Lemnos Labs is a startup accelerator that invests in early-stage hardware companies, offering mentorship, resources, and funding typically ranging from $50,000 to $100,000 for 2-10% equity. The program focuses on reducing risks in financial, technical, and market aspects and aims for participants to develop a working prototype and a validated business model within 1-2 years. Lemnos Labs utilizes a continuous investment model throughout the year and addresses the unique challenges of hardware development.

1. Jeremy Conrad
Founding partner
Lemnos Labs
Incubation: Mentorship and Resources

2. Jeremy Conrad, Partner
@lemnoslabs

3. What is Lemnos Labs?
• Lemnos Labs is a startup accelerator focused on early-stage
hardware 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. 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 VC's 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 strategy
Design 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 years
Lemnos Labs directly addresses the unique needs of hardware developmentLemnos Labs directly addresses the unique needs of hardware development

5. 5
Selection process
What is the
market size
and path to
market?
Is the core
technology
viable and
scalable?
Can what
they’re
building be
done for our
money
and timeline?
Is there a
culture fit with
the partners
and other
entrepreneurs
?
KEYHARDWARE
QUESTIONS
DEAL FLOW
Come from existing
companies, PR, social
media, hosting
events and AngelList
INITIAL
SCREEN
Evaluate founding
team, technical risk
and market size
TECHNICA
L SCREEN
Industry experts,
portfolio engineers,
universities
COMMUN
ITY
SCREEN
Portfolio CEO’s,
mentor network
PARTN
ER
MEETIN
G

6. 6
Why Now? Everything changed
Requisite Then Now
Chips Custom Commodity
Tool Chain Expensive workstations and
custom tools
Cheap laptop and cloud based tools
Prototype Dedicated machine shop and
expensive manufacturing parts
TechShop, 3D printing, quick turn parts
Funding Major corporations or VCs only Lemnos + KickStarter + AngelList
Customer
Validation
Success unknown until product in
channel
Community as early testers and evangelists
Logistics 3 month from order to on-shelf Amazon Prime

7. 7
Hardware went low cost and fast…
Team Size
Product
Developmen
t
Customer
Developmen
t
Operations Time Funding
2
Duct-taped
prototype
Early
conversations
Lemnos &
TechShop
< 6 months <$100K
4-6
Functional
prototypes
Pilot customers
Small Batch
Manufacturers
< 1 year
$250-$1M
seed
20+
First
Production
units
Revenue
CFM or In-
House
1.5 – 2 years
$2-5M Series
A

8. Delivers employee transportation solutions
to corporate campuses
Portfolio
Tablet-based robotic platform that
enhances video calling.
Iconic Sports Watch For Women
Raised $500k+ on Kickstarter
Sproutling makes connected devices for modern
parents. Answers the most important question
-- "Is my baby breathing?"

9. Portfolio
Small Satellites for STEM Education.
Raised over $100k on Kickstarter.
Expected launch to orbit in 2013
Auto pilots and embedded controls for
Unmanned Arial Vehicles.
Hamburger Making Robot
Moving to Open First Restaurant,
Significantly Lowers Labor Costs
RFID enabled and touchpad-controlled
refrigerated kiosk that is open 24-7.
World’s Best Coffee Maker

10. Portfolio
Small Satellites for STEM Education.
Raised over $100k on Kickstarter.
Expected launch to orbit in 2013
Auto pilots and embedded controls for
Unmanned Arial Vehicles.
Hamburger Making Robot
Moving to Open First Restaurant,
Significantly Lowers Labor Costs
RFID enabled and touchpad-controlled
refrigerated kiosk that is open 24-7.
World’s Best Coffee Maker