Page 34 - 10 Most admired Hardware and Devices Startup 2020

5 Technical

Reasons

Why Hardware

Startups Fail

Most of us have learned something from our mistakes, specializing in hardware startups)
but have you ever learned from the mistakes of others?
Studying the failures of others can actually ensure that you Technical issues generally occur during the development
don’t make the same mistakes they did. and early manufacturing stages. The more complicated the
product the more challenging it will be to avoid mistakes
When it comes to new hardware startups, there are so during these stages.
many possible mistakes to be made. There’s a reason
behind the cliché “Hardware is hard!”. You would be wise #1 – Underestimating product development
to study in detail how other hardware startups have gone
wrong. Product development is complex, expensive, and almost
always takes longer than anticipated. Even big tech
Over the years I’ve worked with a lot of hardware companies developing new products always struggle to
entrepreneurs, and I’ve been one myself. I’ve also spent estimate the time and cost required.
considerable time reviewing “autopsy reports” for
hardware startup failures. I’ve worked on many large product development teams
and it’s extremely rare for any project to go better than
“ I’ve found learning from failure expected. It’s always the other way around. There will
always be unexpected challenges regardless of the
is one of the most powerful experience level of the developers. Creating something
completely new is never simple.
tools we have to help hardware #2 – Underestimating the complexity of scaling to mass

companies prosper.” manufacturing

Entrepreneurs tend to completely neglect the complexity,
cost, and time needed to scale their product from a
prototype to mass manufacturing. In fact, I’d say this is the
– Ben Einstein, Founder of Bolt.io (Venture capital firm most forgotten step in launching a new hardware product.

34 March 2020