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3D Robotics: Disrupting the Drone Market 3D Robotics: Disrupting the Drone Market Resources Author: Toby Stuart & Chris Anderson Online Pub Date: January 04, 2017 | Original Pub. Date: 2015 Subject: Creativity & Innovation in Business, Entrepreneurial Strategies, Corporate Strategy Level: | Type: Indirect case | Length: 9340 Copyright: © 2015 Regents of the University of California Organization: 3D Robotics | Organization size: Medium Region: Northern America | State: California Industry: Manufacture of computer, electronic and optical products Originally Published in: Stuart, T. , & Anderson, C. ( 2015). 3D Robotics: Disrupting the drone market. The Berkeley-Haas Case Series. University of California, Berkeley. Haas School of Business. Publisher: The Berkeley-Haas Case Series. University of California, Berkeley. Haas School of Business DOI: https://dx.doi.org/10.4135/9781526407849 | Online ISBN: 9781526407849 www.princexml.com Prince - Non-commercial License This document was created with Prince, a great way of getting web content onto paper. javascript: void(0); javascript: void(0); javascript: void(0); javascript: void(0); javascript: void(0); https://dx.doi.org/10.4135/9781526407849 © 2015 Regents of the University of California The case studies on SAGE Business Cases are designed and optimized for online learning. Please refer to the online version of this case to fully experience any video, data embeds, spreadsheets, slides, or other resources that may be included. This content may only be distributed for use within George Brown College. https://dx.doi.org/10.4135/9781526407849 SAGE © 2015 Regents of the University of California SAGE Business Cases Page 2 of 6 3D Robotics: Disrupting the Drone Market https://dx.doi.org/10.4135/9781526407849 Resources Exhibit 1: 3DR Financials Rudimentary, fictional income statement (in thousands $US) Year 2013 2012 2011 Total Revenue 20,000 10,000 5,000 Cost of Revenue 11,000 6,000 2,900 Gross Profit 1 9,000 4,000 2,100 Operating Expenses Research/Development 10,000 3,000 1,700 Selling General and Administrative 4,000 1,000 Non Recurring - - - Total Operating Expenses - - - Operating Income or Loss -5,000 0 100 Source: 3DR. Exhibit 2: Funding History and Cap Table Round Date Amount Investors Self- Financed $50,000 Series A 11/5/ $5.1 True Ventures, O’Reilly AlphaTech Ventures, and others SAGE © 2015 Regents of the University of California SAGE Business Cases Page 3 of 6 3D Robotics: Disrupting the Drone Market 12 million Series B 9/12/13 $31 million Mayfield Fund ($6 million), Foundry Group, True Ventures, O’Reilly AlphaTech Ventures, and others Fake Cap Table: 1,000,000 shares total Chris Anderson: 200,000 Jordi Muñoz: 200,000 True: 180,000 OATV: 90,000 Foundry: 80,000 Mayfield: 50,000 Other investors: 100,000 Options pool: 100,000 Source: 3DR. Exhibit 3: Open/Maker Example: MakerBot Industries MakerBot Industries is a Brooklyn, New York-based company that made 3D printers. It was founded in January 2009 by Bre Pettis, Adam Mayer, and Zach Hoeken Smith (he was one of the founding members of the RepRap Research Foundation, a non-profit organization that advanced research in open-source 3D printers). Seed funding was provided by Jack Lodwick ($50,000) and Adrian and Christine Bowyer ($25,000). In August 2011, the Foundry Group invested $10 million and joined the board. As of March 2011, the company had sold 3,500 units and by 2012, more than 5,200 MakerBots had been sold. Revenue in 2013 was $75 million, and the company had sold more than 22,000 units. On June 19, 2013, Stratasys Inc. acquired MakerBot in a stock deal worth $403 million based on the share value of Stratasys, making MakerBot a subsidiary of Stratasys. Stratasys paid $403 million in exchange for 100 percent of MakerBot’s stock. The remaining two-thirds of the deal (a $604 million total deal) would be subject to MakerBot’s performance over the following two years. Early on, MakerBot made the first mainstream $1,000 3D printers. Rather than using laser, the MakerBot Thing-O-Matic printer built up objects by squeezing out a 0.33-mm-thick thread of melted ABS plastic, which comes in multi-colored reels. MakerBots were personalized and decorated with Day-Glo letters. MakerBot was designed by a community, built upon several previous open-source projects such as RepRap mentioned above, the Arduino microprocessor board, and a series of software packages that turned CAD files into instructions for the three motors that controlled a 3-D printer’s motors. Anderson said: “In this case, open source means open everything: electronics, software, physical design, documentation, even the logo….It is a shining example of how abandoning intellectual property protection can actually grant even more protection in the form of community support and goodwill.” 2 SAGE © 2015 Regents of the University of California SAGE Business Cases Page 4 of 6 3D Robotics: Disrupting the Drone Market By 2014, MakerBot had numerous products like the MakerBot Replicator Mini (compact 3D printer), MakerBot Replicator (desktop 3D printer), MakerBot Replicator Z18 (3D printer), MakerBot Replicator 2 (desktop 3D printer), MakerBot Replicator 2X (experimental 3D printer), and the MakerBot Digitizer (desktop 3D scanner). Source: Various. http://store.makerbot.com/replicator-z18 Exhibit 4: 3DR’s Reward System Source: Chris Anderson, Makers, 2012, p. 111. Exhibit 5: DJI Profile Products: • 5 Ready-to-Fly drones ($499 to $1,200) available on DJI’s website • 4 Flying Platforms (for high-level professional aerial photography and cinematography at $2,000 to $6,000) available through dealers • Multi-rotor and Helicopter Flight Controllers available through dealers • Camera Gimbals, and Accessories ($2,000 to $3,000) available through dealers Revenue: $131 million SAGE © 2015 Regents of the University of California SAGE Business Cases Page 5 of 6 3D Robotics: Disrupting the Drone Market http://store.makerbot.com/replicator-z18 Employees: 900 in China, Japan, Europe, and the U.S. with 30 researchers in Hong Kong (many of them students or graduates of Hong Kong University of Science and Technology) R&D: Unknown Source:http://www.scmp.com/news/hong-kong/article/1370451/apple-pearl-river-delta-dji-innovations-taking- flight, December 2, 2013. Exhibit 6: Potential Markets Security and Monitoring: Drones could complement or replace static security cameras. In New York, for example, former Mayor Michael Bloomberg said drones will ultimately supplement or replace the many security cameras operating throughout the city. Security drones might also replace or supplement foot and vehicle patrols at large commercial facilities like factories, office parks, and power plants. Another likely application is the monitoring of ecologically sensitive areas for fires, illegal logging, poaching, and other environmental threats such as invasive species. Exploration, Aid Efforts, and Disaster Recovery: Drones and other robots could conduct searches to find lost vehicles or enter situations that are too difficult for humans. Entertainment: Recreational drone flying is already a fairly established category in the toy industry. The quadricopter by Parrot was a trailblazer in developing technology that allows toys to be remote controlled by an iPhone. And one gyroscope-equipped helicopter manufactured by Syma places routinely among Amazon’s top 20 best-selling toys. Delivery and Errands: Drones could be deployed to deliver items such as prescription drugs from pharmacies, meals from restaurants, and food from supermarkets, as well as corporate documents. While not able to fly yet due to the FAA restriction, the “TacoCopter,” designed in Silicon Valley, is already able to deliver tacos right to doorsteps in San Francisco via unmanned helicopter. Logistics: Theoretically, large drones could travel between Amazon’s warehouses (carrying heavier loads) for use in inventory management, rather than just final customer fulfillment. Journalism, Filmmaking, and Photography: The possibilities for using drones in the realms of video journalism and documentary filmmaking are endless. Farming: The Environmental Protection Agency is apparently already using drone technology to monitor livestock farms, and some farmers will likely eventually begin using drones to manage agricultural crops (see above). Military: According to Peter W. Singer, a Brookings Institution drones expert, the military now has 8,000 UAVs in the air and 12,000 on the ground. The U.S. Air Force now trains more UAV operators than fighter and bomber pilots. Source: Shortened and edited from Marcelo Ballve, “Commercial Drones are Becoming a Reality, with Huge Impacts for Many Industries,” Business Insider, April 28, 2014. Note 1. 3DR estimated that industry gross profits were around 35%. 2. Chris Anderson, Makers, 2012, p. 94. https://dx.doi.org/10.4135/9781526407849 SAGE © 2015 Regents of the University of California SAGE Business Cases Page 6 of 6 3D Robotics: Disrupting the Drone Market http://www.scmp.com/news/hong-kong/article/1370451/apple-pearl-river-delta-dji-innovations-taking-flight http://www.scmp.com/news/hong-kong/article/1370451/apple-pearl-river-delta-dji-innovations-taking-flight https://sk.sagepub.com/cases/3d-robotics-disrupting-the-drone-market##i282 https://sk.sagepub.com/cases/3d-robotics-disrupting-the-drone-market##i288 https://dx.doi.org/10.4135/9781526407849 3D Robotics: Disrupting the Drone Market Resources Resources Exhibit 1: 3DR Financials Rudimentary, fictional income statement (in thousands $US) Exhibit 2: Funding History and Cap Table Fake Cap Table: Exhibit 3: Open/Maker Example: MakerBot Industries Exhibit 4: 3DR’s Reward System Exhibit 5: DJI Profile Exhibit 6: Potential Markets Note 3D Robotics: Disrupting the Drone Market 3D Robotics: Disrupting the Drone Market Case Author: Toby Stuart & Chris Anderson Online Pub Date: January 04, 2017 | Original Pub. Date: 2015 Subject: Creativity & Innovation in Business, Entrepreneurial Strategies, Corporate Strategy Level: | Type: Indirect case | Length: 9340 Copyright: © 2015 Regents of the University of California Organization: 3D Robotics | Organization size: Medium Region: Northern America | State: California Industry: Manufacture of computer, electronic and optical products Originally Published in: Stuart, T. , & Anderson, C. ( 2015). 3D Robotics: Disrupting the drone market. The Berkeley-Haas Case Series. University of California, Berkeley. Haas School of Business. Publisher: The Berkeley-Haas Case Series. University of California, Berkeley. Haas School of Business DOI: https://dx.doi.org/10.4135/9781526407849 | Online ISBN: 9781526407849 www.princexml.com Prince - Non-commercial License This document was created with Prince, a great way of getting web content onto paper. javascript: void(0); javascript: void(0); javascript: void(0); javascript: void(0); javascript: void(0); https://dx.doi.org/10.4135/9781526407849 © 2015 Regents of the University of California The case studies on SAGE Business Cases are designed and optimized for online learning. Please refer to the online version of this case to fully experience any video, data embeds, spreadsheets, slides, or other resources that may be included. This content may only be distributed for use within George Brown College. https://dx.doi.org/10.4135/9781526407849 SAGE © 2015 Regents of the University of California SAGE Business Cases Page 2 of 17 3D Robotics: Disrupting the Drone Market https://dx.doi.org/10.4135/9781526407849 Abstract This case study focuses on 3D Robotics, a drone company with UAV platforms. The case study focuses on what 3DR should pursue at its critical inflection point within its history. The case study highlights what is unique about 3DR, particularly when compared to a more traditional non-open, non-Maker company. Case Keywords: Corporate Strategy, Entrepreneurship, Innovation, Crowdsourcing Ultimately, the way society best figures out how to think about a powerful new technology is to set it free and watch where it flies. —Chris Anderson, 3D Robotics CEO 1 Chris Anderson is incredibly special because he is not just creating a product, he is creating a movement. —Jon Callaghan, True Ventures 2 On a sunny, brisk spring day in 2014, Chris Anderson, CEO of 3D Robotics (3DR), a developer of drones, was squinting as he looked towards the sky at a small flying black and blue object with four spinning propellers. He was in the grassy patch outside their office testing the IRIS, a small drone that flew autonomously 3 via an Android tablet, phone, or laptop. Remarkably, it could be programmed to takeoff and fly from precise point A to B, avoid obstacles through sensors, and land on its own. While the word “drone” (or Unmanned Aerial Vehicles—”UAVs”) conjured up images of stealthy military crafts zipping around in secret unmanned missions, Anderson, former Wired Magazine Editor-in-Chief, 4 was changing that perception through 3DR, the company he had co-founded in 2009. 3DR was an example of the manufacturer of the future—a modern-day hardware designer that coordinated a large community of open source software developers who supported its devices. Anderson described the company as “using the software of today to build the hardware of tomorrow.” 5 The company, which initially targeted hobbyists, was exploring commercial uses in market segments that did not require FAA 6 approval. At the time of this case, drones were only permitted for personal use in the U.S. and were restricted to heights of 400 feet, to be within visual line of sight, and remain away from populated areas and airports. However, the FAA did offer special permits for commercial use (since 2009, the FAA has issued 1,387 of these Certifications of Authorization for limited UAV flights to government, educational, and research entities, and as of December 2013, there were 545 active permits). 7 The FAA was considering commercial use of drones to begin in 2015, but was cautious due