With Brad Pedersen, Co-Founder at Pela
Hosted by Kevin Mako of MAKO Design + Invent
Brad Pedersen is the founder of hardware product Lomi, which recently raised nearly ten million dollars in crowdfunding. He has a history of success, having developed numerous products and distributed thousands of hardware items globally, mostly in the toy and sports industries. Today, Brad will share valuable insights on the three crucial elements for a successful hardware startup, how to sidestep common mistakes in these areas, and how to grow your product to reach the level of a major hit.
Today you will hear us talk about:
- People, Processes, and Capital
- The growth trajectory is both a blessing and a challenge.
- To scale effectively, you must continuously evaluate and reinvent the three primary areas that often lead to scaling failures.
- Finding product market fit is a crucial step, but to ensure sustained success, you need to focus on your people, who are the biggest lever.
- The progression should be from generalists to specialists.
- Annual single-digit growth is acceptable, but quarterly double-digit growth is preferable.
- Avoid becoming a constraint to everything.
- Efficient processes maximize the potential of your people.
- A successful hardware startup requires a smart founder, a compelling idea, a unique marketing plan, a talented team, and effective execution.
- Hire individuals who possess more expertise and skills than you, even if it means paying them more, especially in the early stages.
- Secure the necessary capital to reach your minimum viable product (MVP).
- Do not let the pursuit of perfection hold back progress.
- The approach should be: build, assess, and improve.
- Consider selling directly to consumers.
Partner: PTC’s best-in-class software solutions Onshape: The only cloud-native product development platform that delivers full-featured computer-aided design (CAD), integrated product data management (PDM) and enterprise analytics in a single system, and Creo: 3D CAD solution that provides designers with the most innovative tools to build better products faster, such as generative design, additive manufacturing, real-time simulation, IIoT, and augmented reality.
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!