Our podcast team is taking a short break this weekend to enjoy time with our families (virtually in some cases). In the meantime, this is one of our favorite episodes from earlier this year.
Scroll down to listen to the podcast.
In January, we interviewed Rick Miller, owner and co-founder of Elijah Tooling, a company that sells innovative CNC work holding equipment. Rick has a knack for coming up with unique products and has several patents in the work holding sector. He says that innovative ideas are vital for success, but getting customers to buy into those ideas is what makes for a successful business.
Main Points (Time codes according to audio)
(3:05) Rick talks about the origin of his business. Before producing work holding equipment, he and his brothers started a programming company for milling machines in 1990, but the business failed.
(7:00-9:30) Rick discusses the captive fasteners Elijah Tooling produces for CNC milling. They reduce the need for bolts and clamps in work holding by standardizing processes. He said it wasn’t a new concept, but the ability to buy a product off the shelf for that purpose was novel at the time. The company today has three patents on work holding products.
(9:30-13:00) Rick gives technical details on some of Elijah Tooling’s Products and discusses various applications they are used for.
(13:15-15:30) Rick discusses the ROI on his work holding fixtures. He gives one scenario in which one of his customers could save $4,000 per month by using his products.
(15:30) Rick talks about the challenge of getting customers to adopt his products. He says that often coming up with great ideas is easy, but making people understand why they would want a product is the most difficult task. On the video he talks about a T-slot vice the company created that wasn’t successful in the market place.
(19:20) Rick talks about a product Elijah Tooling produces called a zip bushing, which is a combination of a bushing and a threaded insert that come together in a fixture.
(21:20) Rick talks about his creative process. He says inspiration often comes from talking to customers about which existing products need to be improved.
(24:10) Rick talks about Elijah Tooling’s use of social media and videos that talk about the company’s products and business. He works with one of his sons who has a social media marketing company. They found that for the videos to be effective it was necessary for him to host them.
(27:00-37:30) Rick talks about sabbaticals he takes to find inspiration. He goes away for a week completely alone—no friends, no family, and no TV. He reads, he journals, he eats and sleeps when he feels like it, and does a lot of praying. On a recent sabbatical he decided he was going to eliminate all debt from his life.
(38:00) Rick says one of Elijah Tooling’s main focuses in 2019 was figuring out the company’s “why.” He wanted himself and his employees to understand their purpose.
(39:45) Rick says in 2020 Elijah Tooling will be focusing on growth by improving the company’s systems and reenforcing trust with its customers.
Question: What tool would you like to see invented?