124: Raising $1 Million for a Hardware Startup
Ryan Lewendon, Co-Founder and Partner at Giannuzzi Lewendon LLP, explains how hardware startups can successfully raise their first million-dollar funding round. He emphasizes the importance of distinguishing between a single profitability-focused round and a multi-round scaling strategy, advising founders to choose investors who understand the industry and structure deals using SAFE agreements or convertible notes to preserve equity. Lewendon also details how to execute on these funds by building human capital to fill operational weaknesses, securing supply chain agreements, and protecting intellectual property to create a competitive moat.