MIT Founders Journey - October 23, 2014

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Information about MIT Founders Journey - October 23, 2014
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Published on October 23, 2014

Author: dragoninnovation

Source: slideshare.net

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MIT Founders Journey - October 23, 2014

1. DRAGON INNOVATION, INC. MIT FOUNDERS JOURNEY OCT 23, 2014 SCOTT N. MILLER | CEO | @DRAGONINNOVATE | WWW.DRAGONINNOVATION.COM

2. Presentation Download bit.ly/MIT-Founders-Dragon-2014 2

3. 3 Agenda •Quick Survey •Dragon Background •Manufacturing Overview •How to Prepare for Crowdfunding •Understanding Product Cost (COGS) •Q & A http://en.wikipedia.org

4. Quick Survey 4

5. Dragon Innovation Background 5

6. MIT RoboTuna 6

7. Agenda 7

8. Robotic Corvette Powered Dino 8

9. Agenda 9

10. Initial iRobot Expertise (Revenue) 10

11. Journey from $100,000 to $100 Price 11

12. My Real Baby ~ 100k 12 Velociraptor ~100k +

13. Rooomba and Scooba 13

14. Agenda 14

15. VISION We are going to take something as insanely complex as manufacturing consumer electronics and make it feel easy.

16. Bolt

17. Bolt

18. 20

19. MANUFACTURING SERVICES Focus on what you do best. Benefit from real-time responses, improved quality, higher efficiencies and easier communications. Plus, you’ll save a bundle in travel costs. FACTORY SELECTION SERVICES Find the right manufacturing partner for your product. · Factory Selection & Vetting · Preparation of Request for Quote (RFQ) package · Quote comparison / Apples-to-Apples analysis · Far East and US location support PROJECT MANAGEMENT Full Dragon team support plus a dedicated Project Manager located on-site at the factory. · Factory contract negotiation · On-site support with dedicated Project Management · Schedule and budget planning · Independent inspections and factory oversight · Certification process coordination and assistance · Iterative design reviews · Component sourcing assistance · Total product lifecycle cost reduction · Creation and implementation of quality plan · Schedule negotiation / acceleration · Sustaining engineering strategies · Rapid response / “fire fighting” · Factory relationship management

20. Applying 250 Combined Years Experience To Build >100 Hardware Companies “During the final stages of product design, we have the Dragon team come in to assess manufacturability and assembly. They’ve been very helpful and made our products strong. Dragon Innovation can act as a trailguide to help navigate the decisions and drama of producing hardware.” BRE PETTIS MAKERBOT “We really had no concept as to the manufacturing process. Thankfully, Dragon was keen on educating us - helping us identify gaps in our design, and guiding us on the full manufacturing process from inception to fulfillment.” CARLOS HERRERA CEO / FOUNDER, PINTOFEED "Dragon helped us take our crowdfunding success and translate it into to shipping more than 100,000 Pebbles in just over a year. They provided critical support on-the-ground in China and sourced excellent suppliers." “During the final stages of product design, we have the Dragon team come in to assess manufacturability and assembly. They’ve been very helpful and made our products strong. Dragon Innovation can act as a trailguide to help navigate the decisions and drama of producing hardware.” ERIC MIGICOVSKY PEBBLE KELLER RINAUDO ROMOTIVE JEEVAN KALINITHI SIFTEO “If you’re looking to produce stuff at scale, you have to realize that the manufacturing process is hard. Dragon helped us climb the manufacturing learning curve with their expertise.”

21. DRAGON INNOVATION HAS HELPED LAUNCH AND SCALE OVER 100 COMPANIES SINCE 2009

22. HARDWARE IS EXPLODING Unprecedented periods of growth come with lots of chaos.

23. Hardware Wave Enablers • Nearly Ubiquitous High-Speed Wireless Access • Unprecedented Global Technology Innovation • Fearless and Connected Entrepreneurs & Consumers • Available Capital • Inexpensive Devices, Access & Apps • Ability to Reach Millions of New Users in Record Time KPCB DECEMBER 2012

24. PROTOTYPING HAS NEVER BEEN EASIER • 3D Printing • Arduino, Raspberry Pi, Beagle Bone, Edison • TechShop • GrabCAD, Upverter, GitHub • SparkFund, Adafruit • Easier Access to Capital

25. HARDWARE INNOVATION NOW COMES FROM THE LITTLE GUY

26. Product Development The New Way: Sell then Build 28

27. • Raise capital upfront • Validate product / market fit • Create engaged & passionate community early • Get the attention of media and investors

28. BE CAREFUL YOU DON’T SELL SOMETHING YOU CAN’T BUILD 30

29. A B C D E F G H I J K L M N O P Q R S T U V W X Y Z PERCEIVED PRODUCT TIMELINE Idea Crowdfund Deliver A B C R S T U V W X Y Z Manufacture Prototype D E F G H I J K L M N O P Q

30. MORE REALISTIC PRODUCT TIMELINE Idea Proto Crowdfund Manufacture Deliver A B C D E F G H I J K L M N O P Q R S T U V W X Y Z CF Prep

31. Manufacturing is Complex

32. Why Delivering Is Hard Getting from prototype to delivery is a long journey with many ‘unknown unknowns ’: • COGS, tooling and manufacturing costs • Lead times • Permanence of Quality • Iteration cycles • DFMA • Factory Selection and Management • Team Scalability • Schedule & Project Management • Specialized skills (ME / EE / SW/ Q / SC / Logs)

33. Calculate An Accurate Funding Threshold •NRE for Prototype to DFM •COGS •Tooling Costs •Manufacturing Costs •Pre-Sale Price •Transaction Costs 35

34. COGS Drivers YOUR DESIGN • Material and Component Selection • Fabrication Method • Manufacturing Efficiency (First Time Yield, machine tonnage, assembly labor, number of operations, etc.) • Quality Requirements (driven by requirements / Voice of Customer) • Packout (replaceable vs. rechargeable batteries; packaging; spares, etc.) MANUFACTURING PARTNER • BOM Transparency • Profit Margin • Labor Rate • Currency • Geographic Location (shipping, tariffs, etc.) • Capability (in-house vs. outsourced) • Supply Chain (Purchasing Power, volume (piggy back), Consigned vs Purchased, etc).

35. Controlling Costs 1.Deconstruct the BOM. 2.Separate special components. 3.Transparency 4.Compare to standards. 5.NegoHate Inclusions

36. 8 7 6 5 4 3 2 1 1 19 34 14 11 20 33 31 28 13 17 22 21 36 30 37 10 24 18 12 23 5 25 29 15 6 16 8 7 9 2 35 3 4 13 26 ITEM NO. PART NUMBER DESCRIPTION QTY. 1 100132 Heatsink, Aavid 60520 1 2 PCB 1 100104 Circuit board blank 1 100015 LED, Luxeon LXHL-LW6C 1 3 GATE 1 100110 Film Gate 1 100011 Backgate 1 100024 Film Spacer 1 4 Bottom 1 100144 Bottom Plate 1 100029 Leaf Spring 2 5 Knobreel 2 100106 Cover Bush 1 100151 Dowel .125 dia 2.000 long 1 100009 Driver 1 100153 Gripring .125 dia 1 100149 Knob bush 1 100007 Clutch, one-way, Torrington RC-02 1 100152 Washer, ss .125 id, McMaster 98019A310 1 100017 Knob, plastic McMaster 7354K15 1 100045 Felt washer 1 6 Reel 2 7 condentube 1 100031 Condenser lens, small Fisher Price 1 100105 Condenser Tube 1 100154 O-ring Buna -120 1 100035 Retaining ring, internal 1.062 dia 1 100031b Condenser lens, large, Fisher-Price 2 8 100162 Spacer, condenser lens, short 1 9 100136 Spacer, condenser lens, long 1 10 100163 Spacer, projector, short 1 11 FHMS Phillips M4x20 8 12 PHMS Phillips M4x8 6 13 PHMS Phillips M4x6 5 14 PHMS Phillips M5x16 8 15 FHMS Phillips M4x12 6 16 PHMS Phillips M4x12 1 17 PHMS M4x8 6 18 100150 Endplate, Right 1 19 100160 Endplate, Left 1 20 100100 Front Plate 1 21 100138 Projector Lens Housing 1 22 100148 End Spacer 2 23 100145 Top Plate 1 24 100158 Window Edmund R39-773 1 25 100146 Handle 1 26 100161 M5 Acorn Nut 1 27 100147 Half Bridge 1 28 100012 Focus Screw McMaster 92558A170 1 29 100143 Spacer, .25 dia, .19 long 4 30 100156 Spacer, projector, long 1 31 FHMS Phillips M4x8 2 32 100150 Washer, Nylon, MSC 05401757 1 33 100159 Detent 1 34 100101 Bumper, rubber McMaster 9540K35 8 35 100039 Switch, SPST rocker Carlingswitch 1 36 100155 Projector lens, concave 1 37 100157 Projector lens, plano 1 D C B D C B DIMENSIONS ARE IN MILLIMETERS TOLERANCES: 0,1MM ANGULAR: 0 30' MATERIAL DRAWN APPROVED A A APPLICATION FINISH REMOVE ALL BURRS AND SHARP EDGES 8 7 6 5 4 3 2 1 NAME DATE TITLE: SIZE B DWG. NO. REV SCALE 2:5 UNLESS OTHERWISE SPECIFIED: KINKAJOU DELTA 100141 DO NOT SCALE DRAWING allen 21july04 Anatomy of a BOM • Plastic • Purchased Parts • Electrical Components • Consigned Components • Deco • Packaging • Assembly Labor • CM Profit, Overhead and Scrap • Overland Transportation

37. How to Calculate Plastic Costs • Does it matter that it is a gear??? • Components (3) 1.Material Cost = Part Weight * Resin Cost 2.Machine Overhead: = Hourly Cost * Cycle Time (sec) / (3,600 sec / hr) 3.Factory Mark-up, Scrap and Overhead (%) • Total Part Cost: = (Material Cost + Overhead Cost) * (1+Factory M/U)

38. HK Resin Prices (USD/Ton) Reference: http://www.nhh.com.hk/eng/trading/price_trend.asp (you will need to create a login)

39. Example PRC Molding Item Cost (USD) 280 Ton / hr $15.48 220 Ton / hr $10.96 180 Ton / hr $8.38 140 Ton / hr $7.09 100 Ton / hr $5.80 80 Ton / hr $5.16

40. How to Calculate EE Costs • Cost = Component * Usage • Separate high cost components over a certain threshold. Apply a lower mark-up. • Apply Factory M/U

41. Typical PRC CM Margins (Profit, Scrap, Overhead) PCBA 6–8% Toys 12% Consumer 15% Medical >40%

42. Manufacturing Strategy •Volume Dependent (5k units Threshold) •Domestic CM (USA) •Overseas CM (China) 44

43. Current Dragon Products

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