Livio started off in my Ferndale guest bedroom in 2008 with an idea to make a desktop radio that could fill a room of sound without a computer for Pandora. After a few million dollars of sales, we knew we were on to something. As mobile phones took off around 2009 through 2010 (and data plans became more affordable), we realized that people would want to move audio from their mobile phone to their home and their car. We were acquired by Ford Motor Company in 2013 to develop an in-vehicle automotive infotainment standard and as they say, the rest is history.
Youre a third-generation entrepreneur. How did growing up in a family of entrepreneurs inspire you? Did you always know you wanted to start your own business?
Like many engineers, I grew up in a home where failure was encouraged and celebrated. When I was a kid I decided to take apart my dads VCR with a screw driver. He wasnt too happy about his new gadget (the VCR was the iPod of the 80s). However, I got it back together with only a handful of extra parts left over.
Some of my best memories as a kid were going into my fathers business and seeing all of the people that worked with him. Even after he sold his company and many of the employees went onto other careers, I would still see them out and they always stopped, very happy to see my parents. Making a significant difference in peoples lives is why I do what I do. Celebrating peoples differences, both personal and professional, is what makes a team special. Its the opposite of big corporate mentality, but theres no doubting that Livio took a page out of my parents business practices.
Ive also always had the hustle it takes to be an entrepreneur. However in school it was preached to graduate so you could get a job. It wasnt until I saw the success of a consumer electronics team I was part of that I realized I should be doing this on my own. I left the east coast for a job with Delphito learn the business skills necessary to get into my own company.
The company is in a great location geographically to work with auto companies, and Ford noticed, acquiring Livio last fall. What other advantages does Michigan offer to someone starting their own business?
Im not from Michigan, and I dont have any ties to Michigan. I chose to stay in Metro Detroit because of the business advantages. Ive been asked this question at least 100 times over the past six years, and I still feel the same way now as I did in 2008. I was able to recruit some of the best people from the best universities and keep my monthly burn low with the affordable cost of living. Im also a huge fan of Ferndale. I have some big plans and ideas for the city. Stay tuned.
Your bio says that you like to spend time outdoors. Do you have a favorite spot in Michigan to visit?
I was blown away with the state and metro parks. Compared to other states Ive lived in and visited, Michigan is really top notch. I love mountain bikingon the Potawatomi Trail, Pontiac Lake, and Maybury. Id really like to see more bike lanes on roads (e.g. Woodward and other urban environments within Metro Detroit) but Im sure in time drivers in will do a better job looking for cyclists on the road!
What advice would you give budding entrepreneurs?
Keep your head down and bootstrap your way. There are so many opportunities now in 2014 that werent available in 2013. Check out MEDC, SPARK, Automation Alley, MISBTDC, SBA (SCORE), as well as national crowd funding programs like Kickstarter and Indiegogo.
Having a great relationship with our trade association also helped our group, the Consumer Electronic Association, was extremely helpful every step of the way.
Livio founder and CEO Jake Sigal is a third-generation entrepreneur. In 2008 at the age of 26, Jake quit his job at Delphi and used a $10,000 loan from his parents to weld two of his life passions technology and music into one dynamic and exciting company: Livio.
Jake is the youngest member ever to sit on the Consumer Electronics Associations Board of Industry Leaders, and he currently sits on both the CEAs Small Business Council and the Board of Advisors for Ohio Universitys Russ College of Engineering, where he earned his undergraduate and graduate degrees in engineering. He also serves on the Consumer Electronics Associations (CEA) Board of Industry Leaders.
