15: Lessons From Failure w/ Ultracast CEO Dmitry Kozko
Build With Rob
Rob Dyrdek
5.0 • 636 Ratings
🗓️ 29 July 2021
⏱️ 62 minutes
🧾️ Download transcript
Summary
Machine Method Phase: POST-MORTEM
When you invent an innovative new technology in the hottest space, it’s easy to get carried away with the possibilities when you should be focusing on your beachhead. That’s what happened to Dmitry and Rob when Dmitry invented a device capable of capturing 360 video and streaming it live across the world. The camera was lighter, cheaper and more compact than any of the solutions on the market raking in big VC money. The idea came from Dmitry watching racing and wanting to experience the race from inside the car, but knowing multiple GoPro rigs were too heavy and bulky in a sport where every gram counts. Rob, at the time, was looking for an opportunity in the VR space, and knew immediately that this was it. Dubbing the company Ultracast, they sent units all around the world that allowed people to travel to all of these locations in real time with just their phone. But it was too much, too quickly, and they learned the hard way that they should have cornered the racing market and only then expanded to other experiences.
Transcript
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| 0:00.0 | Welcome to Build with Rob. I am Rob Deerdeck CEO of the Deerdeck Machine, a one-of-a-kind venture creation |
| 0:09.5 | studio where we manufacture amazing companies using our machine method. This show is all about |
| 0:17.5 | our passion for creating companies with our do-or-dire entrepreneur co-founders |
| 0:23.5 | and all the lessons that we have learned along the way. |
| 0:27.9 | My guest today, Dimitri Cosco, partner and co-founder in Ultracast. |
| 0:33.1 | Ultracast was a platform that we created together that essentially allowed you to watch live VR and |
| 0:41.1 | 360 video happening all over the world. You just throw your phone into some goggles and put it on |
| 0:47.6 | and you're basically living in the experience, something I like to call Exploratainment. |
| 0:53.9 | There was a convergence of live streaming in 360 video back in 2016. |
| 1:02.5 | But unfortunately for us, we learned one of the greatest lessons in all of business that |
| 1:09.2 | sometimes the market falls right out from under you. |
| 1:14.4 | And that's really what this story is about. |
| 1:18.2 | This is not a championship story of getting to a liquidity vintage and an exit trophy. |
| 1:23.4 | This is in fact a story of the pathway that eventually leads to partners to call it quits. |
| 1:31.8 | You know, and it's one of the most difficult things that you can do is finally let go of a business. |
| 1:36.8 | And this is one of the very first ones that we have done this to here at the Deerdeck Machine. |
| 1:42.5 | And although this may sound like this is a story of loss, this is actually a story of |
| 1:48.1 | incredible gain with a really happy ending. |
| 1:51.2 | Dimitri Cosco, welcome to build with Rob. |
| 1:54.7 | Thanks, Rob. |
| 1:55.4 | You know, I'm so great to see you. |
| 1:57.0 | It's been been a very long time. |
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