Engineering From Concept To Consumer: How to Turn an Idea Into an On-shelf Solution
The Journey from Idea to Product on the Shelf - Northeastern University - November 25, 2014
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Transcript of The Journey from Idea to Product on the Shelf - Northeastern University - November 25, 2014
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@dragoninnovate /dragoninnovationwww.dragoninnovation.com
THE JOURNEY FROM IDEA TO PRODUCT ON THE SHELFDRAGON INNOVATION
NORTHEASTERN UNIVERSITYPROF. KRISHNAN
NOVEMBER 25, 2014 AT 17:20 ET
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Presentation Download
http://bit.ly/idea-to-shelf-northeastern
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Agenda
http://en.wikipedia.org
•Quick Survey
•Dragon Journey from the Idea to Shelf
•How to Raise Money
•Q & A
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Quick Survey
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From the Idea to the Shelf
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MIT RoboTuna
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Agenda
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Robotic Corvette Powered Dino
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Agenda
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Initial iRobot Expertise (Revenue)
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Journey from $100,000 to $100 Price
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My Real Baby ~ 100k
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Velociraptor ~100k
+
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Rooomba and Scooba
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Manufacturing is Complex
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Agenda
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We are going to take something as insanely
complex as manufacturing consumer electronics and
make it feel easy.
VISION
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Bolt
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Bolt
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Applying 250 Combined Years Experience To Build >100 Hardware Companies
BRE PETTISMAKERBOT
“During the final stages of product design, we have the Dragon team come in to assess manufacturability and assembly. They’ve been very helpful and made our products strong. Dragon Innovation can act as a trailguide to help navigate the decisions and drama of producing hardware.”
CARLOS HERRERA CEO / FOUNDER, PINTOFEED
“We really had no concept as to the manufacturing process. Thankfully, Dragon was keen on educating us - helping us identify gaps in our design, and guiding us on the full manufacturing process from inception to fulfillment.”
“During the final stages of product design, we have the Dragon team come in to assess manufacturability and assembly. They’ve been very helpful and made our products strong. Dragon Innovation can act as a trailguide to help navigate the decisions and drama of producing hardware.”
ERIC MIGICOVSKYPEBBLE
"Dragon helped us take our crowdfunding success and translate it into to shipping more than 100,000 Pebbles in just over a year. They provided critical support on-the-ground in China and sourced excellent suppliers."
KELLER RINAUDOROMOTIVE
JEEVAN KALINITHISIFTEO
“If you’re looking to produce stuff at scale, you have to realize that the manufacturing process is hard. Dragon helped us climb the manufacturing learning curve with their expertise.”
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DRAGON INNOVATION HAS HELPED LAUNCH AND SCALE OVER 100 COMPANIES SINCE 2009
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How to Raise Money
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Hardware Requires Cash
Typical funding sequence:
1.Bootstrapping2.Friends and Family3.Angels4.Crowdfunding5.Venture Capital
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Crowdfunding: Sell then Build
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Goals of Crowdfunding
•Raise capital upfront
•Validate product / market fit
•Create engaged & passionate community early
•Get the attention of media and investors
•Understand build volumes
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BE CAREFUL YOU DON’T SELL SOMETHING YOU
CAN’T BUILD
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Why Delivering Is Hard
Getting from prototype to delivery is a long journey with many ‘unknown unknowns ’:
• COGS, tooling and manufacturing costs• Lead times• Permanence of Quality• Iteration cycles• DFMA• Factory Selection and Management• Team Scalability• Schedule & Project Management• Specialized skills (ME / EE / SW/ Q / SC / Logs)
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The Three ThingsYou Need to Know Before Crowdfunding
1.How much cash do you need?2.How long is it going to take?3.What is the status of your Design for Manufacturing?
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Manufacturing Factors That Drive Funding Requirements
•NRE for Prototype to DFM•COGS•Tooling Costs•Manufacturing Costs•Crowdfunding Transaction Costs
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Idea DeliverCrowdfund
Manufacture
PERCEIVED PRODUCT TIMELINE
Prototype
D E F G H I J K L M N O P Q
A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
R S T U V ZW X YA B C
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Idea DeliverCrowdfund Manufacture
MORE REALISTIC PRODUCT TIMELINE
Proto
CF Prep
X Y ZK L M N O P Q R S T U V WI J F G HC D E A B
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Typical Stages•Paper sketches•Handmade prototype (popsicle sticks and hot glue)•3D printed prototype (works-like)•Industrial Design model (looks-like)•Design for manufacture (for Tool Start)• Injection Molded with drafts, rounds, minimal undercuts•Die Cast•Stamped•CNC•Final Product Design in Manufacturing
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Venture Capital
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Formula to Raise VC
•Working Prototype•Traction in Market (i.e. successful CF campaign)•Strong technical and business team•Understanding of market size and economics•Warm intros to VCs that are a good fit for your stage (Seed)
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Questions?
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