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1. The world of hardware startups
2. Customer development
3. Prototyping
4. Minimum Viable Credibility
TODAY’S PLAN
The World of Hardware Startups
PROBLEM SOLUTION
ART
BUSINESS
DIFFERENT
BETTER
HAX looks at 4 things
• What is the TEAM experience and skills
• How is the PROTOTYPE
• Is there a big enough MARKET for it
• Is it HARD to do / how much BETTER / Is it DEFENSIBLE
In addition• Existing SALES?
• Any MEDIA?
• Is it the right TIME?
• Is it the right PRICE? (proof?)
• Why do you CARE?
• Can we improve FOUNDER/PROBLEM/SOLUTION FIT?
MUCH BETTER
Speed Price
Quality UX
10x != TOTALLY NEW
Do people need it? You are building a new market.
It’s much harder.
or
BETTER OR DIFFERENT?
New MARKET or new SEGMENT?
SCIENCE
Biotech, Nanotech, Materials, Medicine,
etc.
SOFTWARE
Algorithms AI
ECOSYSTEM
Supply + Distribution Developers
Users
DO SOMETHING HARD!
2,000V-19,000V (<500 microamps)Liquid polymer Prints fabric!
400 BACKERS + $70,000
40,000 BACKERS + $2M
Customer Development
It’s people!
GET OUT OFTHE BUILDING
Problem Discovery
• Not your solution!
• Is the problem real? Vitamin or Painkiller?
• What solutions exist?
• Do people pay for them? How much?
• Can you do MUCH better on at least ONE parameter?
Toyota’s “Five Why”
Solution Discovery
• Explain the benefits
• Test the price
• Beware of false-positives
HATE YOU
DON’T CARE
LOVE YOU
The reality? You don’t always have this luxury
Pivot: Slumbor
Darma
Prototyping
Stages• Mockups
• Work-like
• Look-like
• Work-like-look-like
• DFM-ready
• ENGINEERING + DESIGN DEBT INCREASES
Depending on how you start…
• Problem? Solution? University? Bootstrapping?
• Cardboard / Mockups / 3D printing (form factor)
• Breadboard
• Pi / Arduino (/ CHIP)
• Your own PCB(s)
Once it works…• Increase iterations speed
• We take startups to Shenzhen for that
• 1-day PCB
• Same day components from the market
• Stencils
• 3D printing, machining, etc.
• Soldering people
• Suppliers! (custom-made lenses?)
One week in Shenzhen =
One month in Silicon Valley?
Shenzhen
Hong Kong
HAX 5
$500k
1 year
3 months
Minimum Viable Credibility
Milestones• It works
• It looks good
• It’s manufacturable
• You have money to make it
• You have some distribution
• You have growth
You need timely resources
• Skills
• Time
• Money
What do people buy?
• Vision (the world with your thing)
• Team / Experience
• Execution
• Design
STARTUPS PROGRAMS
(80) 7
YEARS
3
DAYS FOUNDERS& MENTORS
111 300
LOW-COSTROBOTICS
HEALTH +
WELLNESS
LIFESTYLE+
HCI
+++ +++ ++ +
SMART HOME
+IOT TOOLS
+EDUCATION
…and self-taught creators!
STARTUPS SELECTED RATE
1,000 30 3% $25k-$100k
EQUITY
$200k
MATCHING FUNDS
“FULL STACK” ACCELERATOR
Prototype
Accelerator ($25k-$100k)Shenzhen
Launch Make Sell
+$200k BoostSan Francisco
USA+
CANADAEUROPE
CHINA+
ASIA
60% 20% 20% 2/3
B2C
35
KICKSTARTER
$1M+$500K$100K<
LIVE!LIVE!
KICKSTARTER.COM / HAX
“#1 VC in crowdfunding”
ARIA
LAUNCHING THIS MONTH
Already $20M-$50M within 2 years
Early HAX startups
OTHER NOTABLE STARTUPS
YEARS IN ASIA
China, Japan, South Korea…
INDUSTRIEStelecom, web,
mobile, gaming, hardware
ANGEL INVESTMENTS
15 5 13 > 40KEYNOTES,
PANELS(past 12 months)
12COUNTRIES
China, Japan, Korea, HK, Taiwan, USA,
Canada, UK, France, Austria, Germany,
Finland
PAGES
192 130,000
VIEWS
