Upcoming SlideShare
Creating the Virtuix Omni VR Platform // Jan Goetgeluk, Virtuix (FirstMark's Hardwired NYC)
- 1. A Hardware Startup Story Jan Goetgeluk CEO, Virtuix Inc.
- 2. Until recently, virtual reality was not ready Source: www.doolwind.com
- 3. Virtuix Omni: omni-directional treadmill for VR PLAY
- 4. Company Snapshot Virtuix Omni™ • First ever virtual reality platform for moving freely and naturally in video games • $699 price $1.1 million Kickstarter campaign in July 2013 $8 million raised by investors to date • Investors include Mark Cuban, Maveron, Tekton Ventures, Scentan Ventures, Scout Ventures, WTI, and Startcaps Ventures 31 employees; Offices in Austin / Menlo Park / Zhuhai President / COO in China $2.0MM+ pre-order revenues (4,000+ units)
- 5. Timeline of events 2007 2008 2009 2010 2011 2012 2013 2014 US Arrival MSME MBA at Rice University J.P. Morgan IB Start of Omni development
- 6. Don’t Look For Opportunities Look For Problems
- 7. Ideas Are Worth $0 Execution To Commercial Viability Creates Value
- 8. Timeline of events 2007 2008 2009 2010 2011 2012 2013 2014 US Arrival MSME Quit JPM Start of Virtuix MBA at Rice University J.P. Morgan IB Start of Omni development
- 9. Timeline of events Q1’13 Q2’13 Q3’13 Q4’13 Q1’14 Q2’14 Q3’14 Q4’14 $1.1MM Kickstarter campaign
- 10. Timeline of events Q1’13 Q2’13 Q3’13 Q4’13 Q1’14 Q2’14 Q3’14 Q4’14 $1.1MM Kickstarter campaign Shark Tank
- 11. Fundraising is the hardest part Get used to getting rejected Chicken vs. The Egg: no one wants to put in the first $100 6-month process $3MM Round completed in April 2014 • Ended up turning away $1MM from 38 investors after upsizing by $1MM • SeedInvest: equity crowdfunding component • Institutional investors: Mark Cuban, Maveron, Tekton, and others
- 12. Timeline of events Q1’13 Q2’13 Q3’13 Q4’13 Q1’14 Q2’14 Q3’14 Q4’14 $1.1MM Kickstarter campaign Shark Tank Seed Round 1 complete $3MM raised Add’l $1MM venture debt Seed Round 2 complete $3MM raised Again over-subscribed
- 13. Timeline of events Q1’15 Q2’15 Q3’15 Q4’15 Q1’16 Q2’16 Q3’16 Q4’16 $1MM add- on round Delivery of first Omni unit CES 2016 Top Pick Winner Preparing for Series A
- 14. Parting Thoughts Entrepreneurship requires determination, hard work, and constant hustling Certain level of ignorance helps Get the right people on the bus and the wrong people off the bus ASAP • When the right people work on the right problems, magic happens Keep your costs down
- 15. Thank You
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