157: How Hardware Startups Compete with Big Business
b'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.\\xa0In 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.\\nToday you will hear us talk about:\\n\\nThere is so much democratization of tools and techniques\\n\\nThere are more firms, especially in product design, helping reduce risk and increase success for a new physical product startup.\\n\\nInnovation is being cut, doubling down on existing things that work.\\n\\nTime, talent, and treasure to succeed in a new hardware product.\\n\\nIt\\u2019s faster than ever to develop a product and get to market than ever before.\\n\\nThe next billion-dollar idea is created in a recession\\n\\nSmart big corporate people are leaving to create startups\\n\\nFocus on the primary goal of the acquisition\\n\\nMove from fear-based to opportunity based.\\n\\nScarcity bring innovation, and recessions fuel that.\\n\\nGet big ideas developed well.\\xa0Professionally build the idea.\\n\\nLicensing or white labeling can allow you to scale, once you have a product in production that at least a few customers love.\\n\\nDon\\u2019t be paralyzed on pitching your product to a big company.\\n\\nMinimum viable product is so important, and the only way of ensuring quality on your first run.\\n\\nThe product should evolve over time, and via feedback.\\n\\nDon\\u2019t rob your customer of your relationship over time with your brand and product.\\n\\nIntellectual property creation is the only proven investment strategy that an entrepreneur can be successful at, it is within your control.\\xa0Now is the time.\\n\\n\\nEPISODE LINKS:\\n\\nMike Stemple Links:\\nLinkedIn | Book\\n\\nThe Product Startup Podcast Links:\\nhttps://www.ProductStartup.com/\\nInstagram | LinkedIn | Facebook Page | Facebook Group | Pinterest | Twitter | YouTube\\n\\nPTC Links:\\nhttps://www.ptc.com/\\nOnShape | Creo\\n\\nMako Design Links:\\nhttps://www.makodesign.com/\\nYouTube | Instagram | LinkedIn | Facebook | Pinterest | Twitter\\n\\nKevin Mako Links:\\nInstagram | LinkedIn | Quora | Facebook | Twitter\\n\\nPartner: PTC\\u2019s 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.\\n\\nProducer: 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.'