Matt Rogers (Nest) Quitting Apple To Start Nest

TL;DR

Leaving Apple to start a new venture with Tony Fadell was a difficult decision, but the team utilized their relationships and expertise to bootstrap and raise funding for their innovative product.

Transcript

talk talk about uh talk about leaving Apple you know so you you have your dream job you've been running these amazing projects for four or five years how do you then get the you know the the confidence The Moxy whatever to to leave that comfort and jump into this thing where you're not making any money you're working with this guy who's this legend... Read More

Key Insights

• 👶 Leaving a dream job for a new venture requires a mix of emotional drive and rational decision-making.
• 😤 Building a team and securing funding can be more complex and costly than initial expectations.
• ❓ Leveraging relationships and networks is crucial in the early stages of a startup.
• 😤 Successful startups often require long hours and dedication from the team.
• 💦 Personal lives and work can be balanced, even in demanding startup environments.
• 🖐️ Former colleagues and industry professionals can play vital roles in the success of a new venture.
• 🇨🇷 Financial challenges, such as prototyping and manufacturing costs, are common in hardware startups.

Questions & Answers

Q: How difficult was it to leave a dream job at Apple and start a new venture?

Leaving Apple was one of the hardest decisions in my life, considering the comfort, financial stability, and the tremendous rise in Apple's stock. However, I had a gut feeling that I couldn't ignore and a rational opportunity to do something unique.

Q: How did you manage to fund your new venture without any initial income?

Initially, we bootstrapped ourselves by investing personal funds and receiving financial contributions from Tony and ourselves. However, as hardware prototyping and manufacturing became more expensive than anticipated, we had to raise funding through a series A round in October 2010.

Q: How did the team utilize their relationships to kickstart the new venture?

We relied heavily on our relationships with former Apple employees, partners, and industry professionals. We reached out to former team members, some of whom showed skepticism or wanted to take the easy route. However, we managed to build a small, dedicated team consisting of trusted individuals.

Q: How did the team manage the demanding workload and their personal lives?

The team consisted of experienced individuals who were used to working long hours. We often worked seven days a week, but some team members with families would go home for dinner and then return to the office. Despite the challenging workload, all of the team members managed to maintain their marriages.

Summary & Key Takeaways

• The decision to leave Apple and start a new venture was emotionally challenging, but the team saw a rational opportunity to do something different in the market.

• Building a team and securing funding proved to be more time-consuming and costly than anticipated.

• The success of the venture relied on leveraging relationships with former colleagues, partners, and industry experts.