Podcast Summary
New technologies face challenges in gaining widespread acceptance: Persistence, innovation, and providing value to customers are essential for a new technology to overcome challenges and become a lasting part of our world.
New technologies often face challenges in gaining widespread acceptance and becoming part of our daily lives. The discussion highlighted examples like electric cars, VR, and cryptocurrency, which have gone through multiple waves of innovation and hype before finding their place in the industry or consumer market. 3D printing is another technology that faced similar challenges. Co-founder and CEO of Form Labs, Max Lebowski, shared his experience of staying the course during the hype cycle and building a successful business by providing a complete system of 3D printers and materials. Initially, the market was driven by hobbyists creating trinkets, but it has since evolved to serve industries and create functional products. The key takeaway is that persistence, innovation, and providing value to customers are essential for a new technology to overcome the challenges and become a lasting part of our world.
Barriers to Widespread Home Use of 3D Printers: 3D printing technology has progressed, but home use is limited by size, material, skill, and legal barriers
While the concept of a 3D printer as a mass consumer product is appealing due to its ability to create any physical object, the reality is that it's still not quite there yet. The technology has come a long way since its inception in the 1980s, but there are still barriers to widespread home use. These include the size and material limitations of 3D printers, as well as the skills required to operate them. Additionally, the legal landscape surrounding 3D content is still being defined, adding another layer of complexity. Despite these challenges, the hobby market for 3D printing is thriving, with several hundred million dollars in sales each year. However, the bulk of the industry remains professional use. While there have been attempts to create subscription-based models for consumer use, such as Disney allowing fans to print collectibles, these have not yet gained widespread popularity. Overall, the 3D printing industry is making progress, but it's a slow and complicated process.
Professional Applications Drive 3D Printing Market Growth: Companies like Desktop Metal advance materials technology and expand the range of materials for professional 3D printing applications in engineering, manufacturing, prototyping, and dental industries, which account for the majority of the market.
While consumer-grade 3D printing has made strides in recent years, particularly in the use of plastic materials, the industry's true growth lies in professional applications. Companies like Desktop Metal are focusing on advancing materials technology and expanding the range of materials available for 3D printing, which is crucial for meeting the diverse needs of industries such as engineering and manufacturing, prototyping, and product development. Another significant area of growth is in the dental industry, where 3D printing is being used to create crowns, night guards, and surgical guides, offering faster and more precise solutions compared to traditional methods. Overall, the professional sector, which includes prototyping, engineering and manufacturing, and dental applications, makes up the vast majority of the 3D printing market, with consumer applications accounting for a much smaller percentage.
The Benefits of Professional Counseling Services and Manufacturing Efficiency: BetterHelp offers convenient and affordable online therapy sessions with licensed therapists, while Form Labs prioritizes efficiency and convenience in their manufacturing processes, but has faced challenges due to the coronavirus outbreak.
Just as a dentist benefits from using a drill guide to ensure accuracy and convenience, individuals can also prioritize their mental health with the help of professional counseling services like BetterHelp. BetterHelp provides easy, affordable, and private access to licensed therapists through online communication, allowing individuals to schedule sessions at their convenience and avoid the inconvenience of traditional therapy. Form Labs, a hardware company, also prioritizes efficiency and convenience in their manufacturing processes, but has been impacted by the coronavirus outbreak, which has disrupted their supply chains and reduced production. The company, which makes its latest generation of machines in China, has had to sell inventory and adjust to new products being ramped up in the country.
Vertical integration in technology and manufacturing: Making and producing components in-house reduces costs and increases efficiency. 3D printing is an example where vertical integration allows for more control over production process and reduces reliance on external suppliers. Advancements in technology open new applications in various industries, making vertical integration even more beneficial.
Vertical integration - making and producing various components in-house - is a key strategy for reducing costs and increasing efficiency in industries like technology and manufacturing. This was highlighted in the discussion about 3D printing, where the company has moved from making printers in different countries to owning a chemical plant in Ohio to produce the materials for their printers. This strategy allows the company to have more control over the production process and reduce reliance on external suppliers. Additionally, advancements in technology, such as 3D scanning and software, have opened up new applications in industries like dental, making vertical integration even more beneficial. The individual skills needed to operate in a vertically integrated environment include expertise in 3D CAD modeling and potentially other technical areas, depending on the specific industry and company.
From simple 3D printing to custom designs and diverse industries: Mechanical engineers and other professionals use specialized CAD software for 3D printing needs. Converting designs to printable models is complex, but innovations like photogrammetry make 3D printing more accessible to a wider range of industries.
While running a basic 3D printing job can be simple and accessible to most people, creating custom designs requires a deeper understanding of the technology and various CAD software used in different industries. Mechanical engineers are a common title for those working with 3D printers due to their technical background, but dentists and other professionals are also utilizing specialized CAD software for their specific needs. The process of converting these designs into printable models (STL files) can be complex, requiring expertise to ensure the printer's capabilities are maximized. Companies like ours must work with various CAD software and scanning technologies to accommodate the diverse needs of their customers. The ultimate goal is to make 3D printing more accessible to a wider range of professionals and industries, and innovations like photogrammetry are bringing us closer to the ability to print parts from anywhere, even on a desert island or on Mars.
Designing parts for 3D printing in space: 3D printing technology's potential is vast, from space to remote locations. However, designing parts for 3D printing and affordability remain challenges.
While 3D printing technology has advanced enough to be used in space, such as the International Space Station, the real challenge lies in designing parts specifically for 3D printing. The potential for this technology is vast, from building colonies on Mars to creating structures in remote locations on Earth. For instance, Antarctica or the Arctic could be potential sites for 3D-printed bases. The resins used in 3D printing are in a liquid form and are not inexpensive, starting at around $150 per liter. Large-scale 3D printers, capable of producing houses or car frames, are an intriguing development, but their societal impact remains to be seen. The accessibility and affordability of these printers, especially for smaller items, could revolutionize the way we produce and consume goods. However, challenges such as shipping costs and logistics remain to be addressed. Overall, 3D printing technology holds immense potential for various industries and applications, from space exploration to construction and consumer goods.
The power of perseverance and being in the right place at the right time: Persisting through rejection and staying open to opportunities can lead to success, even during challenging investment climates.
Even during challenging times for securing investments, persistence and being in the right place at the right time can lead to success. The founders of Form Labs, a 3D printing company based in Boston, faced rejection from numerous investors before receiving their first check. This was during a time when hardware companies were not popular investment options. However, they continued to pitch and eventually caught the attention of Mitch Capar, the founder of LODIS Software, during a dinner at Legal Seafood in Harvard Square. Capar, who was part of the PC revolution and made expensive technology accessible to businesses, saw potential in Form Labs and provided them with the initial investment. This story highlights the importance of perseverance and being open to opportunities, even when faced with uncertainty. Additionally, Send Pro Online, a shipping solution offering savings on USPS rates, can help businesses save money on shipping costs. For a free 30-day trial and a free 10-pound scale, visit pb.com/twist.
Responding quickly to opportunities can lead to gains, while missing the mark may result in missed chances.: Quick responses to opportunities can lead to gains, while missing the mark may result in missed chances. The Media Lab at MIT, a research institution known for its cross-disciplinary approach and corporate sponsorship model, is an attractive place for corporations to invest and engage with innovative ideas due to its flexibility and access to resources.
Quick responses and decisive action can lead to opportunities, while being slow to respond may result in missed chances. This was evident in an email exchange with a potential investor, who wrote back right away but ultimately declined due to lack of knowledge about the project. The Media Lab at MIT, where the conversation took place, is a unique research institution known for its cross-disciplinary approach and corporate sponsorship model, which allows for open-ended research and early interaction between students and corporations. While the speaker was not directly working on 3D printing at the Media Lab, they were part of the Center for Bits and Atoms, a hard tech group focused on physical and digital systems. The Media Lab's flexibility and access to resources make it an attractive place for corporations to invest and engage with innovative ideas.
The convergence of tech and manufacturing at Forum Labs: Forum Labs raised $15M at a billion-dollar valuation, focusing on customer revenue and R&D, involving big firms for expertise and resources, and maintaining a disciplined approach despite industry shifts.
The convergence of technology and manufacturing, as exemplified by the company Forum Labs, has led to innovative approaches in raising capital and building businesses. The professor Neil Gershenfeld's research on bits and atoms influenced the inception of 3D printing and vice versa. Forum Labs raised $15 million at a billion-dollar valuation, an amount that may seem small for large firms, but flexibility in negotiations allowed for such an investment. The focus on customer revenue and R&D has kept the company profitable, even as the industry debates the merits of staying private for extended periods. The involvement of big firms like NEA and Jeff Imelt brought valuable expertise and resources to the table. The negotiation process for investments involves discussing target investments and adjusting for each unique situation. As the company approaches a decade in existence, the industry's shifting focus on profitability and potential IPOs raises questions about the benefits of staying private for an extended period. Despite these changes, Forum Labs' disciplined approach and customer-driven revenue model have remained consistent since its inception.
Maintaining financial discipline crucial for businesses investing in R&D: Businesses investing in R&D should focus on financial discipline and avoid excessive losses in sales and marketing to create better products.
While it may make sense for consumer tech companies to lose large amounts of money to achieve scale and network effects, this approach doesn't necessarily translate to other industries. For businesses investing heavily in R&D to create better products, maintaining financial discipline and avoiding excessive losses in sales and marketing is key. Going public or staying private ultimately depends on the company's goals and its ability to demonstrate predictable revenue. The decision to expand into multiple verticals instead of focusing on one can lead to greater success for some companies, but careful consideration is required. The long-term focus of investors can alleviate pressure to go public prematurely, but the distractions and overheads associated with an IPO may not be worth it for companies that aren't ready.
Investing in niche products and R&D leads to growth: Focusing on a specific niche, investing in R&D, and using integrated business systems can lead to superior products and efficient growth.
Focusing on a specific niche and investing heavily in research and development for a select product or technology can lead to superior products and growth, as demonstrated by Apple and NetSuite. Meanwhile, in the world of hardware, companies must consider the challenge of intellectual property protection and competition from China. The use of integrated business systems like NetSuite can help companies grow efficiently and profitably. An unexpected application of 3D printing was seen in the film industry, where it was used to create a nose implant for Charlize Theron in the movie "Bombshell," winning an Oscar for best makeup.
Revolutionizing industries with 3D printing: 3D printing is transforming industries, from film and TV to construction, with benefits like efficiency and cost savings, but challenges like aesthetics and material limitations remain.
3D printing technology is revolutionizing various industries, from film and television to construction, and its applications continue to expand. During the Oscars, a 3D-printed nose piece won an award, sparking discussions about potential advantages and ethical considerations. In the film industry, 3D printing is being used to create intricate models and props, while in construction, it's being explored as a method for building structures, from small houses to large-scale projects. Although the technology offers numerous benefits, such as efficiency and cost savings, there are still challenges to overcome, including the aesthetics and potential limitations of the materials used. Overall, 3D printing represents an exciting and transformative development in the way we create and manufacture goods and structures.
From idea to physical production: The future of 3D printing: 3D printing's future involves bridging the gap between digital designs and physical production, revolutionizing industries and technology.
Building a hardware company comes with unique challenges, such as the need for significant funding, protecting intellectual property, and staying ahead of competitors. The potential for reverse engineering and IP theft is a constant concern, making it essential for companies to invest in new technology and maintain an advantage. The ultimate goal is to bridge the gap between designing something digitally and having it physically produced, which would lead to significant progress across various industries. The future of 3D printing holds great promise, with potential applications ranging from bioprinting to food production. However, it's important to distinguish between true 3D printing and loosely related technologies. The vision of going from an idea to a real thing with minimal steps is an exciting prospect, and advancements in this area could revolutionize industries and technology as a whole. The 3D printing of chocolate, stakes, or other non-traditional materials might be intriguing, but their relevance to the core concept of 3D printing should be considered. Ultimately, the future of digital fabrication lies in making the process from idea to reality as seamless and efficient as possible.
3D Printing in Science Fiction and Reality: 3D printing in science fiction films inspires awe and showcases potential future applications. Personal experiences with costumes and advancements in technology fuel excitement. Future possibilities include creating living tissue and automating production processes.
The discussion revolved around the impressive depiction of 3D printing in science fiction films, specifically in "The Fifth Element." The speakers admired how the scene showcased the complexity of the process and the potential future implications. They also shared their personal experiences with Halloween costumes and their excitement about the advancements in 3D printing technology. Looking ahead, they speculated about the possibilities of 3D printing in the future, such as creating living tissue and organs, and automating production processes to free up human creativity. The speakers emphasized the importance of focusing on the design aspect, as engineers are themselves creations. Overall, the conversation highlighted the awe-inspiring potential of 3D printing and its role in shaping the future.
Exploring the Art of Engineering and Creation: The future holds exciting possibilities for engineering and biology, including the ability to print new organs and even build a second brain. Hiring good engineers, regardless of appearance, is crucial for innovation.
The discussion revolved around the concept of engineering and creation, as depicted in the movie "Prometheus." The engineers in the movie were creating life, just as we as humans strive to create and innovate. The speakers noted Ridley Scott's genius in using metaphors in his films, such as the engineers' self-sacrifice leading to the creation of life on Earth. They also touched on the potential future possibilities of engineering and biology, such as being able to print new organs or even build a second brain. The speakers expressed their excitement about the potential of these advancements and the possibilities they could bring. They also mentioned the importance of hiring good engineers, regardless of their size or shape, and the potential for remote work in any galaxy. The conversation ended with a nod to Ridley Scott's impressive filmmaking and the potential for groundbreaking innovations in the future.
