# 407: Boards Are Like Sandwiches

- Show: [Embedded.fm](https://hardwarepodcasts.com/podcast/embedded-fm)
- Published: 2022-03-24
- Length: 1h 01m
- Episode: 407
- Page: https://hardwarepodcasts.com/podcast/embedded-fm/2022-03-24-407-boards-are-like-sandwiches
- Listen: https://embedded.fm/episodes/407

## Summary

Mihir Shah, CEO of Royal Circuits and former CEO of InspectAR, explains the complex, labor-intensive manufacturing process of printed circuit boards (PCBs), detailing how they are built from the inside out using lithography and chemical etching. He discusses the consolidation of the US PCB industry, noting that high capital expenditures for equipment have driven out smaller shops, leaving a fragmented market dominated by a few large players. Shah also outlines Royal Circuits' corporate venture strategy, investing in early-stage hardware and software startups like SnapEDA and Illuminant Surgical to support the engineering community.

## Chapters

- [0:06](https://hardwarepodcasts.com/podcast/embedded-fm/2022-03-24-407-boards-are-like-sandwiches#t=6) Introduction: Mihir Shah and Royal Circuits
- [1:33](https://hardwarepodcasts.com/podcast/embedded-fm/2022-03-24-407-boards-are-like-sandwiches#t=93) Lightning Round: Startup Advice and Preferences
- [4:53](https://hardwarepodcasts.com/podcast/embedded-fm/2022-03-24-407-boards-are-like-sandwiches#t=293) PCB Manufacturing Process: Lithography and Etching
- [19:17](https://hardwarepodcasts.com/podcast/embedded-fm/2022-03-24-407-boards-are-like-sandwiches#t=1157) Industry Consolidation and Capital Expenditures
- [25:08](https://hardwarepodcasts.com/podcast/embedded-fm/2022-03-24-407-boards-are-like-sandwiches#t=1508) Corporate Venture Investing: SnapEDA and InspectAR
- [30:29](https://hardwarepodcasts.com/podcast/embedded-fm/2022-03-24-407-boards-are-like-sandwiches#t=1829) Founder Assessment and Startup Funding Strategy
- [42:15](https://hardwarepodcasts.com/podcast/embedded-fm/2022-03-24-407-boards-are-like-sandwiches#t=2535) The InspectAR Journey: From College Project to Acquisition
- [48:45](https://hardwarepodcasts.com/podcast/embedded-fm/2022-03-24-407-boards-are-like-sandwiches#t=2925) Hardware Tools and Manufacturing Software Opportunities
- [56:42](https://hardwarepodcasts.com/podcast/embedded-fm/2022-03-24-407-boards-are-like-sandwiches#t=3402) TheAnalog.io Newsletter and Community Building

## Topics

- [PCB design & layout](https://hardwarepodcasts.com/topic/pcb-design)
- [Manufacturing partners & offshoring](https://hardwarepodcasts.com/topic/manufacturing-partners)
- [Fundraising & investors](https://hardwarepodcasts.com/topic/fundraising)
- [Starting a product company](https://hardwarepodcasts.com/topic/starting-a-company)
- [EDA & CAD tools](https://hardwarepodcasts.com/topic/eda-and-cad-tools)

## Most relevant to

companies scaling up

## Mentioned

- Royal Circuits (company)
- InspectAR (company)
- Cadence (company)
- Tesla (company)
- Taser (company)
- OSH Park (company)
- SnapEDA (company)
- Illuminant Surgical (company)
- Instrumental (company)
- overview.ai (company)
- First Resonance (company)
- X-FAB (company)
- Efabless (company)
- Saleae (company)
- Altium (company)
- MacroFab (company)
- TheAnalog.io (other)

## Related episodes from other shows

- [PCB Industry Evolution: From Mom & Pop Shops to Consolidation](https://hardwarepodcasts.com/podcast/ontrack/2025-08-26-pcb-industry-evolution-from-mom-pop-shops-to-consolidation) (OnTrack)
- [CircuitHub, 12 Years Later with Andrew Seddon](https://hardwarepodcasts.com/podcast/the-amp-hour/2025-08-01-circuithub-12-years-later-with-andrew-seddon) (The Amp Hour)
- [An Interview with Laen - Purple PCB Philosophy](https://hardwarepodcasts.com/podcast/the-amp-hour/2013-06-12-an-interview-with-laen-purple-pcb-philosophy) (The Amp Hour)
- [Inside PCBAA's Fight for American Circuit Board Manufacturing](https://hardwarepodcasts.com/podcast/ontrack/2025-07-30-inside-pcbaas-fight-for-american-circuit-board-manufacturing) (OnTrack)
- [Chemical-Free PCB Production: How uFab is Changing Everything](https://hardwarepodcasts.com/podcast/ontrack/2025-08-12-chemical-free-pcb-production-how-ufab-is-changing-everything) (OnTrack)

## Citing this page

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