Jeremy Conrad at Hardware Innovation Summit 2013

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The 1-1/2 day event kicks off with a VC panel, "Pitch Your Prototype," and "Getting Started, case studies of maker pros with early stage products. The Innovation Showcase follows, a unique opportunity to casually engage with over two dozen makers who have their cutting-edge products and devices on display. Creating an almost magical atmosphere where hardware innovation and creative genius generates spirited ideation, the Innovation Showcase is not to be missed.

Wednesday was an all-star lineup with over 30 speakers representing leading entrepreneurs and thought leaders at the forefront of the maker movement. Investors, industrial designers, product development teams - anyone looking for insight into the early stage companies with the potential to change the global business landscape - should attend.

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Jeremy Conrad at Hardware Innovation Summit 2013

  1. 1. Jeremy ConradFounding partnerLemnos LabsIncubation: Mentorship and Resources
  2. 2. Jeremy Conrad, Partner@lemnoslabs
  3. 3. What is Lemnos Labs?• Lemnos Labs is a startup accelerator focused on early-stagehardware companies• Invests across a range of industries including:– Aerospace– Consumer Products– Connected Devices– Industrial Goods– Robotics– Process Engineering• Typical investment is between $50,000 - $100,000– In exchange for 2-10% of the common equity• Invest year round, not a class based model– Different industries take different amounts of time
  4. 4. We Reduce Financial, Technical,and Market Risk• Our program includes:– Mentorship from hardware startup founders & CEO’s– Warehouse space and lab equipment– Access to rapid prototyping facilities– Regular design and business reviews– Vetted manufacturers and consultants– Introductions to VCs and angel investors• At the conclusion of our program, we expect– A working prototype (usually gen 3 or 4)– Validated business model and go-to-market strategyDesign decisions made in the first 6 months play out over 1 to 2 yearsDesign decisions made in the first 6 months play out over 1 to 2 yearsLemnos Labs directly addresses the unique needs of hardware developmentLemnos Labs directly addresses the unique needs of hardware development
  5. 5. 5Selection processWhat is themarket sizeand path tomarket?Is the coretechnologyviable andscalable?Can whatthey’rebuilding bedone for ourmoneyand timeline?Is there aculture fit withthe partnersand otherentrepreneurs?KEYHARDWAREQUESTIONSDEAL FLOWCome from existingcompanies, PR, socialmedia, hostingevents and AngelListINITIALSCREENEvaluate foundingteam, technical riskand market sizeTECHNICAL SCREENIndustry experts,portfolio engineers,universitiesCOMMUNITYSCREENPortfolio CEO’s,mentor networkPARTNERMEETING
  6. 6. 6Why Now? Everything changedRequisite Then NowChips Custom CommodityTool Chain Expensive workstations andcustom toolsCheap laptop and cloud based toolsPrototype Dedicated machine shop andexpensive manufacturing partsTechShop, 3D printing, quick turn partsFunding Major corporations or VCs only Lemnos + KickStarter + AngelListCustomerValidationSuccess unknown until product inchannelCommunity as early testers and evangelistsLogistics 3 month from order to on-shelf Amazon Prime
  7. 7. 7Hardware went low cost and fast…Team SizeProductDevelopmentCustomerDevelopmentOperations Time Funding2Duct-tapedprototypeEarlyconversationsLemnos &TechShop< 6 months <$100K4-6FunctionalprototypesPilot customersSmall BatchManufacturers< 1 year$250-$1Mseed20+FirstProductionunitsRevenueCFM or In-House1.5 – 2 years$2-5M SeriesA
  8. 8. Delivers employee transportation solutionsto corporate campusesPortfolioTablet-based robotic platform thatenhances video calling.Iconic Sports Watch For WomenRaised $500k+ on KickstarterSproutling makes connected devices for modernparents. Answers the most important question-- "Is my baby breathing?"
  9. 9. PortfolioSmall Satellites for STEM Education.Raised over $100k on Kickstarter.Expected launch to orbit in 2013Auto pilots and embedded controls forUnmanned Arial Vehicles.Hamburger Making RobotMoving to Open First Restaurant,Significantly Lowers Labor CostsRFID enabled and touchpad-controlledrefrigerated kiosk that is open 24-7.World’s Best Coffee Maker
  10. 10. PortfolioSmall Satellites for STEM Education.Raised over $100k on Kickstarter.Expected launch to orbit in 2013Auto pilots and embedded controls forUnmanned Arial Vehicles.Hamburger Making RobotMoving to Open First Restaurant,Significantly Lowers Labor CostsRFID enabled and touchpad-controlledrefrigerated kiosk that is open 24-7.World’s Best Coffee Maker

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