Like everyone else, I rode a bike as a kid. I had a Huffy BMX Pro with a chro-moly frame, yellow mag wheels and red tires with matching grips. It was bizarre and beautiful.
But I stopped riding bikes around the time helmet laws came into effect and tight, bright spandex shorts became the norm. It just wasn't cool anymore.Our Startup of the Week brings the cool back to bikes, in spades. It's so cool that Richard Branson has been spotted on one (read below).
We are pleased to bring you SOTW #19: Faraday Bicycles.
1. In just one sentence, what is your company offering/what do you do?
Faraday makes exceptional electric bicycles to make you fall in love with riding your bicycle all over again.
2. Briefly, what makes you unique / different / special?
Faraday’s proprietary battery technology allows us to build the lightest, most integrated, and smoothest riding ebike on the market. Our bikes look and ride just like a normal bicycle, but make it easy to ride further and faster.
3. What is the one thing you love the most about running a startup?
Every day is a new challenge. I’m an engineer by training so I love solving problems, and running a startup is like a non-stop stream of new challenges to solve. I learn something new every day and it keeps me on my toes. Runner-up answer – hearing amazing feedback from our customers and seeing our products out in the world. It is the best feeling imaginable.
4. What is the hardest or most surprising part of running a startup?
Building and motivating a great team has been the hardest and most rewarding part of Faraday. It’s easy to think that you have a cool idea for a company and that a great team will naturally follow, but that’s anything but true. I’ve been lucky to work with some amazing people in the past and have tried to replicate that culture at Faraday. We have a great team and it’s one my proudest accomplishments with Faraday.
5. Do you have any success stories (big or small) you would like to share?
Ha! Of course. Hand-delivering our very first bike to our first customer and watching him ride away was pretty surreal. More recently, standing in our factory watching 700 bicycles being produced was a huge success – especially since it was only 14 months after delivering that first bicycle. On a more personal note, riding Faradays with Richard Branson and delivering my mom’s bike were two of my cooler experiences.
6. How, if in any way, has Foundersuite helped your company?
I discovered Foundersuite while looking for a tool to help me filter and search for investors and track and sort fundraising conversations. It was super helpful for doing exactly that. I think fundraising works best when you can run it as a very organized and diligent process, and I like to think that Foundersuite helped me accomplish that.
7. Finally, what is your best tip, hack, or piece of advice for entrepreneurs?
I’m paraphrasing someone here, so apologies for the unattributed quote, but I heard and firmly believe this advice: it’s just as hard to start a company in a terrible market as it is in a great market – so pick a great market.