Beta.MN/ Byte is a series underwritten by Bust Out Solutions and published in collaboration with Beta.MN for the early-stage founders between idea and execution.
What is the name of the company and/or product?
What distinct problem does this solve for who?
Collabatory provides value for entry startups seeking to develop physical prototypes. Our objective is to give them the edge to innovate faster by translating the product needs into and engineering statement for Collabatory to build the prototype. The startup will receive the finished product.
How did you come up with the idea?
I have a background in biomedical engineering, a passion for rapid prototyping and desire to learn as much as possible about new product development.
What is the full launch/release date planned?
We are in the process of finalizing paperwork with our partner the University of Minnesota and I would anticipate sometime this quarter we will be open.
Who is on the team?
Who is the customer and what is your revenue model?
Inventors in IoT industry are our primary focus. We will be providing our clients with two options. Option 1: lowest cost and fastest time prototypes. this is for clients that are very entry level and want to have something physical ASAP. Immediate traction and market testing is more important than quality and reliability for such customers. This also means that such prototypes will be less complex in design. Option 2: highest cost and slowest time: for the more established startups that are looking to acquire more practical, functional, and reliable prototypes.
What is the size/scope of your market and how will you scale?
We will find those here in Minnesota who need this and reach out to them.
What is your greatest strength?
My knowledge of rapid prototyping is our greatest strength.
What is your biggest weakness?
My lack of entrepreneurial and business experience.
What is one resource you could use that would take this to the next level?
If we had a space that we owned ourself.
Is there anything else you would like to add?
The one thing I’ve learned about startups so far is that ‘your assumptions will probably be wrong’.