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How to Fund Your Electronic Hardware Startup

Article Technical Rating: 0 out of 10

It’s an expensive process developing and marketing a new physical product, especially if your product is complex.

Unless you have tens of thousands of dollars that you can throw into it, you’re most likely going to need to get creative when it comes to funding your new startup.

Funding Development

Unless you’re an engineer, you’ll need to outsource most of the development to an experienced engineer, or two.  That being said, it’s always best if you can take your product’s development as far as possible on your own.  If you’re not technical, then you should probably find someone technical to be your co-founder!

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Hardware Startups – 4 Ways to Reduce Risk

This article was originally published on Entrepreneur.com.

Article Technical Rating: 1 out of 10

Bringing a new hardware product to market is definitely not for those adverse to taking risk. Regardless of how “perfect” your product may be, or how sure you are it will be a runaway success, you should always strive to minimize your risk.

Although you can’t eliminate all of the risks, fortunately there are ways to reduce them. In most cases, minimizing risk means reducing the investment required and/or increasing your chance of success.

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Launching a New Electronic Hardware Product – Overcome Your 4 Biggest Obstacles

Getting a new product on the market, especially a electronic product, is a huge undertaking with enormous obstacles between you and success.  Everything from developing the product to setting up manufacturing and finding customers can result in a bumpy road.

For my hardware startup it took me years to surpass these obstacles – but I learned a lot throughout the process.

To overcome these challenges, you need to be creative, adaptable and absolutely focused.

Here are the most common obstacles and how to get past them:

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How to Save Money and Reduce Risk Developing a New Electronic Hardware Product

Article Technical Rating: 7 out of 10

Bringing a new electronic product to market is generally difficult, risky, and expensive. To succeed, and make it to eventual profitability, you need to focus your early efforts on minimizing risk and cost.

Of course, nothing is ever free and even reducing your risk and lowering development costs has a price. That price is usually either a longer development time, or a higher manufacturing cost. A higher unit cost means lower profits. Obviously profit is hugely important, but not when you’re first getting started.

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