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Three Things You Need to Know Before Crowdfunding
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THREE THINGS YOU NEED TO KNOW BEFORE CROWDFUNDING
www.dragoninnovation.com@dragoninnovate
Quick Survey
DRAGON INNOVATION BACKGROUND
Robotic Corvette Powered Dino
Agenda
Journey from $100,000 to $100 Price
My Real Baby ~ 100kVelociraptor ~100k
+
Rooomba and Scooba
Agenda
We are going to take something as insanely
complex as manufacturing consumer electronics and
make it feel easy.
VISION
MANUFACTURING ISCURRENTLY COMPLEX
Going from prototype to production can be a long journey with many unknown unknowns:•COGS, tooling and manufacturing costs• Lead times• Permanence of Quality• Iteration cycles•DFM• Factory Selection and Management•Team Scalability• Schedule & Project Management• Specialized skills (ME / EE / SW/ Q / SC / Logs)
Lot’s of Moving Parts
HARDWARE REQUIRES CASH
Typical funding sequence:•Bootstrapping•Friends and Family•Angels•Crowdfunding•Venture Capital
BE CAREFUL YOU DON’T SELL SOMETHING YOU
CAN’T BUILD
THE THREE THINGSYOU NEED TO KNOW
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?
HOW MUCH CASH DO YOU NEED?
MANUFACTURING FACTORS THAT DRIVE FUNDING REQUIREMENTS
•NRE for Prototype to DFM•COGS•Tooling Costs•Manufacturing Costs•Crowdfunding Transaction Costs
UNDERSTANDING COST OF GOODS SOLD (COGS)
•The COGS of your product will determine the financial success of your company•Create a Detailed Bill of Materials (BOM)•Separate Mechanicals (Plastic, Metal, etc.), Purchased, Electronics, Packaging, etc.•Include Labor•Include Scrap, Markup, Overhead and Factory Profit•For each line item, separate into core operations for greatest transparency.
HOW LONG WILL IT TAKE?
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
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
SCHEDULE
•Many consumer products are driven by the Holiday Season (which has a fixed date).•Plan contingency in your schedule. Things never
go according to plan.•Have an onsite presence at the Factory•Track schedule carefully and take corrective
actions early.•Avoid: “There is never time to do it right the first
time, but there is always time to do it again. ”
THE ROAD TO PRODUCTION
WHAT IS THE STATUS OF YOUR DESIGN FOR MANUFACTURING?
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
Questions?
Agenda
@dragoninnovate
http://www.slideshare.net/dragoninnovation
dragoninnovation.com