From College Project to Nine-Figure Business: The Unlikely Journey of Jake Loosararian
Jake Loosararian’s electrical engineering classmates at Pennsylvania’s Grove City College were tasked with building robots that could climb and scan a local power plant’s walls for costly issues like cracks or corrosion. Little did they know that this project would be the catalyst for a nine-figure business.
A Revolutionary Idea Born
Loosararian’s team built a 40-pound robot with an ultrasonic scanner that collected data in dirty and dangerous environments more efficiently than human workers ever could. The power plant saved tens of millions of dollars in labor costs and productivity. When Loosararian floated the idea of turning it into a business, everyone, including his family and professors, told him it was a bad idea.
Defying the Odds
Despite the naysayers, Loosararian believed he’d stumbled upon a hidden gem. With no tech industry connections, limited work experience, and no seed money, he co-founded Pittsburgh-based Gecko Robotics in 2013. To fund the startup, he worked 100-hour weeks, saving every penny, and even slept on friends’ floors.
The Dark Days
Loosararian faced numerous challenges, including going broke, and climbing inside power plant boilers, which he describes as “dirty and horrible.” He almost walked away multiple times, but his determination to solve the problem kept him going. His co-founder, Orion Correa, poured his life savings into the business, but eventually, he had to bow out due to mental exhaustion. Loosararian bought his 50% stake for $2,500, a significant amount for him at the time.
Perseverance Pays Off
In 2016, Gecko Robotics joined tech accelerator YCombinator, marking a turning point for the company. Today, Gecko Robotics is a fast-growing robotics company with $220 million in funding, valued at $633 million. Loosararian credits his “I will not die” mentality, developed during the tough times, for his success. He believes that overcoming doubts and fears allowed him to solidify his resolve and stick it out.
A Lesson in Resilience
Loosararian’s journey serves as a testament to the power of perseverance and determination. By pushing past his doubts and fears, he was able to turn his vision into a reality. His story is a reminder that success often requires embracing uncertainty and taking calculated risks. As Loosararian puts it, “Those scars allow you to act with confidence, courage, and a will to make your goals become reality.”
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