Founding of the month: Inventife
14.10.2024
Emma Schmitt
Founder of the month
The startup Inventife, a spin-off from KIT, has developed a room sensor that detects people's behavior and intelligently controls buildings to save energy. The sensor also detects stationary individuals and stores data locally to protect privacy. Exciting topic, exciting startup, and our exciting Founder of the Month for October!
Q&A with Inventife
What does your company stand for?
Inventife stands for maximum innovation through AI, without compromising privacy. We develop solutions that combine technological progress with the protection of personal data.
Where and how did you come up with the idea for your startup?
The idea came while setting up our own smart home system and diving deep into the topic of accident prevention. One thing led to another, and we developed our solution for fall detection.
How did the founding team come together?
We reached out to our circle of friends and quickly found someone: Max, a former colleague, joined the founding team.
Where do you see the hurdles in the startup process? Where did you seek support?
The startup process is full of hurdles, especially when it comes to funding. We sought support from the KIT Gründerschmiede, the CyberForum, our circle of acquaintances, and other founders.
What was one of your biggest challenges during the startup phase?
The biggest challenge was securing funding — through investors and initial sales.
Has COVID-19 had an impact on your startup, and if so, what kind?
Yes, we were still in the development phase and had to make our hardware platform more flexible to respond to potential supply chain issues. This cost us a lot of time, causing us to miss the construction boom at that time. Unfortunately, we couldn’t benefit from the boom since we were not yet on the market. Additionally, the energy crisis affected us as investment levels declined.
What quality do you think is important when starting a business?
Perseverance, a willingness to adapt, and the ability to successfully sell your product.
Do you have any practical tips for other young founders?
Sell your product, even if it’s not fully developed. Potential customers often take a long time to make a decision — by then, you can have the product ready. Also, bring on an experienced business angel or someone who has successfully founded a startup before.
What would you do differently from today’s perspective?
Start sales earlier and assemble a larger founding team to have a broader range of skills.
Has anything changed for you since the formal founding? If so, what?
Yes, there is a lot of paperwork to handle. We used tools to keep the effort as minimal as possible, but setting them up also took time.
What are your plans for the future? What are your next big milestones?
We aim to complete an investment round with a business angel to accelerate growth and enter new markets.
Thank you for answering the questions!
Want to know more? Listen to the podcast episode with Robin from the founding team. Daniela talks with him about their journey from the first idea to market entry, as well as the hurdles, challenges, and successes they encountered.
