An introduction about Brett Adcock could be as simple as saying that he’s the founder of Figure, a $350M AI Robotics company, and Archer, an NYSE-listed $1.3B aerospace enterprise dedicated to developing fully electric vertical takeoff and landing aircraft.

However, his journey is way beyond that! Hailing from Central Illinois, Brett’s story isn’t your typical Silicon Valley narrative. He kickstarted his journey with Veteri, a recruiting website that ultimately became a six-figure success story. But Brett’s ambition didn’t rest on this laurel.

Rather than play it safe, Brett took a bold step. He poured almost all his earnings from Veteri into his next venture—Archer, which is an aircraft company, industry, and technology he knew nothing about. He later founded a robotics company, too, which builds humanoids. But how did he do that? Let’s dive deeper into his journey and find out.

Brett Adcock’s Entrepreneurial Journey

Vettery: 2012-2018

So imagine working in the software industry for four years, building various startups, and then creating an online hiring marketplace called Vettery in 2015.

Nobody wanted to invest in that, so he self-funded that company with his own savings from his previous ventures and worked without any salary for years. 

During this time, somewhere around 2015, Matt almost went broke. Manhattan living isn't kind on wallets, especially without a steady income. "I had to pay for my health care, food, rent—it was a constant struggle," he said in a podcast. 

As the business hit rough patches in 2015, the situation went from bad to worse. 

"Things got so bad that I had to borrow, I think it was fifty thousand dollars, just to pay for rent and survive. I had credit card debt, I was probably in the red, negative a hundred thousand dollars."  

- Brett recounts

Yet, against all odds, that arduous journey culminated in a breakthrough. Specializing in engineering recruitment, Vettery raised $10 million and was later acquired for an estimated $110 in 2018 by The Adecco Group.

In between, despite Hired.com's attempt to overshadow and dominate the company and kind of bully it, Veteri persisted and eventually acquired Hired.com after its bankruptcy. 

Finding Archer

Re-education

After Brett Adcock's success with Vettery, he found himself exploring new frontiers beyond software. In 2018, Archer Aviation was born—a daring venture to construct electric aircraft and revolutionize urban transportation.

Transitioning from software to aviation seemed like a quantum leap. After pioneering in software with Vettery, he took a daring step into an entirely new realm. 

This transition was far from seamless. Brett, devoid of aviation expertise, embarked on an immersive education. Brett, initially clueless about airplane construction, embarked on an intense learning journey.

He connected with over 300 industry experts, spending six months cold-calling, absorbing insights, and devouring technical literature. He immersed himself in an electric aircraft design course in Atlanta, encountering luminaries in the field.

A chance encounter at this course led him to the University of Florida, where a serendipitous connection unfolded. The head of the aerospace engineering lab welcomed Brett's ambitious proposal to craft electric aircraft, leading to the inception of Archer Aviation. The journey of Archer kicked off from there! 

Archer: 2018-2022

Brett started the company with Adam Goldstein, who was also his co-founder at Vettery. 

In the span of just a few years, Archer went from a vision to a pioneering force in the eVTOL industry. Archer's epic flight began in 2018, swiftly assembling a team of engineers and clocking 500+ subscale flight tests by 2020, fine-tuning the Maker's design. 

This endeavor was financially taxing. Brett's assets were invested entirely in Archer, his belief in the venture unwavering. 

He weathered financial constraints, enduring personal sacrifices without a salary for two years. Seeking funding during a pandemic was met with skepticism and harsh rejections. One of the investors even called Brett’s pitch “disrespectful” for asking for money for flying vehicles while people were dying of COVID-19. 

Somewhere between 2019 and 2020, Archer finally raised a Seed investment, followed by a $55.7M Series-A investment by Jennifer Lopez, Marc Lore, and Adam Goldstein. 

Archer finally went public in 2021 and got to a $3.3B valuation. Joined by heavyweights like United Airlines and Stellantis, they made history in 2021, securing FAA certification and landing on the NYSE as $ACHR. 

Maker's first hover and Midnight's blueprint dazzled the industry. By 2022, Maker smoothly transitioned from hover to full flight, bagging a $10 million deal with United Airlines. 

With Midnight's Preliminary Design Review completed, Archer's trajectory soared, prompting a move to a high-tech Santa Clara HQ. It's been a sky-high adventure, redefining eVTOL innovation.

In 2022, Adcock stepped down as the company's CEO, passing his position and power to his co-founder, Adam Goldstein. 

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Brilliance Behind Archer

Archer's incredible eVTOL (electric vertical take-off and landing) aircraft is like something out of a futuristic movie, but it's real and set to transform air travel! Imagine zipping across short 30-mile trips in an aircraft that's not just affordable but super safe and whisper-quiet, too.

While helicopters rule a $49 billion market, they're expensive to operate. Enter eVTOLs, which are designed to be safer and cheaper thanks to their electric power, making maintenance a breeze. This innovation could make helicopters a thing of the past!

Archer, a startup from Palo Alto, is dreaming big, envisioning Uber-like prices for air travel. Teaming up with United Airlines and Stellantis, they're on a mission to make flying more affordable than ever.

Their plan for air taxi services in New York City by 2025 sounds like something straight out of a sci-fi movie, but there are challenges to overcome—getting all the regulatory approvals and building new places for these cool aircraft to land. 

But Archer's ready for the adventure! Their goal is for people to see these eVTOLs as a game-changer in the next decade, transforming how we move around. Picture a future where flying becomes as easy as catching an Uber. 

Archer's paving the way for this futuristic vision, and it's going to be an exciting ride!

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Facing Financial Struggles Again

Amidst Archer's ascent, Brett faced a tumultuous financial landscape. His money was tied up in Archer's stocks, and as their value dropped, getting cash became tricky before the 12-month stock lockup deadline in April 2023.

Archer was growing rapidly, but so was the financial burn rate. Millions were poured into hardware, expenses spiraled, and raising funds during a recession was an uphill battle.

Brett had a tricky financial situation, juggling cash, stock limits, and falling stock prices. When he shared his money struggles, some friends reacted differently, but Brett stayed surprisingly calm despite the stress. 

His wife was his rock, sticking by him through it all. Having faced tough times before with Archer, Brett tackled these money problems like planned obstacles, learning to be tough when things get rough.

Despite his impressive journey, he acknowledged gaps in traditional financial literacy, admitted past ignorance about key business metrics, and re-educated himself on finance. 

Building Figure

Figure is a company founded by Brett in 2022, building general-purpose humanoid robots, a new niche that he’s exploring. Adcock started Figure as a bootstrapped company in which, again, he was taking care of all the finances. 
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However, the company raised $70M in 2023 in its Series-A investment round. Figure’s mission is all about filling the huge job vacancies by bringing in super cool humanoid workers!

There's a massive shortage - 10 million jobs are waiting in the US, especially 7 million essential roles in places like warehouses and retail. But only 6 million people are available, and that number's dropping!

Figure plans to introduce humanoid workers who can think, learn, and work alongside human beings safely. Brett stated in an interview that he wants to launch 10 billion humanoid robots in the next few decades and wants them to be as accessible as cars and smartphones are. 

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Brett’s Journey of Finding Figure

The early days, reminiscent of his time at Archer, were marked by a hands-on approach and a deep dive into self-education.

The cramped WeWork phone booth in Palo Alto became Brett's sanctuary during Figure's nascent stages. Cold-calling, researching, and connecting with experts in humanoid robotics globally were the daily grind. This period was a crucible of challenges, reminiscent of the early days at Archer and Vettery.

Figure, initially a bootstrapped venture, gradually gained momentum. Brett's financial commitment to the company reflected his belief in its potential. He weathered the storm, learning from past experiences and adopting a pragmatic mindset to navigate the intricacies of the startup landscape.

The similarities between Archer and Figure were not just in the initial struggles but extended to the need for a multidisciplinary approach. Brett found that the off-the-shelf solutions he anticipated for crucial components like actuators, batteries, and control systems were far from adequate.

Acknowledging the naivety that marked his entry into both Archer and Figure, Brett embraced the challenges. His narrative echoes the sentiments of many entrepreneurs who venture into uncharted territories, facing unexpected roadblocks and grappling with the unforgiving nature of pioneering in innovative fields.

In just one year, Figure AI managed to successfully raise $70 million in Series A funding, hired about 50 employees, and developed humanoid robots with accurate motor functions that can perform dynamic walking and create coffee.  

The journey, though arduous, is a testament to Brett's resilience. His ability to adapt, learn, and course-correct has been a driving force behind the success of Vettery, Archer, and now Figure.

Figure’s Technological Advancements

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The latest Tweet by Adcock and a YouTube video on Figure’s YouTube channel unveils a humanoid robot capable of making coffee using a Keurig machine. 

The robot exhibits end-to-end task accomplishment and demonstrates self-correction capabilities. Adcock, known for his work in sustainable air mobility, shifted focus to Figure AI, aiming to create an autonomous automation system capable of human-like work.

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The video features the humanoid navigating a lab, swiveling hips, and interacting with objects. Adcock emphasizes the integration of large language models in their AI systems, aiming to achieve semantic grounding for human-robot interaction.

Future of Figure AI and Humanoid Robots

The future of Figure and humanoid robots holds immense potential across various applications, transforming industries and enhancing human life in numerous ways. Here are some potential future scenarios and common applications for humanoid robots. 

Healthcare

• Assistance for Healthcare Professionals
  Robots can assist healthcare professionals by performing routine tasks, such as delivering supplies, transporting medications, or even providing basic patient care. This can help alleviate the burden on healthcare staff, allowing them to focus on more complex and specialized responsibilities.
  Humanoids could also be employed in the hospitality sector for tasks such as welcoming guests, delivering room service, or providing information about facilities.

Aging Population Support

• Companionship and Assistance
  This is also something that Brett is really passionate about. Humanoids can offer companionship to the elderly and provide assistance with daily activities.
  This includes helping with mobility, reminding individuals to take medication, and offering a responsive presence to combat loneliness.
  China, for example, is a country that struggles with a growing aged people and elderly population suffering from loneliness and related issues. The video below shows how AI can solve this problem in China and similar countries by creating “social robots.” 
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• Home Healthcare
  This is also something that Brett is really passionate about. Humanoids can offer companionship to the elderly and provide assistance with daily activities.
  This includes helping with mobility, reminding individuals to take medication, and offering a responsive presence to combat loneliness.
  China, for example, is a country that struggles with a growing aged people and elderly population suffering from loneliness and related issues. The video below shows how AI can solve this problem in China and similar countries by creating “social robots.” 
  Humanoids with advanced capabilities can support aging individuals at home, monitor their health, assist with household chores, and facilitate communication with healthcare providers.

Industrial Labor Force

• Warehousing and Logistics
  Humanoids can play a crucial role in automating tasks in warehouses, including picking and packing items, optimizing inventory management, and improving overall operational efficiency.

• Manufacturing
  Humanoids equipped with advanced manipulation skills can work alongside humans in manufacturing environments, handling intricate tasks and contributing to increased productivity.
• Retail Assistance
  In retail settings, humanoids could assist customers, guide them through stores, and even handle transactions, enhancing the overall shopping experience.

Consumer Applications

• Personal Assistants
  Humanoid robots could serve as personal assistants in households, managing smart home devices, providing information, and performing various tasks based on user preferences.
• Entertainment and Education
  Humanoids can engage with users in educational activities, storytelling, and interactive games, making learning and entertainment more immersive and enjoyable.

As artificial intelligence continues to advance, humanoid robots can become more intelligent and adaptable, learning from experiences, understanding natural language, and continuously improving their performance.

Financially, Goldman Sachs states that the humanoid robots industry will potentially generate $154 billion of revenue by 2035. 

Conclusion

Brett isn't your average entrepreneur—he's all about pushing boundaries and taking big bets into the future and is committed to building the next big technology. His story isn't just about business success; it's about dreaming big and fearlessly indulging in your passion. 

He's not in it just for the money; he's driven by the thrill of creating stuff that really matters, stuff that sticks around. In another interview, he mentioned that when he’s 80 years old, he just wants to remember the positive impact he’s had on the world, and that seems like his ultimate drive.

Currently, he seems very optimistic about the robotics wave and is at the forefront of it, leading us into an interesting future. It’ll be exciting to watch what happens in the world of robotics next! 

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