The numbers here are determined based on a cutting-edge embedded system targeting an automotive application. The table below lists a typical budget for an advanced product requiring multiple rounds of engineering, physical design, prototyping, testing, compliance, and embedded development.
The goal of determining a production budget for a new product is two-fold: What Goes Into Your Startup Production Budget In this article, my goal is to show startup founders what they should consider when determining their development and prototyping budget. With the new focus on efficiency and smart use of capital in 2023, startups need to be very mindful of their burn rate and their ability to hit their milestons, and it all hinges on creating a smar budget. This approach ignores a lot of risk and leads to major underestimation of the budget required for successful deployment of a physical product.
STARTUP BUDGET SOFTWARE
Most recently, I have met and worked with many hardware founders coming from the software world, and so they tend to approach the hardware development as they would a new software platform. Because hardware comes with so many constraints, hardware startup founders need to get their budgets in place early in order to convice investors to contribute money towards a new product. Some hardware startups consist of a few designers investing their life savings into a new product, and they don't have the luxury of infinite prototyping to build a working system. Most startups that are still at the bootstrap or seed funding stage have very little money to burn.
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