, somewhere between three to five people I didn't need to do anymore. I found the problem. Everybody else was almost identical answer, it was rewarding it differently. So you need a, I think you need a small group, but you need to know that group really well. So if you just go, you need to know that group. Okay, I'm going after males between this age and this age with this kind of lifestyle. They have an iPhone. They wear iWatch. They do this, that, this and that. But then I think you just need a small set of feedback.”

    2015-09-04 · The Twenty Minute VC · FF 011: 'The Savviest Investors Don't Ask What If' with Ben Nader, CEO & Founder @ Butterfleye · IDENTIFIED FROM THE TRANSCRIPT · source

  20. “Yeah, many times I heard about the ten X better as well. I believed in that too. I think what I recently, the more I engaged with our customers, the more I learn about how they tell us they're going to use the product, how they actually use the product when they get one of these beta samples in their hand. I think it's really one or two features at the end of the day that's going to matter. And there's one or two features you really got to advance the customer, the consumer experience. And you got to really solve their problem and make it so much easier. But you don't need to have 12 different things, all different at the same time. That was one of the learnings that probably the last six months I've come to realize that pick one or two features but really enhance the consumer experience in those. It's my latest findings.”

    2015-09-04 · The Twenty Minute VC · FF 011: 'The Savviest Investors Don't Ask What If' with Ben Nader, CEO & Founder @ Butterfleye · IDENTIFIED FROM THE TRANSCRIPT · source

  21. “The automatic building is storage. So what we learn after we set up and tried all these cameras, so the internet connection and the wireless connectivities are just not 100% reliable, especially when you have this internet constant stream of video. Would it be smart if the camera had built-in storage and it could decide between, depending on its internet connection, between uploading the videos to a cloud storage or uploading videos or keeping videos locally and making a decision on what to do whenever the internet comes available next time the internet comes available?”

    2015-09-04 · The Twenty Minute VC · FF 011: 'The Savviest Investors Don't Ask What If' with Ben Nader, CEO & Founder @ Butterfleye · IDENTIFIED FROM THE TRANSCRIPT · source

  22. “So that was our first big differentiation go away from the 24-7 surveillance to a smart camera that can analyze what's going on in front of it and only record when something important happens. The second problem we solved and the second differentiation we have is the cameras, people have made point and shoot cameras for many years cordless and battery operated. Why nobody has made a surveillance camera battery operated. My specific problem was I wanted to put this cameras in my garage and my garage didn't have power outlets where I wanted to set this thing up. So that's how it all started. I was like, okay, there's many places you don't have outlets or these wiring the outlets that might be ugly. And why can't we have a camera that you can move it around and it lasts on battery for decent amount of life? The third differentiation is about”

    2015-09-04 · The Twenty Minute VC · FF 011: 'The Savviest Investors Don't Ask What If' with Ben Nader, CEO & Founder @ Butterfleye · IDENTIFIED FROM THE TRANSCRIPT · source

  23. “And what is the camera is looking at? Are there any humans there? Are there any pets there? Or is it no, there's no life being in that video footage? And if it's a live being, who is it? Is it a homeowner? Maybe I should give him privacy and not record him. And Bill is smart in the camera, and then the camera should behave differently depending on what sees.”

    2015-09-04 · The Twenty Minute VC · FF 011: 'The Savviest Investors Don't Ask What If' with Ben Nader, CEO & Founder @ Butterfleye · IDENTIFIED FROM THE TRANSCRIPT · source

  24. “Sure, so in many ways, but literally over a dozen features, but let me just focus on top three here. So the first one, so cameras like Dropcam has existed for many years. You know, when you walk to the airport, there are many security and surveillance cameras. So what these cameras do is a 24-7 passive recording of what's happening, what they see is just that. It's just a dumb recording of everything as long as the camera is turned on. And we didn't want to start butterfly, make another camera that just does this. The idea and the core fundamental differentiation with our product is this patent pending technology we call ABR. What ABR allows us to do, ABR is basically putting a computer and putting a brain if you will inside the camera that can start making a sense of the content.”

    2015-09-04 · The Twenty Minute VC · FF 011: 'The Savviest Investors Don't Ask What If' with Ben Nader, CEO & Founder @ Butterfleye · IDENTIFIED FROM THE TRANSCRIPT · source

  25. “A little bit of everything, yes. So it did help that I lived in Bay Area for six, seven years. And just, you know, being just living in city or around the city and being with other entrepreneurs or having finding roommates throughout the years, to true friends of friends. So a lot of different networking and friends recommendation, of course, I spend a bunch of time on Angelist and LinkedIn, see who are the different people that might be interested. But the most important one was the recommendation from friend of a friend or from some industry expert that I knew from my previous job that knew somebody else.”

    2015-09-04 · The Twenty Minute VC · FF 011: 'The Savviest Investors Don't Ask What If' with Ben Nader, CEO & Founder @ Butterfleye · IDENTIFIED FROM THE TRANSCRIPT · source

  26. “So, one of the first things I did when I left my job and do this full time is to look to find industrial designer to join me. I always knew if this is a consumer electronic product, it has to sit in your home. It's going to be part of your home. It has to look and feel good. So I wanted to have a designer. So I wanted to start finding people that have this skill set and then grew from there.”

    2015-09-04 · The Twenty Minute VC · FF 011: 'The Savviest Investors Don't Ask What If' with Ben Nader, CEO & Founder @ Butterfleye · IDENTIFIED FROM THE TRANSCRIPT · source

  27. “So it all started from a personal problem. And buying everything in the market and nothing working solve your problem. Then, of course, doing some research and figuring out where the technology going and seeing the opportunities really there and other people have the same problem as you and other people want a solution. So these were all the preliminary work. But a big step for me was when I made the jump from a corporate guy to, okay, I want to be entrepreneur and I want to go and pursue this 200% of my time want to put on there. And that resulted being able to recruit some really smart people around me to be able to do a lot of the, so to complement, I guess, my skill set, I knew about the electronics from the hardware, but I had no clue about the design of this product. How should it look and feel?”

    2015-09-04 · The Twenty Minute VC · FF 011: 'The Savviest Investors Don't Ask What If' with Ben Nader, CEO & Founder @ Butterfleye · IDENTIFIED FROM THE TRANSCRIPT · source

  28. “These solutions have so many different shortcomings that many of those shortcomings led to many of the design decisions at Butterfly and what the product is today, which we can dive into as well.”

    2015-09-04 · The Twenty Minute VC · FF 011: 'The Savviest Investors Don't Ask What If' with Ben Nader, CEO & Founder @ Butterfleye · IDENTIFIED FROM THE TRANSCRIPT · source

  29. “Yeah, okay. A couple of different things, but the idea around butterfly and how it all started was really as a series of frustration, personal frustration and shortcomings of the products I bought in the market. So I had a simple need and I had a problem of I wanted a simple security or simple piece of mind device I can put in my garage and keep an eye on my bikes, my bicycles. I'm into cycling and I bought every product. This is back in 2012, yeah, 2011 to 2013, those three years. I bought everything that was available on the market at the time. And there were so many different shortcomings. Because if you will, because I was in that field and in that area and I kind of knew where the technology was going and I felt like I have so much things you can do with where the technology is going and why art.”

    2015-09-04 · The Twenty Minute VC · FF 011: 'The Savviest Investors Don't Ask What If' with Ben Nader, CEO & Founder @ Butterfleye · IDENTIFIED FROM THE TRANSCRIPT · source

  30. “And that really opened up my eyes on how much I love cameras and videos and I consider myself a camera nerd. And that led to always staying the last 10 years before starting a company when I was working in corporate. I was always around cameras or video displays. For many years I worked for a component maker, a semiconductor maker called Texas Instruments. And I started as an engineer, but towards the end I managed their video chips at product lines. So these are the main components that go inside a camera, the electronic components that go inside of it.”

    2015-09-04 · The Twenty Minute VC · FF 011: 'The Savviest Investors Don't Ask What If' with Ben Nader, CEO & Founder @ Butterfleye · IDENTIFIED FROM THE TRANSCRIPT · source

  31. “Absolutely. Well, thank you very much for having me. So, yeah, a little bit about my background. So I was born in Middle East, actually. And when I was in high school, my family immigrant to States. And I went to high school and college here. I study electrical engineering. Ever since I was a little kid, I loved the gadgets and electronics and building things. So electrical engineering was really a great match for what I was interested in and what I wanted to do. And so I went to school, studied engineering, and then after I graduated from school, I started doing engineering, hardware engineering, electrical engineering work for a few years. After that, I moved in to do business management and product management, but I was always, I happened to take an internship in the world of videos and cameras when I was just my third year in college.”

    2015-09-04 · The Twenty Minute VC · FF 011: 'The Savviest Investors Don't Ask What If' with Ben Nader, CEO & Founder @ Butterfleye · IDENTIFIED FROM THE TRANSCRIPT · source