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From Idea to Market. How to build a hardware startup
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We are on the verge of hardware revolution. In this slideshare we share our journey from idea to the market, talk about how hardware is different from software, enablers of hardware revolution, stages of hardware development, prototyping, crowdfunding and manufacturing.
Agnieszka NazarukFollow
Founder at TheMovementAthleteAdvertisement
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From Idea to Market. How to build a hardware startup
- 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
- 6 The 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
- 01RAPID 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!
- www.companyname.com © 2015 Planner PowerPoint Template. All Rights Reserved. 14 YOUR HARDWARE ROADMAP FUND SHIPPROTOTYPEIDEA MVP DFMMFP BUILD $
- HOW HARD CAN IT BE?
- www.companyname.com © 2015 Planner PowerPoint Template. All Rights Reserved. 17 HARDWARE ROAD MAP FUND SHIPPROTOTYPEIDEA BUILD $ SCALE ITERATEITERATE ITERATE BUILD COMMUNITY (Email, Social Media etc) BRAND POSITIONING USP PITCHING PR RELATIOSNHIP WIH BLOGGERS, JOURNALISTS AND INFLUENCRES LAUNCH! VALIDATE FIGURE OUT HOW TO KEEP ON SEELING! DISTRIBUTION FULLFILMENT FUNDRAISING
- 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 Prototyping Industrial Design Firmware Gerber CAS Marketing PR Branding Video Testing Sourcing Negotiation Assembly Tooling Quality Management Fundraising Fulfilment 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 & Family Grants Seed Series A Bridge of Death CrowdfundingCROWDFUNDING $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 important YOUR CROP HARDWARESOFTWARE COMMUNITY THE ARC
- Build an Experience not a Product!
- PROTOTYPE HARDWARE ROAD TO SUCCESS $
- PROTOTYPE MVP MFP DFM Minimum 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 COMPONENTS YOU MIGHT EVER NEED 10 Minutes Away from The Office
- INTEGRATED SUPPLY 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 MONEY VALIDATION SOCIAL PROOFCOMMUNITY BUILDING
- Lessons Learned FACTOR IN COSTS AND DELAYS CHECK 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 campaign Skully. $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 List 1 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 Manufacturing Shipping + Distribution
- FUNDING FORMULA # EMAIL SIGNUPS AVERAGE PLEDGE CONVERSI ON RATE X 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 Retail Orders 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 & Family Grants Seed Series A Bridge of Death CrowdfundingCROWDFUNDING Accelerator $$$ 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
- 76 BIGGEST HARDWARE LESSONS 01 BUILD THE RIGHT THING 04 KNOW YOUR NUMBERS 02 CASH IS THE KEY BE IN FOR A LONG RUN05 GET HELP 03
- DO IT! THANK YOU agnieszkanazaruk@gmail.com @agaonfire www.sheisonfire.com/kickstarter
Editor's Notes
- Just a few years ago, it would have taken a corporate empire to design, build, and market a hardware game-changer like Apple’s AAPL -1.00% iPhone. Today, there’s far more hope — and excitement — surrounding the little guy, and for good reason.
- There are companies which ar emaking it easier China has the hwhole chain Distribution channels;Grand St, gadget marketplace Tindie, Shoplocket provide ,means to easily reacg cosumers without needing to go through big box retailers.
- I wanna invote you to be a part of this revolution
- Drag your picture and Send to Back
- What most hardware entrepreneurs underestimate is just how hard it is to bring a whole system — engineering, design, testing, packaging, supply chain, certifications, documentation, logistics, and so on — together into a product ready for mass adoption. It takes multiple iterations to make a hardware product truly amazing, so it’s a mistake to expect hardware startups to deliver Apple-like quality when they don’t have that type of experience. That’s why we always hear stories about much-hyped Kickstarter projects’ failed deadlines.
- Yuou ar eprototyping tolearn - it’s the mosyt important fundamental reason to do so. - you should be leanring form each prototype – showing it to potential users, demoing it fo r VCs to proof concept, and leraning about the prices Prototype is here to communicate your idea Prototype early and often – craft your prototype to your audience “if you bring I to a meeting of designers you can bring rough foamcore, if you are bringing it to a meeting with VCs make sure you brough something more clean Show different prototypes to different audiences – look alike – like rendres, work alike Don’t be afraid to show a very rough version Get your hands dirty – go and do laser cutting in techshop Get it out in the frnt if the users asap and learn form then Use scla emodels if needed Tools for quick prototyping – eg paper Work alike and looks like prototypes Works like – focuses on a core functionality of hthe product to make sure the technical challenges have been met and fundamental subsystems work – sensors mechanisms or connevtivity solutions Looks like prototype focuses n the form, easthetics and esign language and ergonomics to emphasize the look and feel regardless of functionalitu It helps to isolate the feedback and determine both the deisgna dn the functionality – hence its good toget feedback separately on both ofthese things Use teardownd – taking apart competitors products can be helpful. Ifixit is the best resources for well documented teardowns of common products Component selclection How each part has been manufactured How the product ws assembled
- You wanna start icorpoatinb DFM here and this si where things usually get hard
- The purpose of a minimum viable product or “MVP” is to get to market quickly, learn from customers, and iterate based on the results. Unlike in software, though, a hardware MVP isn’t about searching for a repeatable business model: People either buy the product, or they don’t. A great hardware MVP is about the fastest path to cash — while still delivering a simple but good product. Because hardware is a cash-flow business, and that filter drives a lot of product decisions.
- Can be hard an dexpensive transition Amaking amnay is a different game During the oprototyping you will make decisions which will affetct that stage – its good toprototype with manufacturing I The TIMING – if you apperach too early the might not take your seriousl – if its too late they might not be able to roduce what you want – and you will have to build it all over gaian
- If you have done most of your work before the corwwfudnig launch you would thing that this part will be easy. That s
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