19. Waterfall / Product Management
Execution on Two “Knowns”
Requirements
Product Features: known
Design
Implementation
Verification
Customer Problem: known Maintenance
Source: Eric Ries
http://startuplessonslearned.blogspot.com
20. Waterfall / Product Management
Execution on Two “Knowns”
Requirements
Product Features: known
Design
Implementation
Verification
Customer Problem: known Maintenance
Source: Eric Ries
http://startuplessonslearned.blogspot.com
24. Search Execution
Strategy Business Model
Operating Plan +
Hypotheses
Financial Model
Process Customer & Product Management
& Agile Development
Agile Development
30. Founders run a
Customer Development Team
No sales, marketing and business
development
31. Search Execution
Strategy Business Model
Operating Plan +
Hypotheses
Financial Model
Customer Development, Product Management
Process
Agile Development Agile or Waterfall Development
Customer Functional Organization
Organization
Development Team, by Department
Founder-driven
32. Search
Strategy Business Model
Hypotheses
Process
Customer Development,
Agile Development
Organization
Customer Development
Team, Founder-driven
33. Search Execution
Strategy Business Model
Operating Plan +
Hypotheses
Financial Model
Process Customer Development, Product Management
Agile Development Agile or Waterfall Development
Organization
Customer Development Functional Organization
Team, Founder-driven by Department
44. Business Model Canvas
building
block building
building
building block
block
building block
building block
block
building
building block
building block building
block block
building building building building
block block block block
59. Web/Mobile Versus Physical
Customer Customer
Discovery Validation
Pivot
•Web/Mobile startups run faster
•Different process steps for web vs. physical
•Customer Relationships are radically different
69. 20 interviews, 6 site visits…
We got OUR Boots dirty
Mowing
Interviewed:
• Golf: Stanford Golf course
• Parks: Stanford Grounds Supervisor, head of maintenance and
lead operator (has crew of 6)
• Toro dealer (large mower manufacturer)
• User of back-yard mowing system
• Maintenance Services for City of Los Altos
• Colony Landscaping (Mowing service for stadiums)
Weeding
Visited two farms in Salinas Valley to better understand problem
Interviewed:
• Bolthouse Farms, Large Agri-Industry in Bakersfield
• White Farms, Large Peanut farmer in Georgia
• REFCO Farms, large grower in Salinas Valley
• Rincon Farms, large grower in Salinas Valley
• Small Organic Corn/Soy grower in Nebraska
• Heirloom Organics, small owner/operator, Santa Cruz Mts
• Two small organic farmers at farmers market
• Ag Services of Salinas, Fertilizer applicator
70. Business Plan
Autonomous Vehicles for Mowing & Weeding
- Innovation Dealers sell, installs Mowing
- Dealers - Customer We reduce and supports - Owners of
(Mowing and Ag) Education operating cost customer public or
- Vehicle OEMs - Dealer training - Labor reduction commercially
(John - Better utilization Co. trains used green
Deere, Toro, Jaco of assets (eg mow dealers, supports spaces (e.g. golf
bsen, etc) or weed at nights) dealers courses)
- Improved - Landscaping
- Research labs Engineers on performance (less - Mowing Dealers
service provider
Autonomous rework, food - Ag Dealers
vehicles, GPS, pat safety) Weeding
h-planning - Farmers with
manual weeding
operations
Dealer discount Asset sale
COGS seek a 50-60% Gross Margin Our revenue stream derives from selling the
Heavy R&D investment equipment
71. Found weeding in organic crops is HUGE
problem; 50 - 75% of costs
Crews of 100s-1000
Back-breaking task
(Ilegal) labor harder to get
1-5 weedings per year/field
$250-3,500 per acre and
increasing
Food contamination risk
72. Decision to make – mowing vs weeding
Application If ROI is < 1 Labor costs Autonomous TAM
yr they will significant? would solve
buy problem?
Mowing of Yes. Yes Yes Adjusted up to
Professionally xxx
large fields run
organizations
Weeding in Agri Industry: YES! for TAM increased
YES! organic crops Not necessarily to $2.6 B (Total
Agriculture organic)
Large They are Key need is
Growers: Yes spending weed vs. crop Target Market
$500/ac! differentiation (organic
Small specialty)
Growers: No 162 M/yr
18%/yr growth
73. Autonomous vehiclesWEEDING
- Innovation Dealers sell, installs - Low density
- Ag Dealers - Customer We reduce and supports vegetable
- Ag Service Education operating cost customer growers
providers - Dealer training - Labor reduction - High density
(100 to 1) Co. trains dealers, vegetable
- Research labs - Reduced risk of supports dealers growers
contamination - Thinning
- Mitigate labor operations
Engineers on availability - Ag Dealers
- Conventional
Machine Vision concerns - Ag Service
vegetables
Two problems: providers
- Identification
- Elimination
Dealer discount Asset sale
COGS seek a 50-60% Gross Margin Our revenue stream derives from selling the
Heavy R&D investment equipment
75. CarrotBot
• Machine Vision data
collection platform
– Monochrome & Color
Cameras
– Laser-line sweep (depth
measurement)
– Encoders
CarrotBot 1.0
(position/velocity)
– Onboard data acquisition
& power
76. The Business Plan Canvas Updated
•Technology •Farming
Design conventions.
•Marketing •Demo, demo, a
•Demo and nd demo!!
customer •Cost •Proximity is •Organic
•Research Labs feedback paramount Farmers
Reduction
•Equipment •Weeding
•Remove labor
Manufacturers Service
force pains
•Distribution Providers
•Eliminate bio-
Network •Conventional
waste hazards
•Service •IP – Patents Farmers
Providers •Video •Dealers
Classifier Files •Direct Service
•Robust •Indirect Service
Technology • … then Dealers
•Asset Sale
Value-Driven •Direct Service with
equipment rental
•… then Asset Sale
77. Visit Highlights
Carrot vs. Weeds
Due to small root systems, carrots have no chance against weeds
80. Customer Hypothesis
Pre-Test
Large
Growers
Us Dealer
Industrial
Growers
Hypothesis Confirmed
• Growers interested in own equipment
Industrial • Industrial (10,000s of acres)
Growers • Large (1,000s of acres)
Post-Test • Willing to pay $100k for one unit
Large
Growers • Smaller growers (100s of acres) usually
Us Dealer subcontract the labor services or rent
Service equipment
Providers
• All purchases through local dealers
Equipment •Customer service is essential
Rental
81. Customer Map #1 – Industrial Growers
Example: Bolthouse Farms – Large Industrial Carrot Producer – 8K acres/yr
End User • Equipment Operator
Influencer • Local Farm Mgr
• Cliff Kirkpatrick, visited
Recommender • Director, Ag Technology Equipment Operator
• Justin Grove, interviewed
Decision • VP, Growing Operations
Maker
Approver • CFO, CEO (Jeff Dunn)
Cliff, Farm Mgr
82. Customer Map #2 – Service Providers
Example: Ag Services – Service Provider, Salinas Valley
End User • Equipment Operator
Influencer • Grower
Recommender • Service Mgr
Me (left), Marty (middle, Service Mgr), Doug
(right, Grower)
Decision Maker • ?? (service mgr’s boss)
& Approver
83. The Business Plan Canvas Updated
•Technology •Farming
Design conventions.
•Marketing •Demo, demo, •Mid/Large
•Demo and and demo!! Organic Farmers
customer •Cost •Proximity is •Agricultural
•Research Labs feedback paramount
Reduction corporations
•Equipment
•Remove labor •Weeding Service
Manufacturers
force pains Providers
•Distribution
•Eliminate bio-
Network
•Service •IP – Patents
waste hazards •Mid/Large
Providers •Video •Direct Service Conventional
Classifier Files •Indirect Service Farmers
•Robust • … then Dealers
Technology
•Direct Service with
equipment rental
Value-Driven •($1,500/d; 120d/yr )
•Low density: $1,500/d
•High density: $6,000/d
84. World Ag Expo interviews:
the need is real and wide spread
• 10+ interviews at show
– Everyone confirmed the need
– Robocrop, UK based, crude
competitor sells for $171 K
• Revenue Stream
– Mid to small growers prefer a
service
– Large growers prefer to buy, but
OK with service until technology
is proven
– Charging for labor cost saved is
OK, as we provide other benefits
(food safety, labor availability)
Confidential
85. The Business Plan Canvas Updated
•Technology •Farming
Design conventions.
•Marketing •Demo, demo, a •Mid/Large
•Research Labs •Demo and nd demo!! Organic Farmers
•Equipment customer •Cost •Proximity is •Agricultural
Manufacturer feedback Reduction paramount corporations
•Distribution •Remove labor •Weeding Service
Network force pains Providers
•Service •Eliminate bio-
Providers
•IP – Patents
waste hazards •Mid/Large
•2 or 3 Key
•Video •Direct Service Conventional
Farms
Classifier Files •Indirect Service Farmers
•Robust • … then Dealers
Technology
Value-Driven •Direct Service with
• R&D equipment rental
• Bill of Materials •Low density: $1,500/d
• Training & Service •High density: $6,000/d
• Sales
86. Autonomous weeding - Final
- Innovation Direct - Low density
- Ag Service - Customer We reduce - Provide high vegetable
providers Education operating cost quality service at growers
- Dealer training - Labor reduction competitive price - High density
- Research (100 to 1) vegetable
Institutes (eg UC - Reduced risk of growers
Davis, Laser contamination - Thinning
Zentrum - Mitigate labor operations
Hannover) Engineers on availability Direct
- Conventional
Machine Vision concerns - Alliance with
vegetables
- 3-4 key farms Two problems: service providers
- Identification - Eventually sell
- Elimination through dealers
Costs for service provision Service provision
COGS seek a 50-60% Gross Margin - Charge by the acre with modifier according to
Heavy R&D investment weed density
- Eventually move to asset sale
87. Business Plan
Autonomous Vehicles for Mowing
- Innovation Dealers sell, installs Mowing
- Dealers (Mowing - Customer We reduce and supports - Owners of
and Ag) Education operating cost customer public or
- Vehicle OEMs (John - Dealer training - Labor reduction commercially
Deere, Toro, Jacobse - Better utilization Co. trains dealers, used green
n, etc) of assets (eg mow supports dealers spaces (e.g. golf
or weed at nights) courses)
- Research labs - Improved - Landscaping
Engineers on performance (less - Mowing Dealers
service provider
Autonomous rework, food - Ag Dealers
vehicles, GPS, pat safety) Weeding
h-planning - Farmers with
manual weeding
operations
Dealer discount Asset sale
COGS seek a 50-60% Gross Margin Our revenue stream derives from selling the
Heavy R&D investment equipment
88. How Does This Really Work?
NSF Lean LaunchPad Class
10 Weeks From an Idea to a Business
89. Graphene Frontiers
We are a nanotechnology materials
company with a proprietary process for
producing high quality, low cost, large
area graphene films at commercial scale
90. Background: Graphene Applications
“Wonder Material” Graphene
• Nano Material Subject of 2010 Nobel Prize in Physics
• 2D Carbon: Strong, Flexible, Conductive, Transparent
• Enables Next Generation Thin, Flexible Devices
Flexible Transparent Thin, Flexible
Touch Screen, Displays
Electrodes Solar Cells
91. Problem: Lab Scale Not Enough
Graphene Production Must Scale Up to
Commercial Levels before Integration into
Consumer Products Becomes a Reality…
92. Solution: Scalable Production Process
Our Patent-Pending APCVD
Graphene Production Process:
•Operates at ambient
pressure, reducing cost enabling
flexible design
•Industrial scale, continuous roll-to-
roll production possible
•Graphene sheet size limited only by
CVD furnace dimensions
•Same or better quality vis-à-vis
LPCVD graphene
•Graphene growth at 900-1000
°C, lower than other methods
93. Market: Size and Growth
Nascent Graphene Market is Ready to Explode:
Commercial Scale Production will be Catalyst
• Thin, Flexible Displays
• Solar Thin Film
• Touch Screens Thin, Flexible Display
• Thermal Management for Electronics Thermal Management $8.2B
• Basic Materials and Research
$6.4B
• Microscopy (TEM) Sample Supports
GF TAM:
$1.2B
Research/
Market for Thin Film Solar Mat’l/Other
Graphene $4.6B $1.4B
Films/Sheets
$52M
Graphene Frontiers Process & Product Offering
• GF APCVD Process will Accelerate Graphene Adoption Curve
2012 2016
94. Team: Graphene Frontiers
EL:Zhengtang Luo, PhD – Chief Science Officer
10+ years experience in synthesis of carbon
nanomaterials and product development for applications
in the area of materials chemistry, chemical separation
and electronic devices.
Mentor: Mike Patterson – CEO
Experienced entrepreneurial leader, manager, and
trusted adviser to startups and Fortune 500 companies,
providing expertise in growth strategy and international
operations. Patterson is an Executive MBA candidate
(Entrepreneurial Management, April 2012) at the
Wharton School, University of Pennsylvania.
PI: A.T. Charlie Johnson, PhD – Founder, Scientific Advisory Board
Known internationally for his work in graphene electronics and carbon nanotube electronics. IP from his lab on
DNA-carbon nanotube devices for use in an electronic nose system pursued by Nanosense. An author of over
130 peer-reviewed articles, Johnson holds two issued patents, with 18 other patents submitted.
95. Recap
• Graphene technology will change the world...
• …but not until it is available in commercial volumes
• We believe that APCVD is the best path to industrial scale
• Whoever meets this challenge will be first mover in a fast
growing market with multi-billion dollar potential
• We are the right team with the right technology to do it
96. What’s Next: Strategy and Roadmap
1H 2012 2012 2013+
Commercial Roll-to- Application
Phase 4” Scale-Up Roll Design & Prototype Development
Product/ TEM Grids Process Licensing Intellectual Property
Materials Business Thin, Flexible Displays
Revenue
12” x 12” Sheet Roll-to-Roll Mfg. Application R&D
Milestone Production Industrial Scale Team
“World Leader in
Perfect
CVD Graphene
Activity Scale-Up Sheet Size Continuous
Process Innovation”
Increase Area Increase Throughput New Applications
97. What’s Next: Secure Partnerships + Investment
Distribution Active Customer Manufacturing
Partners Conversations Partners
Seed Investment
Needed
98. Enter I-Corps: Beginning Hypotheses
Here’s What We Thought:
– Graphene can be used for just about anything
– All of the big manufacturers are just waiting for our
product
– The market for graphene will explode in 2012
– We will become the world’s largest graphene
manufacturer
99. So Here’s What We Did…
• Research to identify target companies: Build the list
– Web, industry/research reports, personal network,
“Who else should we talk to?”
• Calls to personal/professional/alumni network: “Do you
know anyone…?”
• Intros, warm calls, cold calls, cold calls, more calls
100. So Here’s What We Did…
• Google AdWords Campaign + Survey Monkey
– 3 days, 8,555 Impressions, 34 people clicking through to our site, ZERO
contacts/closes. Retrospect: What were we trying to learn???
• Serendipity: Casual conversation turns to Graphene Frontiers at alumni event:
“That’s terrific! You know, I work at DuPont. Here’s my
card… send me your deck and let me know how I can
help.”
–Tom Connelly, Chief Innovation Officer, DuPont
102. So Here’s What We Learned…
• Atmospheric pressure production is key value-add
– Not “high-quality”, not single-layer
• Many big companies are on the sidelines doing limited
product dev, waiting for a proven production method
• We need to focus on scaling up (bigger & faster)
• We need a partner to break into consumer electronics
• Cost matters, but not as much as we thought
103. So Here’s What We Learned…
• TEM grids are viable, near term but small market
– Will rely on distribution partner
• Displays will be next big thing
– Focus on flexible/foldable thin displays
– May require partnership with OEMs or sub-contractors
• Extensive product characterization is next step
– Transparency, haze, sheet resistance for displays (3M, Dow, DuPont)
– Minimize layers and contamination for TEM (SPI, Halcyon)
104. • R&D • Warranty
• Earlyvangelists • Defense
• Scale up system design • Service/Maint.
• (Customer/Partner) • MEMS
• Graphene production Material Agree
• Equipment Mfg • Chem/Bio Detect.
• IP creation/licensing • Thermal Conduct. • Joint Marketing
• Universities • Researchers
• Internal application • Elect. Conduct • Branding
• Downstream • Optoelectronics
development • Strength
fabrication • Transparent
companies • “Semiconductor” Conduct. (Touch)
• Suppliers • IP* (Patent/License) • Flexible • Solar Cell Electrodes
• Team/Expertise • Transparent • Thermal Mgmt
• Credibility/Rep • Distributor • Supercapacitor
Process
• CVD Equipment • Direct Sales • Battery
• Low Cost
• Inputs (gas/foil) • Online • TEM support
• Higher Quality
• Lab space • License • Polymer/Composite
• Large Area
• Website • Partner/JV • CVD Equip Mfg
• “Industrializable”
• Design/Engineering • Bundle
• Flexible Mfg
• Team • Material Sales • Add’l IP
• Lab space • License/Royalty • Applications
• Capital equipment • Equipment Sales • SBIR
• Consulting • Angel
• Maintenance • VC
• Design • Ben Franklin
105. The Business Model Canvas
• Lead Customer
• R&D • Warranty
• Equipment Mfg Material
• Scale up system • Service/Maint.
• Universities • Thermal Conduct. • Defense
design Agree
• Downstream • Elect. Conduct • MEMS
• Graphene product. • Joint Marketing
fabrication • Strength • Chem/Bio Sensor
• IP creation/ • Branding
companies • “Semiconductor” • Researchers
licensing • Education
• Suppliers • Flexible • Optoelectronics
• Internal app. dev. • Transparent • Transparent
Conduct. (Touch)
Process • Solar Cell
• Low Cost Electrodes
• Higher Quality • Thermal Mgmt
• IP* (Patent/License) • Large Area • Supercapacitor
• Distributor
• Team/Expertise • “Industrializable” • Battery
• Direct Sales
• Credibility/Rep • Flexible Mfg • TEM support
• Online
• CVD Equipment • Polymer/Compos.
• License
• Inputs (gas/foil) • CVD Equip Mfg
• Partner/JV
• Lab space • Bundle
• Website
• Design/Engineering
• Team
• Lab space • Material Sales • Maintenance
• Capital equipment • License/Royalty • Design
• Direct Sales/Travel • Equipment Sales • Add’l IP
• Consulting • Applications
106. The Business Model Canvas
Equipment Mfg Scale up Low Cost Education Thermal Mgmt
Solutions
Universities Customization
Higher Quality Service/Maint.
Transparent
Production Conduct.
Downstream Large Area (Touch)
fabrication
companies
Chem/Bio
“Industrializable”
IP License Sensor
CVD Equipment Direct Sales
Facilities/Lab
License/Royalty
Capital equipment Personnel
Material Sales
Direct Sales/Travel Lab space
107. The Business Model Canvas
Equipment Mfg Scale up Low Cost Education Thermal Mgmt
Solutions
Universities Customization
Higher Quality Service/Maint.
Transparent
Production Conduct.
Downstream Large Area (Touch)
fabrication
companies
Chem/Bio
“Industrializable”
IP License Sensor
CVD Equipment Direct Sales
Facilities/Lab
License/Royalty
Capital equipment Personnel
Material Sales
Direct Sales/Travel Lab space
108. The Business Model Canvas
Equipment Mfg Scale up Low Cost Education Thermal Mgmt
Solutions
Universities Customization
Higher Quality Service/Maint.
Transparent
Production Conduct.
Downstream Large Area (Touch)
fabrication
companies
Chem/Bio
“Industrializable”
IP License Sensor
CVD Equipment Direct Sales
Facilities/Lab
License/Royalty
Capital equipment Personnel Intermediate
product
Material Sales
Direct Sales/Travel Lab space
109. Graphene Frontiers Business Model Canvas – PRIOR VERSION (10.18)
Scale up
Equipment Mfg Low Cost Education Thermal Mgmt
Solutions
Customization
Service/Maint.
Universities Higher Quality Transparent
Collaborative R Conduct.
Production &D (Touch)
Downstream Large Area
fabrication Membrane
companies switches
“Industrializable”
IP License Replace ITO
CVD Equipment Direct Sales
Facilities/Lab Chem/Bio
Sensor
License/Royalty
Capital equipment Personnel Intermediate
product
Material Sales
Direct Sales/Travel Lab space
111. Graphene Frontiers Business Model Canvas “A”
Research Transfer Process Academic Papers
Groups Optimization Atomically Thin
and Robust Electron
Trade Shows Microscopists
TEM
Equipment Higher Quality
Mfg.
“Clean”
IP
CVD Equipment
Facilities/Lab
“Free” Revenue Sharing
(Selling Byproduct) w/Distributor
112. Graphene Frontiers Business Model Canvas “B”
Scale up
Equipment Foldable / Education Flexible
Mfg Bendable Transparent
Customization
Service/Maint. Conductor
Universities Higher Quality Collaborative
R&D
Downstream Large Area
Fabrication
Companies
“Industrializable”
IP License
Low Cost
CVD Equipment
Facilities/Lab
Intermediate License/Royalty
Capital Equipment Personnel product
Direct Sales/Travel Lab space
113. Graphene Frontiers Business Model Canvas “B”
Scale up
Equipment Foldable / Education Flexible
Mfg Bendable Transparent
Customization
Service/Maint. Conductor
Universities Higher Quality Collaborative
R&D
Downstream Large Area
Fabrication
Companies
“Industrializable”
IP License
Low Cost
CVD Equipment
Facilities/Lab
Intermediate License/Royalty
Capital Equipment Personnel product
Direct Sales/Travel Lab space
114. How to Build A Startup
Idea
Business Model
Size Opportunity
Customer Development
115. How to Build A Startup
Business Size of the Customer Customer
Idea Model(s) Opportunity Discovery Validation
116. How to Build A Startup
Size of the
Business Size of the
Business Customer Customer
Idea Opportunity
Model(s) Opportunity
Model(s) Discovery Validation
Theory Practice
117. How to Build A Startup
Size of the
Business Size of the
Business Customer Customer
Idea Opportunity
Model(s) Opportunity
Model(s) Discovery Validation
118. How to Build A Startup
Size of the
Business Size of the
Business Customer Customer
Idea Opportunity
Model(s) Opportunity
Model(s) Discovery Validation
• First test the problem
• Next test the solution
119. How to Build A Startup
Size of the
Business Size of the
Business Customer Customer
Idea Opportunity
Model(s) Opportunity
Model(s) Discovery Validation
123. Additional Resources
• I-Corps class summary:
http://steveblank.com/2012/03/26/the-national-science-
foundation-innovation-corps-what-america-does-best/
• I-Corps team presentations:
http://www.slideshare.net/sblank/tagged/i-corps
• Resources for startups: http://steveblank.com/tools-and-
blogs-for-entrepreneurs/
• Books for startups: http://steveblank.com/books-for-
startups/
• Additional resources: http://steveblank.com/slides/
Editor's Notes
320 SBIR Phase 2 companiesGot $500K50% from academiaMix of technologies20% of you will get phase 2b20% of those will succeed13 of you will succeedMost of you think you are in execution modeMost will be a few years old – thinking they are in execution~25 will be a lot olderNot all in the audience will be founders, some will be employeesGraphene Frontiers is the perfect exampleStart with their slidesEmphasize that this process not just works for software but anything with customer/market riskFix the serendipitous DOW meetingGroun flour pharma as a backup
The Background: Graphene is an amazing material that will improve and disrupt entire industries, including electronics and clean energy
Problem statement: None of these things will happen unless and until graphene can be produced in large quantities – Commercial Scale
Solution: We can do this. Our technology offers the best path forward to enable commercial scale production of graphene films at low cost.
Market Opportunity: We believe that there is significant demand for graphene, but the market will not develop and companies will not design products that incorporate graphene until a reliable source is identified
Rock Stars.
We may have been overconfident.
So here’s the plan.
We’re now ready to raise money to scale up and develop our continuous manufacturing prototype, and we have several heavy hitters who are waiting to see us succeed…
We may have been overconfident.
We:--Made a target list--asked for introductions and referrals--worked our networks--made a BUNCH of calls
The Payoff:--What we thought was important wasn’t important to our potential customers and partners--The market *will not grow* until someone can prove that they can supply graphene--The source must be reliable, and the cost must be within reason**WE NEED TO DEMONSTRATE SCALE**
We can make money TODAY with TEM Grids and material sales… distributors are clamoring for our stuffWe have work to do to meet display requirementsBig companies are willing to help us get there
Version 1: Crazy, right?? We realized that we had work to do, so we completely revamped our slide before we presented it to our classmates by…
…using a cleaner template and underlining a few words. We settled on this as Graphene Frontiers Canvas #1 and thought that we would WOW the audience with how much detail we had and how broad our scope and opportunity was.We projected this on the screen and were promptly booed off the stage. Sooo….. v2 was born:
Lesson #1: Focus.We narrowed our scope to the three applications we believed were most promising and set out to test our assumptions
We were a bit too hesitant to fail fast and close doors, but we did recognize early on that we were probably not going to become “the Alcoa of nanocarbon”
We also heard from customers that we would need to integrate into existing production lines… high volume manufacturers may be reluctant to buy vast quantities of material… they probably want to license and make their own.We also learned that ITO and silver nanowires were the competition for touch screen and displays, but we were beginning to quantify the differentiators
We heard that collaborative R&D would be a necessity—we will need to help companies use our material in their product development.Membrane switches—a new opportunity we evaluated, was quickly ruled out.
The big week:Near term opportunity: TEM GridsMedium term opportunity: Thin, flexible displays
Canvas A: TEM GridsWe’re partnering with SPI, a microscopy supply distributor, and have developed a Minimum Viable Product that is undergoing beta testing and evaluation.We will provide them with graphene on copper foil (a byproduct of our work to scale up production), and they will transfer to the grids, QC, package, market, sell, etc. and we have agree in principle on a revenue sharing deal
Canvas “B”: Flexible transparent conductors for Displays
We learned that we needed to partner with manufacturers to incorporate graphene into product development, and *SCALE UP IS CRITICAL*Cost is not as important as we thought earlier,: We don’t need to beat ITO, we need to do what it can’t do (flexible, impervious to oxygen, etc.)