Think Big! - Show #125

Ivo Verhaegh, founder of Powerhouse AI, came to entrepreneurship through an interesting path. He knew he wanted to start a company, work with a co-founder, and live abroad from his home country, the Netherlands. Since he didn’t have an idea for a business and couldn’t find a co-founder on the same timeline for starting a business, he applied to a program called Entrepreneur First. The organization screens hundreds of applicants, accepting only 1% of the people who apply; a group of 80 are ultimately accepted and work with each other to find co-founders. Venture capitalists sponsor the Entrepreneur First program, through which they find viable businesses with co-founders that click, elevate each other and the business, and are productive. 

While in the program, Ivo met his co-founder (and now Powerhouse AI’s Chief Technology Officer) Kushal Pillay – together they worked toward an affordable and manageable robot-driven warehouse environment.  

Ultimately, they created an app that automates the counting and checking of inventory and pallets in warehouse storage, maximizing productivity. Since the launch, they’ve won clients including DHL, Unilever, and numerous logistics companies. 

Funded and guided by investors, Ivo and Kushal were encouraged to think BIG and globally from the start. Being based in Singapore, which has a small domestic market, they assumed they would sell into Southeast Asia. Market research showed, however, that labor is plentiful and inexpensive in the region, so warehouse operations were satisfactory as-is, unlike in the US, which embraced the technology. 

Currently, Powerhouse AI offers its technology solely in English, but will soon translate for their Spanish, Chinese, Malay, and Hindu target markets. Ivo understands how important translation is and that Google Translate or AI are unreliable, so he plans on using professional translators. 

Some of the bumps in the road Ivo met along the way include: 

1. Not understanding the southeast Asian market well enough from the start took time away from early success. 
2. Not focusing on specific industries or geographies with targeted messaging slowed sales success. 
3. Not having in-person meetings with certain clients slowed the closing of sales. The logistics industry is traditional and prefers face-to-face meetings. 

Currently, the company’s ideal client has over 100,000 square feet of warehousing space and requires precision in inventory management, making Powerhouse AI a clear fit for companies in the healthcare, pharmaceutical, consumer product, and automotive industries. 

Ivo’s best advice: 

1. Think Big – surround yourself with other entrepreneurs to open your eyes to possibilities. 
2. Build a Superstar Team – hire people that are ambitious, curious, accountable, responsible, and knowledgeable. 

Ivo’s two favorite foreign words are good ones: 

• “Bolleboos” – a Dutch word that literally translates to “bright hat” and refers to a “smart person.”  

• “Introspective” – an English word that represents “the superpower of knowing yourself.”  

Ivo certainly represents both of those words! Engaging, creative, smart, driven and very self-aware, he is a podcast guest to remember!  

 

Links: 

Website: https://www.powerhouseai.com/ 

LinkedIn: https://www.linkedin.com/in/ivoverhaegh/ 

 

Connect with Wendy - https://www.linkedin.com/in/wendypease/ 

Music: Fiddle-De-Dee by Shane Ivers - https://www.silvermansound.com