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<LEAN/> <HARDWARE/>
INVESTING IN HARDWARE ���
STARTUPS
BENJAMIN JOFFE GENERAL PARTNER
HAXLR8R
wow
much wearable
such excite
very hardware
so future
much haxlr8r
NICE TO MEET YOU NICE TO MEET YOU! 14 years in China, Japan, Korea 2013~ General Partner, HAXLR8R “Lean Hardware” advocate 2000~2012 Founder, Plus Eight Star Ltd. Founder, MobileMonday Beijing Angel investor (OtakuMode, Gengo, etc.)
Hardware Startup Accelerator From prototype to real business
In Shenzhen & San Francisco
ABOUT HAXLR8R
INVESTMENTS
• 40 startups – Wearables, Drones – 3D printing, IOT…
• 16 campaigns – 100% success – $250,000 average
• Hardware Fund
HARDWARE RENAISSANCE
PROTOTYPING IS SOLVED Arduino / Raspberry Pi / Spark Core / Sensors / BLE / Smartphones / Cloud / 3D Printing
SUPPLY CHAIN IS BETTER THAN EVER – China (Shenzhen) has the whole chain – Fast, Affordable, Scalable
MORE FUNDING – 250,000+ hardware crowdfunding backers – More VC & Angel
WHICH PROBLEMS DO THEY SOLVE?
• Alerts • Memory • Replay • Streaming • Gaming • Live coaching • Focus • Relaxation • Safety • Health • Motivation
• Training • Performance • Location • Navigation • Proximity • Communication • Contextual data • Customer service • Entertainment • Fashion • Art • …
What matters is the problem, not the solution!
STARTUP CHECKLIST
1. Product Is something working 2. Skills Can the team make it 3. Spirit Resourceful, Optimistic, Persistent
4. Positioning New segment or new market
PROBLEM / SOLUTION ITERATIONS
Is there a bigger
problem?
Ini2al solu2on
Ini2al problem
Is there a be4er
solu2on?
Yes
No No
Ini2al solu2on
Ini2al problem
Ini2al solu2on
New problem
Build
New solu-on
Ini2al problem
New solu-on
New problem
Yes
STARTUP CHECKLIST
1. Product Is something working 2. Skills Can the team make it 3. Spirit Resourceful, Optimistic, Persistent
4. Positioning New segment or new market 5. Demand Proof / Customer discovery 6. Distribution How to sell 7. Plan Beyond first product 8. Valuation Is the price right
NOT JUST HARDWARE
• Pure hardware can be copied
• Combine Hardware & Software
• Build community (e.g. GoPro)
TWELVE “WARES” TO AVOID 1. FUNware No business 2. EASYware Not defensible 3. SAMEware Bad positioning
TWELVE “WARES” TO AVOID 1. FUNware No business 2. EASYware Not defensible 3. SAMEware Bad positioning 4. SOLUTIONware Solution looking for a problem
“When you have a hammer, everything looks like a nail”
TWELVE “WARES” TO AVOID 1. FUNware No business 2. EASYware Not defensible 3. SAMEware Bad positioning 4. SOLUTIONware Solution looking for a problem 5. VAPORware Can’t be made
TWELVE “WARES” TO AVOID 1. FUNware No business 2. EASYware Not defensible 3. SAMEware Bad positioning 4. SOLUTIONware Solution looking for a problem 5. VAPORware Can’t be made 6. LAMEware Not on spec
TWELVE “WARES” TO AVOID 1. FUNware No business 2. EASYware Not defensible 3. SAMEware Bad positioning 4. SOLUTIONware Solution looking for a problem 5. VAPORware Can’t be made 6. LAMEware Not on spec 7. FAILware Successfully built the wrong thing
TWELVE “WARES” TO AVOID 1. FUNware No business 2. EASYware Not defensible 3. SAMEware Bad positioning 4. SOLUTIONware Solution looking for a problem 5. VAPORware Can’t be made 6. LAMEware Not on spec 7. FAILware Successfully built the wrong thing 8. LATEware Validated market but woke up competitors
TWELVE “WARES” TO AVOID 1. FUNware No business 2. EASYware Not defensible 3. SAMEware Bad positioning 4. SOLUTIONware Solution looking for a problem 5. VAPORware Can’t be made 6. LAMEware Not on spec 7. FAILware Successfully built the wrong thing 8. LATEware Validated market but woke up competitors 9. LOSSware Minimal or negative margins
TWELVE “WARES” TO AVOID 1. FUNware No business 2. EASYware Not defensible 3. SAMEware Bad positioning 4. SOLUTIONware Solution looking for a problem 5. VAPORware Can’t be made 6. LAMEware Not on spec 7. FAILware Successfully built the wrong thing 8. LATEware Validated market but woke up competitors 9. LOSSware Minimal or negative margins 10. BOREware People stop using it
TWELVE “WARES” TO AVOID 1. FUNware No business 2. EASYware Not defensible 3. SAMEware Bad positioning 4. SOLUTIONware Solution looking for a problem 5. VAPORware Can’t be made 6. LAMEware Not on spec 7. FAILware Successfully built the wrong thing 8. LATEware Validated market but woke up competitors 9. LOSSware Minimal or negative margins 10. BOREware People stop using it 11. FUTUREware No market before years
TWELVE “WARES” TO AVOID 1. FUNware No business 2. EASYware Not defensible 3. SAMEware Bad positioning 4. SOLUTIONware Solution looking for a problem 5. VAPORware Can’t be made 6. LAMEware Not on spec 7. FAILware Successfully built the wrong thing 8. LATEware Validated market but woke up competitors 9. LOSSware Minimal or negative margins 10. BOREware People stop using it 11. FUTUREware No market before years 12. LOCALware Too tied to a local ecosystem
XIAOMI OVER $10B VALUATION
• Start in 2010
• $130 phone • 18.7m sold in 2013 • $5B revenue • 40m in 2014 (est.)
• Sells direct
KEY STAGES FOR INVESTMENT
1. Concept 2. Work-like prototype 3. Look-like Prototype 4. Design-for-Manufacture (DFM) 5. Crowdfunding 6. First shipment 7. Retail 8. Pre-IPO
INNOVATING AT LARGE COMPANIES
1. Copy & modify
2. Buy it then scale it – Most projects fail – Buying a successful product reduces risk
3. Make a team work like a startup – Give autonomy – Limit resources
UTILITY
• Price • Speed • Latency • Feedback • Data vs. meaning • Active vs. Passive input • Battery & charge time
HOW TO MAKE WEARABLES… • Fun • Social • Personal • Contextual • Niche • Invisible • Viral • Habit forming • Non invasive • Blend with fabric • …
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