Jacob Babcock, an IU Bloomington alumnus, is CEO of NuCurrent. The company provides wireless power solutions to Fortune 1000 companies and other innovation leaders. Its broad systems integration expertise supports manufacturers of appliances, smartphones, wearables, hearables, consumer electronics, medical devices, robotics, IoT, sporting equipment and other emerging product categories.
Question: If a person has an idea for a business, what are the first three actions they should take to make it a reality?
Jacob Babcock: Think less and do more. Go out and get feedback from customers on your concept’s value. Adapt based on what you discover.
Q: What has surprised you during the course of your day-to-day entrepreneurial journey?
JB: I can look at this from a few different angles. With respect to our technology, it’s just how many applications and opportunities there are for it, which is great. With respect to day-to-day entrepreneurship, it’s how hard it is. You can read about the peaks and valleys, but you’ll never fully understand it until you’re in it. And with respect to growing a company, the importance and challenge of building a team that is not only talented, but also aligns around the same cultural values and complements one another.
Q: How do you define success?
JB: It’s not one single thing. It’s how we solve problems for customers with our innovations. It’s how we create opportunities for our employees and help them grow professionally and personally. It’s how we create value for our shareholders.
Q: What is dangerous or scary about being an entrepreneur?
JB: There’s plenty, but inaction is the scariest thing for an entrepreneur. It’s paralyzing. No matter how many times it’s been said, you still miss 100 percent of the shots that you don’t take.
Q: What is the best advice you’ve received?
JB: Don’t let perfection be the enemy of progress. Set a vision and run a good process, but don’t expect things to go perfectly.
Q: What is the best advice you can offer?
JB: Hire the right team and create the conditions for them to thrive. The best idea won’t see the light of day without the right team and culture.