Mokuolu: InventaPrint Cut Client's Part Cost from $50k to Under $2k
Rich Mokuolu · 1543 They'll Help You Manufacture Your Product for 1/4th the Cost as Other Brokers, $100k in MRR, 20 Customers · Oct 15, 2019 · at 12:24
Rich Mokuolu, co-founder of InventaPrint, shares a case study demonstrating how platform manufacturers optimize client design intent to drastically reduce hardware manufacturing lead times and costs.
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“A nanotechnology company came to us. It had a 50,000 dollar injection motor part design, and as part of the bidding process, manufacturers in our network not offer, not only offer a price, but they also offer feedback on your design intent, right? So in this case, it said, hey, 50,000 dollars is going to take over three months to build. We can actually do this exact same geometry and sheet metal, and we can deliver this in less than two weeks, and it's going to cost less than 2000 dollars, right?”
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More from Rich Mokuolu
Mokuolu: Traditional Brokers Upcharge Manufacturing to Inflate GMV
“If that client was to go to anyone else, they would gladly take the 50,000 dollars and maybe even upcharge them to 70,000 dollars to get their GMV higher, right? But it really doesn't serve that customer.”
Mokuolu: Hardware manufacturing brokers take 15% to 25% commissions
“You have manufacturing brokers in the hardware space. And those people take anywhere between 15 to upwards of 25%, right?”
Mokuolu claims InventaPrint has zero customer churn due to selective onboarding
“No churn, actually. Probably that might change in the future, but right now we're, because we're very selective in who we work with, we make sure that we can provide value to people that we're onboarding.”
InventaPrint Case Studies Show Average 75% Manufacturing Cost Reductions
“Right now, the customers that use us, the reason why there's no churn, because we actually represent our case studies show roughly averaging 75% in cost reductions.”
InventaPrint charges a 10% transaction fee to undercut traditional brokers
“So what we do is by using a 10%, we're actually undercutting the broker market, and giving a more cost-competitive solution there.”
InventaPrint targets clients spending at least $1M annually on manufacturing
“Our dollar profile is, you know, for a mid-market company, we really determine it by a million dollars worth of spend a year, and then for the enterprises over that so that's where we kind of target the mid-market enterprise range.”