Aaron Crumm: Starting with Early Adopters

Mr. Crum your fuel cells are very interesting. I’m amazed at your company and how well you run it. You’re degree from U of M has really paid itself off. Do you also have a degree in business? You seem to have all things very well thought out which you don’t always find with someone who doesn’t have some business training. You’re company has been successful for quite some time now, you must have learned a lot throughout the years. What would you say was the most important thing you’ve learned by being an entrepreneur? Is there any thing you would have changed about any decisions you made at the beginning of AMI? AMI must have been extremely expensive for start-up; do you have any advice to give to someone who may be going to start-up an expensive company? I’m sure investors became very interested once the word fuel cell was brought up, being that it’s such a popular item and since you’ve made it more accessible and more cost effective to manufacture. It sounds like you are completely invested in AMI does that cause any conflict with your personal life? It seems as though this job would be difficult to walk away from and leave even if it were just for an evening. Being an entrepreneur is always such a large change in someone’s life, but it also makes dreams come true. I think that you sound like you’ve love the choices you made and are proud of your company. Thank you for being presenting your ideas on Michiganinnovators.com it has really helped in my journey of deciding if I would like to be an entrepreneur. I’m still working on my business degree at Eastern Michigan, and I hope to be successful like you someday. If you would like to respond to any of my questions my name is Kelly Daniels and my email is kdaniel3@emich.edu.

This was a very informative interview section. Aaron Crumm discussed AMI’s market strategy. It was interesting to learn how AMI chooses their markets carefully. Things began in high end niche markets. Very focused markets that have expensive competition in which AMI’s fuel cells can perform much better and cost less. Aaron discussed looking into the markets for high end cameras like the ones used by National Geographic photographers; also the market for television cameras in being looked at as a market to enter. Every time a new market niche in entered or created, the demand for AMI’s products rises. Also, unlike the automotive market, electronic gadgets with fuel cells enter the market several times a year and consumers also replace these much more frequently that autos. This is referred to as a rapid adoption cycle. It was interesting to listen to how AMI initially was funded by DARPA; a company that funds high risk, high rewards small businesses. After being initially funded, AMI was able to reach their milestones and pitch for additional funds. Finally, Aaron discussed AMI’s need to have a product of value to the consumer to be able to go to market. People don’t want the fuel cell, people want the value provided by the thing the fuel cell is powering.