157: How Hardware Startups Compete with Big Business

Mike Stemple is the Author of Innovating Innovation, a #1 Bestseller. He has also founded multiple consumer product startups, including Skinit wraps, and since then, Original Wraps which sold to 3M. In addition to his own hardware ventures, he also consults a number of Fortune 500 product companies on how to be more entrepreneurial. Today Mike is going to share some valuable knowledge on how inventors, startups, and small manufacturers can beat the big corporations when developing a new product by being faster, more nimble, listening to customer feedback, and much more. Today you will hear us talk about: There is so much democratization of tools and techniques There are more firms, especially in product design, helping reduce risk and increase success for a new physical product startup. Innovation is being cut, doubling down on existing things that work. Time, talent, and treasure to succeed in a new hardware product. It’s faster than ever to develop a product and get to market than ever before. The next billion-dollar idea is created in a recession Smart big corporate people are leaving to create startups Focus on the primary goal of the acquisition Move from fear-based to opportunity based. Scarcity bring innovation, and recessions fuel that. Get big ideas developed well. Professionally build the idea. Licensing or white labeling can allow you to scale, once you have a product in production that at least a few customers love. Don’t be paralyzed on pitching your product to a big company. Minimum viable product is so important, and the only way of ensuring quality on your first run. The product should evolve over time, and via feedback. Don’t rob your customer of your relationship over time with your brand and product. Intellectual property creation is the only proven investment strategy that an entrepreneur can be successful at, it is within your control. Now is the time. EPISODE LINKS: Mike Stemple Links: LinkedIn | Book The Product Startup Podcast Links: https://www.ProductStartup.com/ Instagram | LinkedIn | Facebook Page | Facebook Group | Pinterest | Twitter | YouTube PTC Links: https://www.ptc.com/ OnShape | Creo Mako Design Links: https://www.makodesign.com/ YouTube | Instagram | LinkedIn | Facebook | Pinterest | Twitter Kevin Mako Links: Instagram | LinkedIn | Quora | Facebook | Twitter 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. Producer: 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.