83: Building a hardware company on one of China’s niche segments

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By China Paradigm - China Business Podcast and Daxue Consulting. Discovered by Player FM and our community — copyright is owned by the publisher, not Player FM, and audio is streamed directly from their servers. Hit the Subscribe button to track updates in Player FM, or paste the feed URL into other podcast apps.
Matthieu David interviews Laurent Le Pen, Founder, and CEO of Omate. In this China business podcast, we learn about his company, how he managed to earn a million dollars on his Kickstarter campaign for the world’s first “truly smart” watch, and why his company made the switch to wearable as a service. “Less means more” is the philosophy that Omate takes to heart when designing new products for their users. But how much more do we stand to gain by wearing an Omate smartwatch and how many more or fewer features do their products have compared to big brand smartwatches? Let’s find out! Skip to the highlights: 0:09 Guest introduction and company history 2:05 Omate – current company size and what type of business they are into 6:08 Omate product evolution - from Kickstarter to wearable as a service 11:46 An initial buyer’s profile – who was interested in buying an Omate smartwatch at launch? 13:50 The Snowball Effect – Omate’s initial marketing strategy 15:22 What was the initial investment in order to get Omate off the ground? 16:56 Production logistics – How hard was it to get into mass production? 19:10 Manufacturing in China – a GoPro anecdote 21:26 Manufacturing the prototype 22:35 The Truly Smart Watch vs The iWatch 26:33 Who is Omate selling to? Is Omate a B2B seller or a B2C? 30:15 How is Omate handling software integration with Android? 32:14 The “Less is More” Philosophy - how user-friendly is an Omate smartwatch? 35:37 What are the features of an Omate smartwatch? 37:23 Is the Omate smartwatch built to prevent possible emergencies that users might have? 40:47 From Design to Product – how long does it take Omate to build a new smartwatch? 42:39 No SIM card Required, Hopefully - upcoming products from Omate 46:51 Replacing The Service Enabler – Can the virtual SIM card become a reality? 48:52 Debating Price Policy – why a monthly subscription would not be the best way to go. 49:56 Omate’s business model should the virtual SIM become a reality. 51:32 Raising Money From 500 Startups – was there a need to do that? 53:48 From B2C to B2B – how Omate decided to sell to other businesses. 56:36 A Lesson in Marketing – The B2C2B model and why releasing limited edition products is a valuable marketing strategy 58:40 Outro Learn more about Omate: https://www.omate.com/ Listen & Subscribe: Apple Podcasts: https://podcasts.apple.com/us/podcast... YouTube - https://www.youtube.com/channel/UC2y6... Website: http://chinaparadigm.com/ Thanks for listening! if you like what you hear, do us a favor and write a review on iTunes. What is China Paradigms Podcast? China Paradigms is the China Business Podcast for entrepreneurs and China watchers. Learn from business professionals in China on our China Paradigms.

123 episodes