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Crazy cool or boring - what good hardware startups look like

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The most spectacular or high tech might not be the best business. Boring and B2B is more often solving a real problem. We share a few examples from our robotics portfolio of startup trajectories.

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Crazy cool or boring - what good hardware startups look like

  1. 1. @benjaminjoffe - ben@hax.co Hi Poland!
  2. 2. @benjaminjoffe - ben@hax.co #1 Early stage hardware fund
  3. 3. @benjaminjoffe - ben@hax.co > 150 startups from US / EU / Asia
  4. 4. @benjaminjoffe - ben@hax.co Consumer Enterprise Industry Health
  5. 5. @benjaminjoffe - ben@hax.co Shenzhen & San Francisco
  6. 6. @benjaminjoffe - ben@hax.co @benjaminjoffe ben@hax.co
  7. 7. @benjaminjoffe - ben@hax.co But first, a little story…
  8. 8. Our Challenges • Seeing beyond the prototype • Imagining markets • Not getting over-excited by technology • Sense grit and resourcefulness Humble beginnings
  9. 9. Talk Summary • Find real needs • Simplify & make it cheaper • Be fast & frugal • Raising money isn’t cool, customers are
  10. 10. @benjaminjoffe - ben@hax.co Let’s talk robots
  11. 11. @benjaminjoffe - ben@hax.co What SciFi tells us
  12. 12. @benjaminjoffe - ben@hax.co What we have
  13. 13. @benjaminjoffe - ben@hax.co The next wave
  14. 14. @benjaminjoffe - ben@hax.co Consumer Enterprise Industry Health
  15. 15. @benjaminjoffe - ben@hax.co 2012 Makeblock
  16. 16. @benjaminjoffe - ben@hax.co 500+ Staff $36M funding B2C / B2G
  17. 17. Insights • Chinese + Shenzhen • Global mindset • Profitable from start!
  18. 18. @benjaminjoffe - ben@hax.co Would we fund this in 2018?
  19. 19. @benjaminjoffe - ben@hax.co 2014 Avidbots
  20. 20. Insights • ‘Canada factor’ • [Talent / Entrepreneurs] ratio is high • Gov pays back >35% R&D • Access to U.S., global mindset • Trade show => Customers (Singapore, Australia)
  21. 21. @benjaminjoffe - ben@hax.co 80 staff B2B
  22. 22. @benjaminjoffe - ben@hax.co Would we fund this in 2018?
  23. 23. @benjaminjoffe - ben@hax.co 2014 Cell Robotics
  24. 24. HOW MUCH??
  25. 25. @benjaminjoffe - ben@hax.co 35 staff B2B/B2G
  26. 26. Insights • ‘China factor’ • Enough funding for B2B / B2G pivot
  27. 27. @benjaminjoffe - ben@hax.co 2014 OpenTrons
  28. 28. @benjaminjoffe - ben@hax.co Raised $10M
  29. 29. @benjaminjoffe - ben@hax.co Would we fund this in 2018?
  30. 30. @benjaminjoffe - ben@hax.co 2014 Sprite Robotics / Petronics
  31. 31. @benjaminjoffe - ben@hax.co +
  32. 32. Insights • ‘Illinois factor’ • PhDs • Persistence • 1 believer • High tech at low cost
  33. 33. @benjaminjoffe - ben@hax.co 2015 Simbe Robotics
  34. 34. @benjaminjoffe - ben@hax.co Supermarket inventory
  35. 35. U.S.A.
  36. 36. Insights • Willow Garage • “Prototype effect” • Milestones: Launch video + pilot customer
  37. 37. @benjaminjoffe - ben@hax.co Would we fund this in 2018?
  38. 38. @benjaminjoffe - ben@hax.co 2016 Trainerbot
  39. 39. + ?=
  40. 40. @benjaminjoffe - ben@hax.co Thesis: Robots will teach humans
  41. 41. 1 prototype / week !
  42. 42. @benjaminjoffe - ben@hax.co 2016 Flash Robotics
  43. 43. @benjaminjoffe - ben@hax.co Seniors? Kids?
  44. 44. Insights • Time to market • Consumer price • Persistence • Customer pivot
  45. 45. Polish Product of the Future competition (20th Edition) Special Award by Jadwiga Emilewicz, Minister of Entrepreneurship and Technology
  46. 46. @benjaminjoffe - ben@hax.co 2017 Plecobot
  47. 47. @benjaminjoffe - ben@hax.co Would we fund this in 2018?
  48. 48. @benjaminjoffe - ben@hax.co 2017 Youibot
  49. 49. @benjaminjoffe - ben@hax.co Vehicle inspection
  50. 50. Insights • Clear pain point • First application • Industry partner (Michelin)
  51. 51. @benjaminjoffe - ben@hax.co Before I go…
  52. 52. Unsupervised A.I.
  53. 53. @benjaminjoffe - ben@hax.co Recent acquisition
  54. 54. John Deere buys Blue River for $305M 2012 2017
  55. 55. @benjaminjoffe - ben@hax.co On Indiegogo
  56. 56. @benjaminjoffe - ben@hax.co Automation with A.I. has a bright future
  57. 57. Overall • SciFi is mostly wrong • The bar keeps raising • More B2B • More A.I. / ML
  58. 58. Summary • Find real needs • Simplify & make it cheaper • Be fast & frugal • Raising money isn’t cool, customers are
  59. 59. If (! + " + #$%&' + ( + )) then *+
  60. 60. @benjaminjoffe - ben@hax.co Dziękuję ! @benjaminjoffe ben@hax.co

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