Tuesday, January 10, 2023

Saman Farid Guests on the Forward Podcast and Discusses How Unlocking Automation is the Key to Fighting Labor Shortages

Scott Parent, Marketing Communications Manager  

Our CEO, Saman Farid, recently joined the Forward Podcast to talk about a range of issues, including how U.S. manufacturing stacks up against China and Korea, the vast opportunities available for automation, Formic’s approach to unlocking robotization and fighting labor shortage, and building a $100 billion company.

According to Saman, there are 1.5 million unfilled manufacturing jobs in America today. On top of that, many of these factories have 200 or 300 percent labor turnover. 

“Our goal for our customers is to become like a staffing agency the same way that today they say I need a few people to do X, Y, and Z tasks,” Farid says. “We want them to be able to call us and make the exact same request and we show up with a robot that does those things.”

Watch the entire video:

Listen to the audio-only:  Forward Podcast

0:00 - Manufacturing in the US

4:15 - Why labor shortages

7:52 - Robotization in the US, China, and Korea

13:47 - Opportunity for the US manufacturing automation

19:08 - Formic’s hardware, software, and financing services

24:44 - Types of customers served by Formic

30:55 - Collaborative robots

33:15 - Case study: auto parts manufacturer

39:15 - Learnings from 10 years as a VC

46:56 - How to incubate a business

54:44 - People at Formic

1:02:12 - Future of robotization in manufacturing

Robotics Automation