Keynote speaker at TiEcon 2021, Dr Geeta Gupta Fisker was introduced as the analytical left brain to the creative right brain of her business partner and husband iconic designer Henrik Fisker. Gupta-Fisker revealed why Fisker Inc. has become a new powerhouse in electric vehicles.
She inspired her audience, giving advice and also requesting help to provide oxygen extractors to India.
Dr Geeta Gupta Fisker is co-founder and CFO of Fisker Inc. She has a PhD in biotechnology and organic chemistry at the University of Cambridge and then worked in venture capital. Since 2013, she has been working on Fisker family businesses.
Jillian Manus, media executive and venture capitalist, who led the discussion with Gupta Fisker, asked her about her philanthropy in India.
“I’m deeply saddened, shocked and horrified by what is going on in India, says Gupta Fisker, “We never thought oxygen would become a precious commodity in India.”
Gupta Fisker partnered with the educational charity Pratham to raise funds to buy oxygen concentrators for Covid-stricken patients across India. Fisker announced the url http://www.prathamusa.org/geetafisker.
Manus, who already made her reservation for a Fisker Ocean, said she will donate $1,000 to the fund.
Gupta-Fisker’s Fearless History
Manus says that she has heard that Gupta Fisker is fearless, undaunted, invincible and singularly confident. Gupta Fisker surrounds herself with confident people. She succeeded over diversity.
Manus asked Gupta Fisker to define confidence.
“Confidence to me is fundamentally a belief in yourself. A belief that anything is possible. A belief that you are not going to give up.”
“To get confidence, start by researching your idea, and do due diligence. Be a master of your subject matter. Let people know you know what you are talking about. Then when you have that, you believe in yourself. You have perseverance when you go on a roadshow, when you go talk to people you try hiring people you got to sell your idea you are going to get a lot of no’s. If you give in to the no’s and give up that is not perseverance. Every single day you are out there, believe in yourself, keep refining and persevere,” advises Gupta Fisker.
She learned how to negotiate by grocery shopping with her mother. Her father told her she had to be extraordinary.
“We would go to the market every day to the same vendor. My mother would find a way to negotiate.
“I grew up questioning and gathering information. It was normal, you learn you ask and you negotiate. I learned in my professional life how to find the fine balance to know when to stop negotiating. I learned at what point it is a win-win deal for both parties. Growing up in a country like India, I learned to never give up. I find how to get through and hustle,” she adds.
Why Will Fisker Inc. Win the EV Race?
Gupta Fisker then talked about the Fisker Inc. business model and the automotive industry. The automotive industry started over 100 years ago when the horse was the normal means of transport. Henry Ford made cars affordable.
“Today we are going from the internal combustion engine to electrification. We are going from horsepower to kilowatt-hour. This is the disruption in the industry. It changes what the car companies are used to doing,” she says.
“The automobile is getting digitized, adding more compute and more technology. It is now about driver assistance, automated driving, software, predictive maintenance, over-the-air updates and a great seamless experience.”
“The regular OEMs used to make the engine in-house and worked on how to make the seat perfect… Those things have gone away. The future of the car is about batteries, about a seamless customer experience and how a customer accesses their car.”
The industry is so complex, so difficult, but you have to go in with a winning stance.
“We are number one in design. There is no other automaker that produces better-looking cars. Henrik comes with a great reputation for engineering and designing. We were first. We were the world’s first to launch the first premium luxury hybrid, even one year ahead of Tesla Motors Model S. That takes a lot of learning. It took failing. We learned what to do and what not to do. We take those learnings and apply them to a very mature supply chain,” Gupta Fisker explains.
Fisker Inc has a supply chain that is available to launch a very successful assets-light disruptive business model.
“We work with Foxconn and Magna, who know how to manufacture. We don’t want to reinvent the wheel. They know volume. We do what we’re best at design and product. We know where not to take risks,” says Gupta Fisker.
“We sell directly to customers. Our customers can access us through the app. It is a connected car. We can give our consumers unique features because we are using technology from phenomenal partners.”
“All these technologies position Fisker Inc. to win in the EV race. We have done a lot of de-risking in a capital-intensive industry. The industry is so complex, so difficult, but you have to go in with a winning stance,” she adds.
What is the Real Return for Fisker Inc.?
“Our brand has a mission. It has become even more important in the current crisis. Our mission is to develop the world’s most sustainable car that stirs emotions. That means emissions and sustainable materials. It means the cars that can be accessed for longer times – a flexible lease that goes beyond your traditional three years goes to ten years,” she notes.
“When you have a connection with the consumer, it becomes your identity. This is how you make a product exciting,” says Gupta Fisker, “In our 21st-century business model, it creates returns not just for shareholders but to society and people.”
Manus, who believes investments should be about value and not valuations, concurred with Gupta Fisker. Manus thanked Gupta Fisker and said, “Nobody is safe if everybody can’t be safe. We all have to breathe together. We all need oxygen.”
