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Shared by krystian-autobonai · 269d ago · 14 comments
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Shared by krystian-autobonai · 269d ago · 14 comments
krystian-autobonai · 268d ago

Not one that stands out. 'Fundraising' isn't in the title of any of the links, but Part 1 (Ideation) of the Illustrated Guide will point you in the right direction to figure out the basics:
- How much would it cost me to build the crudest version to build minimal proof?
- Do at least a small sample of people within your current reach want it?
- If they want it/love it, how much are they willing to pay for it?
- If a few people do want/use it, how many more people are there that could also want it?
- How much would it cost to service/obtain that demand within my local/niche market?
- What kind of teammate(s) do you need to help you run this experiment? (Part 1 - Hardware Startup Teams)

Lay out this plan in as much detail as you can, and then try selling angel investors on funding your experiment (first time founders should stick to angels at this point). Depending on what kind of hardware you're building, your total experiment cost (parts, labor, time, etc) can be anywhere from $10K-$400K (pre-seed). The less the better, but without jeopardizing the results. What you then ask angels for is a little more incase you underestimated something (almost always happens). Use Y Combinator's SAFE for simplicity. You'll probably find yourself being told dozens of times "you're raising too little" or "too much". So understand exactly what you need beforehand so these opinions don't sway you (mistake I made). But if it's an angel/founder that's actually built a hardware startup before, that's advice you want to listen more closely too. Assume you may be wrong, and your goal is to be less wrong. Also, try to not start spending on the experiment until you raised the full amount you need. Even if your first check clears the bank and your final check takes 3 to 4 months to close.

After this, if the experiment had some exciting discovery, VC's want to hear the story about your experiment and findings. Even if they think it's a great story, VC's that don't have a thesis of investing in hardware will likely pass simply because their partners are 'SaaSy'. So try and find ones that already have a hardware-enabled software thesis. Come prepared with how much you need to run a bigger experiment that will start to make you both some money.

krystian-autobonai · 268d ago


krystian-autobonai · 268d ago

hardware-enabled software seems to be an attractive story

krystian-autobonai · 268d ago

that list was full of delight for sure

krystian-autobonai · 269d ago

Will update this thread if I find more that are as good or better!

krystian-autobonai · 336d ago

follow everyone Pioneer is following :)

krystian-autobonai · 462d ago

Here's a talk Steve Jobs gave about this topic: