124: Raising $1 Million for a Hardware Startup
Product Startup
How to Get the Biggest Round of Funding Right?
Sally Kohn: There's a lot of things to do to prepare yourself for that big league funding. She says you've got to figure out whether this round of financing is your only round of financing or one of many, right? "More often than not, it's going to be a predecessor to a 20 million dollar round or a hundred million dollars"
Ryan Lewendon is the Co-Founder and Partner at the law firm Giannuzzi Lewendon LLP. They have 30 lawyers, 1,500 product companies they work with, and hundreds of finance deals run by them per year, in addition to a number of other legal and advisory services to scaling product companies. Today Ryan is going to share some valuable knowledge on how inventors, startups, and small manufacturers can raise their first big fundraising round of 1 million dollars or more, how to plan for it, execute on it, then spend the money smart when it comes in.
Today you will hear us talk about:
- How to prepare for big-league funding
- Make sure you have a well-vetted product before going to production
- How to make sure you have the right investors
- Work on the right terms
- Explain why this round is so important
- SAFE agreements or Convertible notes agreements for physical consumer products
- How to raise that funding
- How to scale with those funds when you get them
- Build out your human capital, and start with the people where your weaknesses are.
- Remember, your investors are very experienced in this.
- Build out your supply chain
- Build out your distribution network and partners
- If you are going to raise more rounds, when do you start planning the next fundraising round
EPISODE LINKS
Ryan Lewendon / Giannuzzi Lewendon LLP Links:
- Website: https://gllaw.us/
- LinkedIn: https://www.linkedin.com/in/ryan-lewendon-3ba01111/
- Facebook: https://www.facebook.com/GiannuzziLewendon
- Instagram: https://www.instagram.com/giannuzzilewendon/
- Twitter: https://twitter.com/GiannuzziGroup
The Product Startup Podcast Links:
- Website: https://www.ProductStartup.com/
- Instagram: https://www.instagram.com/ProductStartup/
- LinkedIn: https://www.linkedin.com/company/ProductStartup/
- Facebook Page: https://www.facebook.com/ProductStartup/
- Facebook Group: https://www.facebook.com/groups/ProductStartup/
- Pinterest: https://www.pinterest.com/ProductStartup/
- Twitter: https://twitter.com/ProductStartup
- YouTube: https://www.youtube.com/MakoInvent
Mako Design Links:
- Website: https://www.makodesign.com/
- YouTube: https://www.youtube.com/MakoInvent
- Instagram: https://www.instagram.com/MakoInvent/
- LinkedIn: https://www.linkedin.com/company/MakoDesign/
- Facebook: https://www.facebook.com/MakoInvent/
- Pinterest: https://www.pinterest.com/MakoInvent/
- Twitter: https://twitter.com/MakoInvent/
Kevin Mako Links:
- Instagram: https://www.instagram.com/Entrepreneurs/
- LinkedIn: https://www.linkedin.com/in/KevMako/
- Quora: https://www.quora.com/profile/Kevin-Mako
- Facebook: https://www.facebook.com/KevMakoPage/
- Twitter: https://twitter.com/KevMako/
About: MAKO Design + Invent is the original firm providing world-class consumer product development services tailored to startups, small manufacturers, and inventors. Simply put, we are the leading one-stop-shop for developing your physical product from idea to store shelves, all in a high-quality, cost-effective, and timely manner. We operate as one powerhouse 30-person product design team spread across 4 offices to serve you (Austin, Miami, San Francisco, & Toronto). We have full-stack in-house industrial design, mechanical engineering, electrical engineering, patent referral, prototyping, and manufacturing services. To assist our startup and inventor clients, in addition to above, we help with business strategy, product strategy, marketing, and sales/distribution for all consumer product categories. Also, our founder Kevin Mako hosts The Product Startup Podcast, the industry’s leading hardware podcast. Check it out for tips, interviews, and best practices for hardware startups, inventors, and product developers. Click HERE to learn more about Mako Design + Invent!
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