Union furious as bank scraps remote-first policy from February 2027, requiring all of its UK employees to come in at least twice a week

NatWest has ordered 13,000 staff to increase their in-office days from two days a month to two days a week, angering its staff union.

The banking group, which serves customers under the Royal Bank of Scotland, NatWest, Ulster Bank and Coutts brands, will require all of its nearly 40,000 UK staff to follow a strict two days a week office schedule from February 2027, abolishing a remote-first policy for thousands of employees.

• Social Security's 3.6% cost-of-living adjustment exceeds recent job stayers' wage growth.
• Economist Aaron Terrazas warns inflation could drive economic inequality.
• Baby boomers are helping to prop up the economy, as they're in their core retirement spending years.

There's an income premium for job switchers — and for retirees.

The Social Security Administration recently released the cost-of-living adjustment for next year. About 72 million recipients will experience a 3.6% increase in their benefits in January, higher than the September three-month moving average year-over-year median wage growth for job stayers at 3.4%.

Independent economist Aaron Terrazas said cost-of-living increases for Social Security beneficiaries were higher than job-stayers' increases in three of the past six years, the most recent being the 8.7% 2023 increase announced in 2022 amid the post-pandemic inflation spike.

"Retiree income is adjusted with the cost of living, whereas people who are working are mostly compensated according to the cost of labor," Terrazas said. "For most of the past decades, we've been in a low inflation labor shortage world, so that's worked out in workers' favor, but it feels like that's shifting underneath the surface."

The headline consumer price index increased 3.7% from a year ago in September, moving away from the Fed's 2% inflation target but down from the high rates back in 2022. The Social Security Administration bases the annual cost-of-living adjustment on the average of a related inflation rate during the third quarter of each year.

"Indexing incomes to the cost of living rather than cost of labor is a big part of what fueled inflation, the wage-price spiral in the 1970s," Terrazas said. "We moved away from that practice for most of the workforce, but not for retirees. With the growing share of Americans in their retiring years, more and more consumers are, whether we want it or not, having their incomes indexed to inflation rather than the cost of labor."

This, Terrazas thinks, could continue to drive the K-shaped economy of the haves and the have-nots, as he said older consumers are driving an outsize share of spending, although that could change as boomers start to age out of the peak retirement spending years.

"Baby boomers are in their core retirement spending years," he said. "When we think about consumer trends and what's holding up the economy, that is something we can't forget — that once people reach their 80s, we should expect that spending to start to contract as people become homebound."

Meanwhile, the three-month moving average for job switchers was higher than for job stayers and higher than the announced COLA, so job-hopping could be better than job-staying if you prioritize earning more. The problem is that it may be hard to find a new opportunity, depending on where you're looking. White-collar fields have been experiencing job loss, and employment levels in the leisure and hospitality sector have been pretty volatile.

The US has spent the last couple of years in a low-hire, low-fire period: Layoffs are low, so if you have a job, you're likely doing OK, but job openings and hiring have also been anemic, making an ominous situation for job seekers.

While that means employees may be more secure if they have a job, it also means employers don't have to do a lot to convince people to stay. Some workers have turned to "loud working" to try to make sure their accomplishments are being heard internally at their company or externally via LinkedIn or other platforms, whether that be because of fear of job cuts, to make the case for a raise, or some other reason.

"It's tough, I think, for job seekers to see headlines when we get the jobs report that unemployment is low, we're continuing to create jobs, but it's something very different from what they're feeling," Terrazas said. "And so I think it is important for them to understand that message that they're not alone. Many people, especially in white-collar work, are struggling to find new jobs or struggling to stay afloat in their workplaces."

• Today's tip to get better at work: Get better at handling disagreements at work.
• Jeff Bezos wrote about his '"disagree and commit" strategy in a 2016 Amazon shareholder letter.
• Make your case, but once a decision is made, commit to the decision, even if you disagree.

Get better at: Disagreements

Today's move

In an era where leaders want to move quickly, you don't want to be the one slowing everyone down.

Jeff Bezos, the billionaire founder of Amazon, wrote about the phrase "disagree and commit" in a 2016 Amazon shareholder letter under a section labeled "High-Velocity Decision Making," and it's been making a comeback.

While Bezos popularized the phrase, it echoes a management philosophy that goes back to the 1980s, when Andy Grove ran Intel. Richard S. Tedlow, Grove's biographer, previously told BI that the concept of disagreeing and committing "was the essence of how he felt you should comport yourself at Intel."

Why it works

The idea behind "disagree and commit" is to defend your argument and make a clear case. However, if the team rallies around a different decision, you have to commit to it too. Bezos argued that the use of "disagree and commit" could "save a lot of time."

"If you have conviction on a particular direction even though there's no consensus, it's helpful to say, 'Look, I know we disagree on this but will you gamble with me on it? Disagree and commit?'" Bezos wrote.

The former Amazon CEO has even used it himself, such as when his team green-lit an Amazon Studios project that he didn't think would succeed. Instead of continuing the back-and-forth, he disagreed but committed to the plan.

Try it today

The next time you disagree with a coworker, make the case for your idea and give it your all.

Once the decision is made, though, ask yourself if there's anything you can do to help it work better.

The bottom line

You don't need to agree with every decision at your job, but everyone benefits if there's an expectation that once a decision is made, everyone rallies behind it and tries to make it work.

Source

This insight is drawn from Business Insider's reporting about the origins of the "disagree and commit" phrase that Jeff Bezos popularized, and why it's making a comeback. Read the full story in Business Insider from Ana Altchek and Tim Paradis here.

Has this framework for disagreements worked for you? Tell us what you think of this advice in the comments below.

• Uber is offering bonuses to some drivers for completing more rides or referring new drivers.
• The bonuses can add up to hundreds or thousands of dollars.
• Uber has used such extra pay in the past to attract drivers to the platform.

Uber is offering ride-hailing drivers something that many haven't seen in years: Big bonuses.

The ride-hailing service is coaxing some drivers to take more rides, offering up to several hundred dollars in "incentive" pay if they complete a set number of rides within a set time period, according to several screenshots of the offers seen by Business Insider.

In one example, a driver was offered $525 if the driver completed 45 trips within a few days. Similar offers involved smaller payouts and fewer trips, but paid out proportional amounts of $10 to $12 per trip.

That's a huge pay bump for many drivers, who make as little as a few dollars per trip, said Sergio Avedian, an Uber driver and senior contributor to the gig-driver-advocacy blog and YouTube channel The Rideshare Guy.

The bonuses might also be Uber's attempt to get more drivers on the road to meet rider demand during busy periods like Halloween and the holiday travel season, Avedian said.

"This may tell the story that they need supply," he said. "They're saying that we need to get everybody out there."

Some drivers have also gotten messages from Uber encouraging them to refer friends to sign up as drivers or get those who haven't driven in a couple of years back on the app, according to screenshots seen by Business Insider. Payment for those referrals can reach up to $1,225.

The payments are a potential boon to Uber drivers, whose pay can vary significantly between cities.

Uber drivers have to cover their own costs, such as car maintenance, since they are independent contractors, not full-time employees. Rising gas prices have eaten into drivers' pay after the US and Israel started a war with Iran earlier this year.

An Uber spokesperson did not provide details on why the company is offering the payments.

Uber has used targeted incentive payments before.

In 2021, demand for rides began to outpace the number of available drivers after many had stopped driving during the pandemic.

In response, the company decided "to invest fast and to invest aggressively in attracting drivers back to Uber" and increased the number of active drivers on the app by 65% between January and November that year, CEO Dara Khosrowshahi said on an earnings call at the time. Uber later pulled back on the extra pay.

"When we were coming out of the pandemic, they were short tons of drivers," said Avedian, who was driving for Uber at the time. "It was crazy bonuses out there."

More recently, riders have been paying more per mile and waiting longer for their rides to show up, according to a study published last month.

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• Nvidia CEO Jensen Huang wants Europe to be less cautious in its approach to AI innovation.
• Huang told Germany's chancellor that the country and others in Europe are overreliant on regulation.
• "I think you overthink things," he told British journalists on a trip to the UK last week.

Cast off the shackles and be bolder, or risk losing the AI race for good.

That's the pointed message Nvidia CEO Jensen Huang has delivered to European leaders during his trip to the continent over the past week.

Over the last seven days, Huang has visited France, Sweden, the UK, and Germany ahead of Nvidia's GTC event in Berlin, which began Tuesday.

During that time, he's been clear that he believes the continent needs to move faster on artificial intelligence and rely less heavily on regulating the sector.

Huang made the case most directly on Monday evening in Berlin, during a public conversation with German Chancellor Friedrich Merz.

Asked how Europe should regulate AI, Huang said safety had to be paramount, but cautioned that policymakers could not regulate their way to technological leadership.

"There's nothing to regulate if the industry doesn't thrive," Huang told Merz, arguing that Germany needed to foster a domestic AI industry while ensuring it developed safely and responsibly.

He said that policymakers should focus on regulating AI applications, similar to the way they regulate products that use the internet, rather than trying to regulate the underlying technology wholesale.

"We should be regulating the applications right away," Huang said.

Merz replied that Europe was still trying to find the balance between innovation and regulation. The German leader said he did not believe "no regulation" was the right answer, but that overly tight rules were not either.

Huang’s response: "Give Germany a chance. Give this industry a chance."

The exchange came as Huang and Merz pitched AI as a potential answer to the economic malaise that led Germany into recessions in 2023 and 2024.

Huang said the country's manufacturing sector, engineering expertise, and industrial know-how are national resources, and that AI could help its companies turn them into an advantage in the next phase of the technology race.

"The next wave of AI is physical," Huang said, referring to robotics, manufacturing, cars, and heavy industry. "Electrons will never replace atoms."

It was the same urgent message Huang had delivered in London days earlier. Speaking to reporters last week, Huang said there was a "strange general behavior" going on in the UK.

He took a swipe at what he described as Britain’s tendency to dwell on failure.

"You have smart people, you have a great culture, you have young people, and the energy is vibrant. But for some reason, if there was a million reasons to win, you find the one reason not to do it."

"I think you overthink things," he added.

The remarks underscore a familiar tension in Europe’s approach to AI. The continent has moved early to establish sweeping rules for the technology, including the EU AI Act, while the US and China have pulled ahead in developing frontier models and the infrastructure needed to train them.

Huang, whose company dominates the market for the advanced chips powering the AI boom, is hardly a neutral observer. Nvidia stands to benefit enormously if governments and companies move faster to build AI infrastructure and deploy its technology.

Regardless of his stake in Europe's AI success, Huang's message was blunt. If the continent spends too long debating how to regulate AI, it may find that the meaningful innovation is done elsewhere.

• I'm Gen Z and have always valued rest, leisure, and finding balance in my life.
• My 86-year-old grandfather has worked as a doctor for 60 years and refuses to retire.
• His dedication has changed how I think about ambition, purpose, and growing older.

As a Gen Z, I have struggled with my work ethic. I have learned to optimize leisure, travel, and rest, and to get into a flow state. However, my grandfather's work ethic has made me rethink my approach.

At 86, my grandfather refuses to retire. For the past 60 years, he has woken up at the same time every morning, showered, dressed immaculately, had breakfast, and left for his work as a general physician in his private clinic.

Barring sickness and rare travel, he has never taken a day off, never deviated from schedule, and has an enviable work ethic that I have not seen in anyone. My grandmother, who was 70, died last year, and he was back to work in a week.

He is the eldest son

Born in 1940 in the small town of Gonda in North India, he was the eldest of six younger siblings. In 1966, at the age of 26, he began his medical practice after completing his MBBS.

From the beginning, he has been focused on his career and his responsibilities as the eldest son of a South Asian family. He worked in big hospitals, then opened a private practice a few years later, and he also established a Rotary Club Chapter in his city, leading it many times in the decades that followed.

There has always been a deep sense of empathy in him, which has made him a very considerate doctor for those who are economically marginalized. Because he charged less, took his time to understand each patient's issue, and prescribed medicines with great care, he gained popularity in his city very soon.

After six decades, the patients who were once young men and women bring their grandchildren from different cities to be treated by him. Only two years ago, he scaled back his work, working only till lunch. So now many patients come home in an emergency. "I don't like turning them away. Helping them makes me feel elated," he told me in one of our weekly phone calls.

He doesn't want to retire

From his work, he built a home for his parents and siblings, and another for his wife and children. He paid for the education of most of his siblings and put down a significant sum when it was time for them to get married. In short, he has been responsible for every role and relationship in his life.

He has three kids, two daughters and a son. They feel as if he should take it easy. "Why don't you retire?" My mother asked him a few years ago, and he shook his head vigorously, as if the thought itself was impossible.

"There were friends who were much healthier than me. They retired early, and I have seen many of them pass away," was his response to my mom. He also feels that being in a perpetual state of rest will dull his senses. Barring a partial hearing loss in one ear and a decrease in activity level due to age, he is fit and completely Independent.

He makes time to enjoy life

He can decide if he ever wants to retire because he has built his own practice, which is a privilege. However, he hasn't denied himself the pleasures of life either. He took time off to go on vacations and spent dedicated time with his kids, parents, and wife.

From him, I am learning that having a work ethic also means having a deep respect for your own life. It is not just dedication to his work; his ethic showcases his will to live as long as he can, independently. I want to live a purposeful and robust life, helping and guiding others and being of use till it's time to go. I want to eat clean, work out every day, put in the work to nurture my ambition, spend time with my loved ones, and focus on my goals. His work ethic has also shown me how he values his time. He nourishes it, nurtures it, and uses it to build a better life for himself. An honorable relationship with time and hard work has led him here.

He wants to be a functional part of society, and it has given me a fresh perspective on how I want to live my life. It is an odd thought, but I aspire to have a work ethic just like his and not retire.

• Google is injecting more AI into the interview process.
• The company has been testing a new format that tests candidates on their AI fluency.
• The pilot has recently rolled out more broadly across Google, internal docs show.

AI is changing how Google employees work — and how Google hires them.

The company has been testing several AI-related changes to its hiring process for software engineers, according to documents reviewed by Business Insider. These changes, which Google has been rolling out in phases throughout this year, include allowing the use of AI in coding interviews and permitting interviewers to use Gemini to give candidates feedback.

Many engineers are also now expected to show some degree of AI fluency as a bare minimum, the documents show.

In May, Business Insider reported that Google was piloting ways to integrate AI into the interview process with a small handful of orgs. This included a new "code comprehension" interview in which candidates are assessed on AI fluency and prompt engineering. Candidates can also use Google's Gemini AI as an assistant during the interview.

The new formats have since been rolled out more broadly across the company, according to the internal documents. However, a spokesperson said they were still considered to be in the pilot phase for now.

"We're piloting updates to our interview process for software engineers, including evaluating for AI fluency, to be more reflective of how our teams are operating," Brian Ong, vice president of recruiting at Google, told Business Insider in a statement.

Like other companies, Google is adapting its hiring process to keep pace with the huge transformation AI is having on software engineering. As developers increasingly rely on AI coding assistants, hiring companies want to know how competent they are with these tools.

In April, Google said that three-quarters of new code created at the company is generated by AI and reviewed by humans, a trend that has since continued across the tech industry. Google has said that its employees are increasingly using the company's own Gemini models to both improve other Google products and to build the next generation of Gemini.

The documents say that for some roles, including software engineering, AI fluency and AI product integration are now used as measures of a candidate's abilities. A Google spokesperson said that AI fluency is a requirement for all software engineering jobs, while AI product integration is required for most roles outside entry-level positions.

Google is also piloting the use of Gemini for interview transcription and note-taking in some job interviews conducted via the company's videoconferencing platform, Google Meet, one document shows.

Google wants to speed up the feedback process using AI, too. The same document states that Google is working to enable interviewers to use Gemini to draft role-tailored feedback.

As Google builds out this new interview system, employees were told they may be asked to participate in some of the pilots — but were warned against using AI tools to generate their own interviewing "solutions."

"Do not use GenAI or LLMs to create your own standalone solutions or agents for hiring or interviewing use cases," the document states, referring to large language models.

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• GoDaddy's CEO said Dara Khosrowshahi once gave him career advice that changed his leadership.
• Aman Bhutani said Khosrowshahi told him he'd never gain ad experience if he didn't start speaking up about it.
• The advice prompted Bhutani to push through the discomfort of learning new functions.

Getting a seat at the leadership table is a challenge in itself — but speaking up confidently once you get there is a different beast.

Aman Bhutani, CEO of the domain registrar and web-hosting company GoDaddy, said he received advice on navigating those moments from Uber's current CEO Dara Khosrowshahi, who at the time led Expedia and served as president of the brand. Bhutani was then the company's head of technology, and reported to Khosrowshahi.

Khosrowshahi gave him a chance to discuss advertising in a senior-level meeting they were both attending. While Bhutani was initially excited about the opportunity, he said that eagerness didn't come through.

"Sitting in this room of leaders, where there were people that had way more experience and expertise than I did, I didn't speak up," Bhutani told Business Insider.

Bhutani said he regularly spoke up in meetings about product, engineering, and other areas where he felt confident about. However, while advertising was a core interest, he hesitated to weigh in. After several meetings, Khosrowshahi pulled Bhutani aside and gave him feedback that the GoDaddy CEO said changed his career.

Khosrowshahi asked why Bhutani didn't share his perspective on functional marketing, since the topic was so critical for the business. Bhutani explained he didn't have "any actual experience" in marketing. Khosrowshahi's response, Bhutani said, was simple.

"'And if you don't talk about it, you never will,'" Bhutani said, recounting Khosrowshahi's reply. "'If you don't talk and make mistakes and say the wrong things and get beat up by the CMO, how are you going to learn?"

Khosrowshahi reminded Bhutani that Bhutani wasn't afraid to be wrong on the product-tech side. He told Bhutani that he should approach marketing the same way, even if he didn't have the same background.

That advice has since taken Bhutani far, he said. Bhutani later took over presidency of the Expedia brand from Khosrowshahi in July 2015, with marketing and advertising teams reporting to him.

Bhutani said that in his last job and current position as CEO of GoDaddy, he's had the chance to learn about every part of the business. That means he can speak with accountants, marketers, and auditors in their language. He said he has grown to enjoy learning about new functions, and seeks out people and situations where he's pushed to do that.

"I enjoy the stress and the discomfort of being in an uncomfortable space," said Bhutani, who has been GoDaddy's CEO for seven years now. "I enjoy the idea that I'm learning something new. It keeps me young. It keeps me happy. It keeps me engaged."

Bhutani learned that it's important to share his perspective, but said there's often a fine line between adding value and speaking just to prove you belong in the room.

Bhutani said another piece of feedback that stuck with him from his last job — positive this time — was from a board member who told him he has a good "tongue-to-ear ratio" and "brain-to-mouth ratio." In other words, he knows when to listen and think, rather than speak just to fill silence.

"I think if we all listened a bit more and thought a bit more, we would all do a bit better," Bhutani said.

This as-told-to essay is based on a conversation with Jeff Kinney, the 55-year-old author of the "Diary of a Wimpy Kid" series, who lives in Plainville, Massachusetts. It has been edited for length and clarity.

Every year, when a new "Diary of a Wimpy Kid" book hits the shelves, I'm surprised that kids keep showing up.

I started writing the first book in 1998, while working as a computer programmer and game designer. I wanted to be a newspaper cartoonist, but that didn't work out, so I set out to get my cartoons published somehow. I was inspired by my own childhood experiences.

The first generation of kids who read my books is now almost 30 years old. It's wild to me that there's a new generation of kids encountering these books and finding them fresh.

As an author, I work within a few different spheres: books, my bookstore, movies, and development. I hop from one area to another.

Here's a day in my life.

I wake up before 7 a.m.

I don't set an alarm, so I wake up at that time naturally every day. I stay in bed for a while because after an ankle injury, I have some PT to do, like ankle stretches, while I'm in bed.

I meditate for about 10 minutes, set my intentions for the day, and organize my digital to-do list before I get out of bed.

I do two hours of exercise before breakfast

Right after I get up, I do about two hours of PT yoga, then weightlifting. I do that before I eat breakfast, which is often eggs and sausages.

I'm really committed to my morning physical routine of PT, PT yoga, and exercise. That's now become non-negotiable. I also do some journaling because it orients me toward the day, and it's a calming mechanism.

I've just had my most productive year, during which I wrote two books and two screenplays, so I attribute that to my morning routine. It grounds me.

I stay organized with a habit tracker

I've tried a million different to-do list apps that didn't work, including the pomodoro method and all sorts of others. Then I found a digital habit tracker.

I'm pretty diligent about checking off my daily habits. These include eating enough fiber, drinking enough water, waking up by a certain time, meditating, and doing stretches and yoga.

My workday starts at around 9:30 a.m.

I have about five or six workspaces, and I like to balance between them. One is a really colorful studio with my whole staff on the top floor of my bookstore, which is about three miles away from my home. When I'm not touring or working on a script, I go into the bookstore.

The bookstore is always top of mind for me, though the day-to-day operations are handled by the staff. Every so often, I'll get involved because we'll have a big author that comes to the store, and I'll interview them.

Another is my guest house, where I sit in the quiet living room. I also have a dark room in the basement where I'll go if I need to shut out everything. The other one is sitting in my car at the cemetery, where it's also very quiet. I can't listen to music because it occupies the same part of my brain needed for creating.

Sometimes I write for 8 to 12 hours a day

I feel most creative in the early morning hours, but sometimes I might write for eight to 12 hours a day.

If I'm illustrating, which I basically do all summer, I'll draw from maybe 9 a.m. until about 9 or 10 p.m. every day for months.

When I'm working on a book, I'll write the jokes first, then the manuscript, and finally I'll illustrate. I do all the illustrations myself. I don't usually combine those activities together.

I'm always stuck creatively, so I use a system

When I get stuck, I use something called systematic creative thinking, which helps me to produce material even if I'm not feeling creative.

I start with the components. If I'm writing about an airplane, I'll list the parts of the plane inside and out: the wings, the pilots, the lavatory, everything. Then I'll go through each component with a few different tools like subtraction and multiplication, and that's what gives me my raw material.

I'll use my iPad or my computer, or I have this device called a Freewrite, which is a super simple word processor that's not connected to the internet.

I don't stop for lunch

I only eat two meals a day, so I don't really step away for lunch — this is how I roll.

I do have an energy drink, but it's more of a habit than a need. I also don't typically take breaks.

I don't have many work boundaries

A good day is when I can get my to-do list to under 200 items, which is really hard to do. When I'm not illustrating, my wife might say, "Hey, let's have dinner," and that's my backstop for when I stop working.

Work is always on my mind, and I really don't have any boundaries. I don't tell people when I'm going on vacation because they'll reach me anyway, and I don't want to stop them from making progress. I usually make myself available, even if I'm away.

My team mostly communicates with me by text

Texting is how my team communicates with me. Email has become less useful for me because I get so many emails in a day that I feel like I'm a hockey goalie, and pucks keep whizzing past me.

I can really only answer emails right when I get them. Once they get too far down my list, I'll forget about them. I have a lot of challenges with executive functioning. I really struggle with having a lot of choices.

I've always answered my own emails, and I don't use AI to write.

I'm not often bored; I need stimulation

I don't play a lot. I sometimes go to Celtics games, or I'll go out to dinner with my wife, my friends, or my kids. I'm not often bored.

In fact, I feel very understimulated. I often feel like I'm not getting enough information, or there's not enough that's happening. For example, if I were to drive through the McDonald's drive-thru and get my food, I'd turn on the radio, tune in to some news program, and eat while reading the news on my phone.

Chicken McNuggets with sweet and sour sauce are probably my guilty pleasure. As far as watching TV goes, Survivor is always a staple in our house.

I go to sleep around 9:45 p.m.

These days I go to bed pretty early. I get in bed around 9:45 p.m., put in an earbud, and fall asleep with the news in my ear.

Latest ONS data presents mixed picture amid slump in job vacancies and analysts warning labour market is ‘running on idle’

• Business live – news updates

• Healey to reject calls to raise CGT in budget

Unemployment in the UK has fallen unexpectedly in the final snapshot of the jobs market before John Healey’s first budget next week.

The jobless rate fell to 4.7% in the three months to August, from 4.9% according to the Office for National Statistics. City economists had forecast a rise to 5%.

• Hans Hasselby-Andersen quit Texas Instruments during the 2008 financial crisis with four young kids at home.
• He sold his apartment, cashed out his pension, and took on debt to build a semiconductor startup.
• Nine years later, his company, Merus Audio, was acquired by Infineon.

This as-told-to essay is based on a conversation with Hans Hasselby-Andersen, 56, CEO of Danish semiconductor startup Lotus Microsystems and cofounder of Merus Audio, which was acquired by Infineon in 2018. The following has been edited for length and clarity.

When I quit my job at Texas Instruments in September 2008 to start a semiconductor company, I had four children between the ages of 5 and 14.

It was almost the height of the financial crisis. You had Lehman Brothers going down in flames in the US, and the whole credit market was just freezing up.

So to jump out at that point and go into fundraising was a big, big step. My manager was looking at me like I was crazy, basically.

Thinking back, probably I should have waited a year or so and just cooled off a little bit. But the thing is, once you have an idea and you're really motivated, you can't really wait. You have to go do something about it.

I'm an electrical engineer by training. Earlier in my career, I joined a small startup that was acquired by Texas Instruments about five or six months after I arrived.

The whole concept of a company being acquired, an exit and all that, was all new to me.

It planted a seed in my head that, if the circumstances were right, this was also a path I could take, and not just build my career in a large company.

I stayed at Texas Instruments and worked in the audio semiconductor business.

I was picking up things from my interactions in the market where I thought there was actually a need for a much more energy-efficient way to drive speakers in products like portable speakers and soundbars.

I saw a market need, but I didn't have the technical solution, so my first task was to go out and find a cofounder who could come up with a technical solution for that market.

I think that's actually quite unusual for tech startups. Normally, somebody comes up with some technology, and then they go out and try to see where it can be applied. This was the opposite approach.

Four kids, one big decision

Just before I resigned, I called my bank and asked if I could get a basic bank overdraft facility just to give me some extra headroom to live on.

Honestly, I think if I had waited two weeks, I wouldn't have gotten it. It was just when the financial crisis started to really kick in, and I seriously doubt I would've gotten that line of credit.

Getting the first funding took the better part of a year.

I probably spoke to between 50 and 100 different investors.

It's really a dating game. You try to look appealing and interesting from a company point of view, but you mostly get rejections because the investor doesn't invest in your domain, you're too early, you're too late, or you don't fit their profile.

I paid out of my own pocket to travel to Japan, South Korea, and Singapore to meet potential customers. I wanted to pressure-test my idea, understand what they were struggling with, what their requirements were, and help mature my business case.

Eventually, I raised the equivalent of about $150,000 to $200,000. It was a very small amount, and we spent it in about six months. The minute we got the funding, we knew we had to continue fundraising immediately.

My wife, who was a school teacher at the time, has been very, very supportive. She never told me, "This is a stupid idea, go back and find a job."

With four kids, you can't just make that decision on your own. When we finally got the company off the ground, my wife and I made some adjustments to minimize the risk for my family.

We sold our apartment while we could still make a little money from it and rented instead, so we wouldn't risk having to sell at a loss if the company failed. We also sold our car and leased one instead.

I slaughtered my pension and took out the money. I thought, "I need it now. I'm not about to be retired anyway."

Throughout the life of a startup company, you're more or less in fundraising mode all the time. You always have to keep your eye on how long you have cash and where you're going to get your next funding. The worst thing that can happen is that you run out of cash.

If there's one recommendation I would give first-time founders, it's to prepare for things to take longer than they expect because they always do.

If you think you can do something in two years or three years, multiply that by two, at least.

If you plan financially for your cash to fund your plan as you lay it out, then you're going to be in a difficult situation because you're going to run out of cash before you've achieved the milestones you set out to achieve.

Engineers have to sell, too

Starting a company around 40 made me a different kind of founder. There were definitely things I had learned that I wouldn't have been without.

I had learned how to communicate with customers, how to find out what the market needed, and how to explain what I was doing and why it was a good idea.

Many engineers are obviously good at what they do technically, but they can have a big challenge explaining that to others.

When you're standing in front of investors, you have three minutes to explain what you're doing. You have to train to do that elevator pitch.

Nine years later, the company I cofounded, Merus Audio, was acquired by Infineon.

I stayed on to help with the integration, but I was really not looking to go back into the corporate world. I had already had that experience and I had really come to like the startup life.

Today, I'm CEO and an investor at Lotus Microsystems, another semiconductor startup.

I'm not a founder this time, but I feel ownership. I feel invested in the company.

Would I take that same risk again today as I did with Merus?

I think the answer is yes.

If you have that mentality of wanting to try something on your own, to build something, that is a major driver inside you. It gives you an enormous amount of energy and motivation.

When you do that, you can actually achieve a lot.