It used to be slow and hard. Can it be fast and easy? Let's see how much things have changed for hardware startups since Fitibit, GoPro and DJI started over 10 years ago.

1. IPO
Benjamin Joffe
HOW HARDWARE STARTUPS
GO FROM PROTOTYPE TO IPO
ZEROto
with the HAX TEAM

3. $300M Under Management
#2 Global Seed Investor
>500 Startups Portfolio
HARDWARE BIOTECH SOCIAL/MOBILE
Most active early stage VC
#1 in hardware
#1 life sciences
#1 in female-lead startups

4. DEEP TECH
APPLIED A.I.
THENEWERAOFHARDWARE

5. MASSIVE IMPACT ON
THE PHYSICAL WORLD
AND
THE HUMAN BODY

6. MOSTACTIVEHARDWAREINVESTORS
STARTUPS200
YEARS5

7. SKILLS MILLIONS PARTNERS
“HARDWAREISHARD”
TIME

8. BEFORE

9. FITBIT : 8 YEARS GOPRO: 12 YEARS
>8YEARSTOIPO

10. 1
R&D
5
ONLINE
2
PROTO
-TYPING
6
OFFLINE
7
GLOBAL
8
IPO
4
PRODUC
-TION
3
PROTO
-TYPING
RACEAGAINSTTIME

11. 1 2 3 4 5 6 7 8
YEARSOFDANGER
TECH FUNDING FOUNDERS COMPETITORS TIMING COSTS DISTRIBUTION

12. TOO SLOW, TOO EXPENSIVE, TOO SILICON VALLEY?
$10M+$20M Kickstarter + $15M VC
Fire Sale
PEBBLE

13. $15M VC + $34M pre-orders
TOO SLOW, TOO EXPENSIVE, TOO SILICON VALLEY?
Now Bankrupt
LILY

14. MEETPELOTON
Raised $444M
2011

15. First R&D (Japan)
(not for sale)
1986
Segway (USA)
$5,000
2001
Ninebot (China)
$330
2016
30YEARSFROMLABTOMASSMARKET

16. CLOUD
LOW-COST
SENSORS
& CPUs
SMART
PHONESCHEAPER
PROTOTYPING
TOOLS
TODAY:FAST&FRUGAL
CROWD
FUNDING
LOW
VOLUME
MANUFAC-
TURING ONLINE
STORES
MICRO-
CAPS
FAST
RETAIL

17. LABTOMARKETIN18MONTHS?

18. IPOIN4YEARS?
1
R&D
5
ONLINE
2
PROTO
-TYPING
6
OFFLINE
7
GLOBAL
8
IPO
4
PRODUC
-TION
3
PROTO
-TYPING
1
R&D
2
PRODUCTIZING
3
RETAIL
4
IPO

19. HOW?

20. IPOTHE HAX WAY
ZEROto

21. MULTI-STAGE
ACCELERATION

22. FULL-STACK
ACCELERATOR
Today
Incorporation
Market fit
Production
Launch
Distribution
Growth
Financing
Liquidity
VERTICAL
ACCELERATORS
2010
Incorporation
Market fit
Production
Launch
ACCELERATORS
2005
Incorporation
Market fit
INCUBATORS
2000
Incorporation
MULTI-STAGE
ACCELERATION

23. SEED GROWTH
O TO 1 1 TO N
SHENZHEN
PrototypetoLaunch
SANFRANCISCO
ProducttoScale

24. ONEPROTOTYPING
ZEROto

25. “It's easier to start a company
outside the Valley than in it”
Sergey Brin, Google

26. EXPENSIVE NO SUPPLY CHAIN LOW FACTORY
KNOW-HOW
FEW HARDWARE
INVESTORS
THEPROBLEMINSILICONVALLEY

27. World-ClassSTARTUPS
needWorld-ClassRESOURCES
Sales
3
Prototyping
+ Production
2
R&D
1 YOU

28. Shenzhen, The Silicon Valley For Hardware
A WEEK IN SHENZHEN
IS LIKE A MONTH
ANYWHERE ELSE

29. MEETTRAINERBOT

30. PINGPONGROBOT

31. TEAM
10
INVESTMENT
$5,000,000
0 TO SHIP
4 YEARS
WHATDOYOUNEED?

32. ONEPROTOTYPEPERWEEK!

33. WHATITTOOK
TEAM
10
TEAM
2
INVESTMENT
$2,000,000
0 TO SHIP
4 YEARS
INVESTMENT
$100,000
0 TO SHIP
18 MONTHS
CROWDFUNDING
$250,000

35. 3MONTHSPRIOR

36. MADE FROM ILLINOIS
“Cheaper than China”
FARFROMTHEVALLEY

37. ACCELERATINGTHEACCELERATION
CIRCUIT BOARD PRINTER

38. 3 MONTHS IN SHENZHENMEETVOLTERA

39. “We saved a year of burn
and time-to-market” Nils Mattisson
Ex-Apple
Founder, MINUT

40. 1,000FIRST BATCH
ONEto

41. SHENZHENSUPERPOWERS
SKILLS
(ANY) SCALE
SPEED
SAVINGS

42. HOWABOUTFUNDING?

44. >80 CAMPAIGNS
11 IN WORLD’S TOP 100
#1 INVESTOR IN CROWDFUNDED HARDWARE

46. AUSTRIA
ROBO
WUNDERKIND

47. AUSTRIA
LIVINFARMS

48. (B2Bisstillhard)

49. DISTRIBUTION
1,000to
SCALE

50. MEETOCTOPUSWATCH

51. 18MONTHS
FROM
PROTOTYPE
TORETAIL

52. VOLTERASCALES…WITHPROFIT

53. LATE STAGE
SCALEto
IPO

54. ABETTEROPTION?
VC MONEY IS
EXPENSIVE
BANKS ILL
EQUIPPED
PUBLIC
DEMAND

55. OLDSCHOOLearlyIPOwith
GROWTH REVENUE PROFIT

56. >$10M
IN SALES
NYSE / TSX /
OTHER
RTO / REG A+ /
DIRECT LISTING
IPO=FINANCING≠EXIT

57. Ithappenedbefore…

58. Founded: 1976
IPO: 1980

59. THEIPOSOF2021AREBORNTODAY

60. THANKS!BEN@HAX.CO