[ad_1]
New technology like 3D printing has already made a major impact on the manufacturing industry. But this technology is also appealing to consumers. So ELEGOO is evolving to provide options for this market. Read all about the company and its offerings in this week’s Small Business Spotlight.
What the Business Does
Offers 3D printing and other tech products.
Co-founder and CMO Kevin Wang told Small Business Trends, “We specialize in R&D, manufacturing, and sales of 3D printers, laser engravers, STEM kits, and other smart technology products. The key products including LCD 3D printers, FDM 3D printers and Laser Engravers. This November, we launched our first-ever industrial FDM 3D printer – OrangeStorm Giga.”
Business Niche
Offering a user-friendly experience and evolving to meet customers’ needs.
Wang says, “We prioritize automation and intelligence, offering convenient, joyful, and personalized user experiences with rapid product upgrades. A series of updated and iterated products launched in June, September and November 2023 respectively.
“And we are customer-centric and aim to lower barriers, enabling further exploration of the creative universe together. Meanwhile, we are dedicated to scenario-based solutions and building an ecosystem for everyone who desires to create, reinforce smart manufacturing, and unleash inspiration.”
Business Origin Story
After recognizing the consumer demand for 3D printers.
Originally, the business launched in 2015 as a B2B venture. However, the founders quickly realized the potential for 3D printing on a consumer level and shifted their focus.
Wang adds, “Recognizing the strong market among Makers, especially in Europe and the United States, who were enthusiastic about 3D printing, the brand decided to focus on consumer-level 3D printers. We’ve established an R&D team, developed important supply chains, and expanded sales channels such as brand e-commerce, eBay, AliExpress, agents, and channel partners.”
Biggest Win
Gaining attention for a new offering.
Wang explains, “The OrangeStorm Giga, our first-ever industrial FDM 3D printer was launched on Kickstarter on November 4. And the printer has already gained popularity among customers, as evidenced by its impressive fundraising success with USD3.1 million raised in just one week.
“While ELEGOO has a strong presence in the consumer and hobbyist market, we also recognize the growing demand for professional-grade 3D printing solutions, especially for small business owners or creators/makers who request prototyping/production. Therefore, we introduced the OrangeStorm Giga, which allows users to unlock their imagination and bring their most ambitious projects to life.”
Biggest Risk
Launching a new product line.
Wang says, “One of the biggest risks we took was taking bold and launching a new series of upgraded 3D printers this year, including laser engraver, FDM and LCD printers and trying to step into the industrial area. If the market had not responded positively to these products or if the technological advancements had not met customer expectations, it could have resulted in significant financial losses and damage to our reputation.
“However, the risk paid off, and the new printers were well-received. ELEGOO is always exploring new ways to improve our products and services. We are constantly evaluating the needs of our customers and the market to determine the best course of action. The Orange Storm Giga, which has been exhibited at Formnext would be a good example. It doesn’t only meet the user’s printing needs for oversized models but also reduces the need to cut models into smaller sections for efficient printing.”
Lesson Learned
Focus on your target markets.
Wang explains, “[If we could do it all over again,] we would invest more resources in establishing local operations and user experience centers in target regions early on. This would have allowed us to strengthen our connections with customers and better respond to their local needs from the beginning, further enhancing our market presence.
How They’d Spend an Extra $100,000
Looking into new product enhancements.
Wang says, “If we had an extra $100,000, we would allocate it towards R&D to continue innovating and improving our products. This would help us stay at the forefront of technology and maintain a competitive edge in the market.”
Fun Fact
They have a 3D printed receptionist.
Wang explains, “There’s a 3D Printed Godzilla model placed at our office’s reception. It has a height of around 70-80cm. Our team 3D printed over 200 pieces of components and painted and assembled them for a few days. Guests who come to our office will instantly be attracted by it and think that’s our mascot. Maybe it’s an unofficial mascot to showcase the strength of our 3D printing technology.”
*****
Image: ELEGOO
[ad_2]
Source link