Product Startup 152: Three Main Problems When Scaling a Hardware Startup
Brad Pedersen is a founder of the hardware product Lomi which raised almost ten million dollars in crowdfunding as his most recent hit success of many. In his earlier years, he developed many new products and also distributed thousands of other hardware products all over the world, mostly in the toy and sports product fields. Today Brad is going to share some valuable knowledge on how inventors, startups, and small manufacturers can learn what the 3 most important elements of an emerging hardware startup are, how to avoid key pitfalls around each of those 3 areas, and how to scale your product to become the next big hit invention success.
Today you will hear us talk about:
- People, Systems, and Cash
- Growth is a double-edged sword
- You must constantly re-invent each of the main 3 primary scaling failure areas
- When you find product market fit, how do you ensure that will go the distance, and people is the biggest lever
- You start with generalist and move to specialist
- Single-digit growth is annually, double-digit is quarterly, and
- Don’t become the bottleneck of everything.
- Systems allow you to best utilize your people
- 4 key things to a hardware startup: Smart founder and a great idea, marketing plan that is different not better, a team (your people), and execution (the systems).
- Hire people that are smarter than you, even pay them more than you, especially in the early days.
- Get the cash you need to get to your MVP
- Perfection is the enemy of progress
- Build, measure, learn.
- Consider selling direct to customers
EPISODE LINKS:
Brad Pedersen Links:
Personal Website | Lomi | LinkedIn
The Product Startup Podcast Links:
https://www.ProductStartup.com/
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