adam gettings, leeo // the hard things about hardware
TRANSCRIPT
Leeo Roadmap
Leeo
About me• Technology startups for 10 years
• Mostly - Industrial Design, Mechanical Engineering, Systems Engineering, and Startup Everything (including raising money and cleaning toilets)
• Medical Software >> Military Robots >> Smart Home Products
• 125+ patents and pending patent applications
Leeo
They don’t call it hardware for nothing – The Cons for startups1. Expensive to develop and maintain
2. Expensive to distribute
3. Cannot afford to be vertically integrated, so are reliant on MANY suppliers
4. HAS a marginal cost of production, unlike dreamy software
5. Scares the crap out of most investors
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So Why Make Hardware?It is in a state of transformation due to software and the internet. It is getting more interesting every day. 1. Becoming cheaper to develop as tools become democratized
2. Becoming easier to distribute with ecommerce pre-order campaigns
3. Becoming rapidly commoditized (the necessary inputs are) so cheaper to build
4. Marginal cost can be decreased with scale.. And team size can be small
5. Investors are jazzed about the potential of IoT, and there’s always crowd-funding
Leeo
But Most Importantly - Make hardware because it is part of an amazing product that you are jazzed about and have a passion to build.Make sure it passes this simple test - Would you give it as a gift to your best friend, partner, or mother/father-in-law?Do not build it if you are not proud of it. You have better things to do.
Leeo
We are wired to solve problems.• Engineering approach –
creative• Sourcing approach – socialBlending the two can be extremely powerful.The best teams (I’ve worked with) have both “product” and “sales” abilities.
Leeo
My tendency is the engineering approach. I tend to solve problems that require building something.
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But
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Our Approach at RoboteX:• Built dozens of non-functional prototypes using rapid
prototyping techniques and showed them to real customers.
• Iterated quickly in the first 2 years to get a product spec.
• Raised money and built the solution from scratch. • It was way harder than we expected (ME, EE, SE
efforts, manufacturing and supply chain, managing cash flow).
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But
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But
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Key Observations: “Robotics Revolution” has become “The Internet of Things”. • Early adopters (growing in numbers each year) are
ready.• Components for mobile tech are rapidly declining in
cost. • Multiple generations of consumers have smart phones.• Connected home is building presence in retail.
Leeo
We create smart, easy, extra-useful products that help people act with confidence and feel more comfortable at home.
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LeeoLeeo The Leeo Smart Alert™ NightlightSimple, plug-and-play home monitor.
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Leeo provides peace of mind through remote home monitoring, automationand the ability to take action in the event of an emergency.
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Our Approach at Leeo:• Ultimately build things that we want and are proud of.• Focus on product categories that have androgynous
appeal.• Target and engage early adopters who will be the
influencers to their peer groups as connected home becomes mass.
• Launch lots of products that excite the early users.• Build partnerships with like-minded companies.
Leeo
Closing Thoughts:• Follow your intuition to the right industry for you.• Solve a problem.• Be realistic about your natural skills and problem
solving approach. Assemble a balanced team.• Build products that you are proud of.• Cross your fingers for good luck .
Leeo
Thank you.
Leeo