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PITFALLS TO AVOID WHEN BUILDING A HARDWARE STARTUP Or... I pre-sold $3MM on Kickstarter, what happens now!?!

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Page 1: Pitfalls To Avoid When Creating A Hardware Startup

PITFALLS TO AVOID WHEN BUILDING A HARDWARE STARTUPOr... I pre-sold $3MM on Kickstarter, what happens now!?!

Page 2: Pitfalls To Avoid When Creating A Hardware Startup

INTRODUCTION

• Extensive startup background – first startup in 1999

• Combination of hardware and software startup

• Experience in manufacturing industry

• Angel investing and advisory for nearly 8 years

Page 3: Pitfalls To Avoid When Creating A Hardware Startup

IT’S NEVER BEEN BETTER TO START A HARDWARE STARTUP

• Decreased development costs

• Availability of alternative sources of funding

• Shorter time to market

• More sophisticated business model• Meraki, Fitbit, Kindle

• Many institutional investors paying attention

Page 4: Pitfalls To Avoid When Creating A Hardware Startup

BUT, IT DOESN’T MEAN THERE AREN’T BIG STUMBLING BLOCKS

• Big name, well funded doesn’t mean success

• Coin, Pebble, etc.

• Technical risk

• Product risk

What is the big problem you are trying to

solve?

Page 5: Pitfalls To Avoid When Creating A Hardware Startup

DESIGN & MANUFACTURING

• Hardware involves significantly more planning

• Vendor management & supply chain is critical

Page 6: Pitfalls To Avoid When Creating A Hardware Startup

GO-TO MARKET AND FULFILLMENT

• Prototyping to production

• Uneven order flow

• Selling online vs retail

• Manage cash flow

• Inventory

• Returns

• Customer service

Page 7: Pitfalls To Avoid When Creating A Hardware Startup

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