CEO rejected a $500,000 windfall, now his business worth $633 million.

Jake Loosararian had less than $135 in his bank account.

In 2015, he had been struggling to grow Gecko Robotics, a Pittsburgh-based startup he launched after graduating from college with wall-climbing robots that scanned infrastructure for structural issues. When a customer unexpectedly offered to buy the company for $500,000, the offer was transformative and left him stunned.

Loosararian says that the money he received from Running Gecko led him to some deep, dark places, both literally and figuratively. He had to empty his bank account, sleep on friends' floors, and work in hot, dusty, eerie power plant boiler rooms. He often thought about walking away.

He rejected the customer's offer anyway.

Gecko, valued at $633 million, has clients including the U.S. Navy and Air Force, and ranked 42nd on the 2024 CNBC Disruptor 50 List in May.

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The growth of Gecko was dependent on another meeting that Loosararian attended the same week as the acquisition offer. During this meeting, he spoke with two representatives from Silicon Valley startup accelerator Y Combinator, which has helped launch companies like Airbnb, Reddit, Dropbox, and Stripe. Although Loosararian was not familiar with Y Combinator at the time, the representatives convinced him to submit an application.

Gecko, a startup that received Y Combinator's standard $125,000 investment, now has an initial valuation of nearly $1.8 million and access to the accelerator's network of bigger investors. However, within months, the company turned down another investment offer from a "very renowned" billionaire investor that would have valued Gecko at $10 million.

'Ultimately, the question was: What do I hold as my most deeply-held belief?'

If Loosararian had accepted the first $500,000 offer from a company that built power plants, Gecko may never have reached its current state. "It's damn hard to turn down half a million dollars when all you had was 100 bucks," Loosararian says.

The billionaire's investment offer was tempting, with Gecko set to receive $2 million in funding and Loosararian retaining a majority stake of over 70% in his startup. However, there was a catch: Gecko had to establish its headquarters in San Francisco and manufacture its robots in a lab, rather than Loosararian's preferred approach of field testing and making on-site adjustments.

Loosararian, who has witnessed numerous robotics startups fail due to testing and assembly solely in labs, believes that building robotics must be done near customers in the field.

"He exclaims, "Someone has offered me $2 million for a $10 million valuation? That's absolutely ludicrous and insane!" However, he continues, "Ultimately, it boiled down to this: What is the belief that I hold most dear? What will help not only me grow as a person but also make this company reach its full potential, all while pursuing a mission that now has greater clarity and visibility?""

While it may be challenging to rely on your instincts when facing financial hardship and a sudden influx of money, this approach is often recommended by successful leaders who have climbed the corporate ladder by taking calculated risks.

In Steve Jobs' opinion, as shared with writer Walter Isaacson, intuition is more powerful than intellect.

Gecko's founder, Loosararian, secured seed funding worth nearly $14 million after pitching a room full of investors at Y Combinator's Demo Day, despite feeling nervous and throwing up right before his presentation.

"Loosararian declares, "I refuse to let you dictate how to manage this company, as you have no greater expertise in the power sector, robotics, or software than I do.""

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