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Gregg Favalora

06/12/13

@ Harvard Innovation Labs

It's essential to understand at least one market where real customers will pay for your product, and you need more funding than you initially think, especially for hardware development.

Video

Harvard i-lab | Startup Secrets: Turning Products into Companies

@ Harvard Innovation Labs

Harvard i-lab | Startup Secrets: Turning Products into Companies

06/12/13

Related Takeaways

Y Combinator Cast

04/12/24

@ Y Combinator

To fund hardware companies, it's essential to secure customer purchase orders and not rely solely on venture capital funding.

Gregg Favalora

06/12/13

@ Harvard Innovation Labs

Even if you have an amazing product, you must deeply understand the market and ensure that customers are willing to pay for it.

Y Combinator Cast

02/08/25

@ Y Combinator

Founders often face challenges in fundraising despite having paying customers, as investors may not understand the product's value.

Eric Migicovsky

10/13/18

@ Y Combinator

For hardware projects, consider starting with software solutions to validate ideas before investing in physical products.

Nirav Patel

05/20/25

@ EO

For consumer hardware startups, having a critical fundraising roadmap is essential to reach escape velocity and ensure long-term success.

Gregg Favalora

06/12/13

@ Harvard Innovation Labs

In the early stages, I learned that having a solid marketing strategy and understanding customer needs is as crucial as the technical aspects of product development.

Hosain Rahman

10/15/14

@ Y Combinator

We learned that in hardware, you must create products that people are willing to pay more for than it costs to make them.

Josh Woodward

03/18/25

@ Sequoia Capital

In the early stages of building products, it's crucial to iterate not just on the product itself but also on understanding the market, as both aspects are equally important.

Eric Migicovsky

10/13/18

@ Y Combinator

Crowdfunding can be useful at the early stage to raise funds for a working prototype, especially for hardware engineers with limited resources.