Munich Startup: What motivated you to start the company?
Caroline Albert: I've always been interested in starting my own company, not least because my father is an entrepreneur. During my time at Airbus, I was able to found a subsidiary and build it up with my current co-founder. The basics of starting a business no longer scared me. What gave me the final push was Nebumind's vision. Generating knowledge from data is still in its infancy in the manufacturing world. I see enormous potential here and am excited to be involved in shaping the factory of the future.
Munich Startup: What would you have liked to have known before starting your first business?
Caroline Albert: How much patience one must have, at least in an industrial environment. It's normal for the next follow-up after an interesting exchange to take two months, for the signing of a non-disclosure agreement to take three months, and for the final contract to drag on for over a year. Especially at the beginning, we were far too optimistic in our business plan and repeatedly postponed project launches.
Not only patience is important, but also a certain degree of persistence. When companies don't get back to you, it's often not a sign of disinterest. Issues simply get lost. Therefore, my only recommendation is to always stay in touch with the customer until you get a "no."
First financing round planned for spring 2023
Munich Startup: How has your company been financed so far?
Caroline Albert: Until now, we have financed ourselves through customer and grant projects. Especially during the first two years of development, we offered customers consulting support, for example, in the introduction of new machines or the analysis of production data. These projects secured our financing, and they also allowed us to incorporate feedback from production directly into the further development of our software.
We want to take the next step and accelerate our growth at the end of this year. Therefore, we are planning our first financing round in spring 2023.
Munich Startup: When and where do you get the best ideas?
Caroline Albert: I find the most peace and quiet while jogging in the morning, allowing me to think about new ideas and sort out my thoughts. Afterward, I grab a coffee to go and get going.
Munich Startup: What are your 3 favorite work tools?
Caroline Albert: Trello I find it wonderful for planning my week, quickly writing down a to-do or setting a reminder for next week. Miro I recently discovered it for myself to jot down ideas and brainstorm. For internal processes and procedures, we use JiraIf you're familiar enough with Jira to be able to program specific processes yourself, Jira replaces many isolated solutions. For us, Jira is Salesforce, Datev, and Personio all rolled into one, only cheaper and from a single source.
Important sign: positive feedback from the market
Munich Startup: Your top tip on pitching?
Caroline Albert: Don't be discouraged if you fail to convince an investor. If the market gives positive feedback, you're on the right track.
Munich Startup: Does this seem like a good time to start a business? Why?
Caroline Albert: There's a lot of money on the market, and investors are willing to invest in new ideas. Therefore, it's certainly a good time to start a business. However, in my opinion, financing options shouldn't be overestimated. A real hype has erupted in Germany in recent years. Investments are often made in very early startup phases, when it's not yet clear whether there's a market for the new product. Startups can then quickly become overvalued.
For me, therefore, in addition to financing options, the health of the market and potential customers is at least as important. Industrial companies have suffered greatly over the past two years, holding back on investments in new technologies. This is a disastrous situation for startups, as they not only sold little, but also received little feedback from the market to further develop their products. The market appears to be recovering, but the startup hype in the financing world is not yet reflected as strongly in the industrial world.
Plenty of room for new technologies and solutions
Munich Startup: Which technology or industry would you focus on for your next startup?
Caroline Albert: I would focus on technologies related to the analysis and improvement of CO2 consumption in production. This topic is just beginning to gain traction, and new regulations are forcing industrial companies to take action. There's still plenty of room for new technologies and solutions – perfect for startups.
Munich Startup: In your opinion, what could be improved at the Munich startup location?
Caroline Albert: Offices in Munich are extremely expensive. Because many people have come to appreciate the possibility of working from home over the past two years and offices have been used less, the question of office costs is becoming more and more relevant. I'm waiting for the counter-effect of falling office rents, as I'm a fan of offices. Unfortunately, that effect hasn't materialized yet.
Munich Startup: Which founder would you like to meet in person? And what would you ask them?
Caroline Albert: There's a great biography of Phil Night, the founder of Nike. He describes himself as a very reserved person and a terrible salesman. I'd love to ask him about his career, his ups and downs in building Nike.
