Our usual advice to hardware founders is to focus on getting a
product to market to test the core assumptions on actual target
customers, and then iterate. Instead, Juicero spent $120M over two
years to build a complex supply chain and perfectly engineered
product that is too expensive for their target demographic.
Imagine a world where Juicero raised only $10M and built a product
subject to significant constraints. Maybe the Press wouldn’t be so
perfectly engineered but it might have a fewer features and cost a
fraction of the original $699. Or maybe with a more iterative
approach, they would have quickly found that customers vary
greatly in their juice consumption patterns, and would have chosen
a per-pack pricing model rather than one-size-fits-all $35/week
subscription. Suddenly Juicero is incredibly compelling as a
product offering, at least to this consumer.