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THE WORLD IS OURS TO MAKE
FROM IDEA TO MARKET.HOW TO BUILD A HARDWARE STARTUP
Agnieszka Nazaruk@agaonfire
What do these have in common?
Just a few years back, they would have taken a corporate empire to
design, build and market these products + a looooot of cash...
Thankfully you don’t need that in 2015...
The difference between a project and a product is the difference between
making one and making many
6The 3rd Industrial Revolution IS UPON US!
01 RAPID PROTOTYPING AND SMALL BATCH MANUFACTURING
03 GROWING HARDWARE ECOSYSTEM
02 CROWDFUNDING AND MORE VC FUNDING
04 ONLINE COMMUNITY
05 AFFORDABLE SUPPLY CHAIN
„Hardware is the new software”
Erick Schonfeld
01 RAPID PROTOTYPING AND SMALL BATCH MANUFACTURING IS EASIER THAN EVER
02 RISE OF CROWDFUNDING AND INCREASED HARDWRE FUNDING
$529 million pledged towards successfully funded projects on Kickstarter in 2014.
03 HARDWARE ECOSYSTEM IS GROWING
04 SUPPLY CHAIN IS BETTER, CHEAPER, FASTER AND EASILY SCALABLE
05 ONLINE COMMUNITY
Welcome to The NEW, Programmable World of HARDWARE!
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14
YOUR HARDWARE ROADMAP
FUND SHIPPROTOTYPEIDEA
MVP DFMMFP
BUILD$
HOW HARD CAN IT BE?
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17HARDWARE ROAD MAP
FUND SHIPPROTOTYPEIDEA BUILD$
SCALE
ITERATEITERATE ITERATE
BUILD COMMUNITY (Email, Social Media etc)
BRANDPOSITIONING
USP
PITCHINGPR
RELATIOSNHIP WIH BLOGGERS,
JOURNALISTS AND INFLUENCRES
LAUNCH!
VALIDATE
FIGURE OUT HOW TO KEEP ON SEELING!
DISTRIBUTIONFULLFILMENTFUNDRAISING
NEW RULES OF THE GAME
20
www.companyname.com© 2015 Planner PowerPoint Template. All Rights Reserved.
HARDWARE IS NOT SOFTWARE
Skills Development Cycle Cash
21
www.companyname.com© 2015 Planner PowerPoint Template. All Rights Reserved.
Start with IdeaLorem ipsum dolor sit
amet, consectetur
PrototypingIndustrial DesignFirmwareGerberCAS
MarketingPR BrandingVideo
TestingSourcingNegotiationAssemblyToolingQuality Management
FundraisingFulfilment Distribution
22
www.companyname.com© 2015 Planner PowerPoint Template. All Rights Reserved.
VS
23
www.companyname.com© 2015 Planner PowerPoint Template. All Rights Reserved.
Hardware is a CASHFLOW BUSINESS
It takes money to get to the market and even more money to scale your
company. This means that your funding strategy is second priority only to
creating an amazing product.
Marc Barros, founder of contour
24
www.companyname.com© 2015 Planner PowerPoint Template. All Rights Reserved.
+
$10M +
-$25k
Friends & FamilyGrants
Seed
Series ABridge
of DeathCrowdfundingCROWDFUNDIN
G
$100k-
$1mln
Accelerator
$25-$500k
%
$$$
time
Pre-orders
Debt
IDEA
HARDWARE ROAD TO SUCCESS
$
A Winning Hardware Idea CHECKLIST
BUILD THE RIGHT THING
The question is not any more whether we can build it but whether what we are building is worth while
Cyril Ebersweiler, HAX
Source: http://www.slideshare.net/haxlr8r
HW+ SW+ Community
We make growing really, really simpleWe’re focused on what’s importantYOUR CROP
HARDWARESOFTWARE
COMMUNITY
THE ARC
Build an Experience not a Product!
PROTOTYPE
HARDWARE ROAD TO SUCCESS
$
PROTOTYPE
MVP MFP DFMMinimum Valuable
Product Minimum Functional Prototype
Designed For Manufacturing,
assemble, test and cost
MINIMUM • Build it at home – use Alibaba, maker
spaces, laser cutters • Stock up on duck tape • Use ready made solutions• Iterate with customers as much as
possible – both look alike and work alike prototypes
YOU DONT GET A SECOND CHANCE
Iterate like your life depends on it
FUNCTIONAL FULLY INTEGRATED WORK ALIKE and
LOOK ALIKE PROTOTYPE WITH DESIGN INTENDED
TO BE PRODUCTION
READY
MANUFACTURING READY FOR
Welcome to manufacturing madness
„NO HARDWARE SURVIVES CONTACT WITH THE FACTORY”
CYRIL EBERSWEILER, HAX
Source: http://www.slideshare.net/haxlr8r
Source: http://www.slideshare.net/haxlr8r
SHENZHEN, CHINA“All Hardware Lead To Shenzhen”
Welcome To Silicon Valley For Hardware:
PROTOTYPE FASTER
&BETTER
ALL THE COMPONENTSYOU
MIGHT EVER NEED10 Minutes Away
from The Office
INTEGRATEDSUPPLY CHAIN
“China has the MOST COMPLETE integrated supply chain which will scale you all the way to
$1billion compay”
DEVELOP RELATIONSHIPS
WITH FACTORIES
CENTURIES OF EXPERIENCE
“Factory Engineers can look at a product and
tell you if what you have can be made and how to
do it” – Bunnie Huang, Hardware
Hacker
FUND
HARDWARE ROAD TO SUCCESS
$
$
It’s NOT ONLY ABOUT MONEYVALIDATION SOCIAL PROOFCOMMUNITY
BUILDING
Lessons Learned
FACTOR IN COSTS AND DELAYSCHECK YOUR MARGINS, FUNDED DOES NOT MEAN PROFITS
PREPARATION IS THEY KEY
MASTER THE ART OF LAUNCH, PR and MOMENTUM BUILDING
YOU HAVE 4 hours!
BEFORE LAUNCH
CROWDFUNDING CHECKLIST
#1.
BUILD A STRONG COMMUNITY
150k Beta Testers prior To campaignSkully. $2.4 mln
#2. CONNECT AND LINE UP
JOURNALISTS, BLOGGERS AND INDUSTRY INFLUENCERS
100 Bloggers on board
24k Journalists Contacted
10 Media Appearances
5k email List1 Private Group For Supporters
1 Full time Assistant
#3. KNOW YOUR NUMBERS
Be 100% sure you can build it and KNOW HOW MUCH IT WILL COST!
Factor in ALL the costs + DELAYS COGS /BOM
ManufacturingShipping + Distribution
FUNDING FORMULA
# EMAIL SIGNUPS
AVERAGE PLEDGE
CONVERSION RATEX X
= FUNDING GOAL
FUNDING FORMULA
# EMAIL SIGNUPS AVERAGE PLEDGE CONVERSION RATEX X
= 100k
FUNDING GOAL
X $200 10
ANATOMY OF A 100k KICKSTARTER PROJECT
$100k - $5k (Kickstarter Fee - 5%)
- $5k (Amazon Payment Fee 5%)- $30k COGS (1/3 of sales)
- $20k Tooling= $40k for a team for a year
+ Other costs Certifications, Returns, Fulfillment, Marketing
Ultimate Guide to Launching a Kickstarter:
How to have hundreds of blogs lined up on the day of launch
Access our launch emails, email templates for journalists, bloggers and more
How to Build and use your community to optimize for virality and shareability
Step by step blueprint for crushing your goal:
http://sheisonfire.com/kickstarter
Source: Hax.coSource: http://www.slideshare.net/haxlr8r
BUILD
HARDWARE ROAD TO SUCCESS
$
But.. Expect the Unexpected to
Happen
SHIP
HARDWARE ROAD TO SUCCESS
$
Distribution Certifications
RetailOrders fulfillment and inventory management,
Shipping, Returns and support
ULTIMATELY, ITS NOT ABOUT LOGISTICS, ITS ABOUT
YOUR BUSINESS STRATEGY
SCALE
HARDWARE ROAD TO SUCCESS
$
SHIP FAST, SCALE SLOW
73
www.companyname.com© 2015 Planner PowerPoint Template. All Rights Reserved.
$10M +
-$25k
Friends & FamilyGrants
Seed
Series ABridge
of DeathCrowdfundingCROWDFUNDIN
GAccelerator
$$$
time
Pre-orders
Debt
THE RETAIL CHASM
SCALING REQUIRES HEALTHY CASH FLOW , OTHERWISE YOU MIGHT END UP SCALING A MONEY-LOOSING
BUSINESS
Benjamin Joffee, Hax.co
Source: http://www.slideshare.net/haxlr8r
76BIGGEST HARDWARE LESSONS
01 BUILD THE RIGHT THING
04 KNOW YOUR NUMBERS
02 CASH IS THE KEY
BE IN FOR A LONG RUN05
GET HELP03