HardTech & Product Workshop: Indiana’s Innovators Are Building What’s Next

The future of innovation isn’t built in code alone. It’s built in factories, labs, and workshops across Indiana. This event featured six sessions that unpacked the hard truths and powerful lessons behind creating physical products that scale.

 

Hosted by Elevate Ventures, the HardTech & Product Workshop brought together engineers, founders, and industry leaders for a deep dive into the realities of developing, funding, and scaling tangible technology. With over $20 million invested in hardware startups and more than $200 million leveraged in co-investments, Elevate continues to champion founders who solve real-world problems through manufacturing, product design, and engineering.

 

 

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Explore the full library of presentations (Session One, Session Three), photo gallery, video clips, and the curated playlist that soundtracked the day.

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Session One: From Validating an Idea to Building V1 — An Engineer’s Guide to Startups

Speaker: Grant Chapman, (Glassboard) – [Download Slides]

Grant Chapman opened the day with an engineer’s roadmap for transforming an idea into a manufacturable product. Drawing from his experience leading Glassboard, he walked founders through the full lifecycle of concept to commercialization, emphasizing that early decisions set the foundation for long-term scalability. His message was clear: in hardware, success means striking a balance between creativity, precision, and patience.

Key Highlights

• Begin with planning, not prototyping. Build a clear product definition, identify users, and assemble your team before touching CAD or code.
• Use low-fidelity prototypes:cardboard, 3D prints, even fake ads, to validate interest before building.
• Focus on de-risking: each stage should reduce uncertainty, not add complexity.
• Test relentlessly. Verification ensures the engineering works; validation ensures real users want it.
• Choose manufacturing partners that fit your scale and timeline, not just cost.
• Build flexibility into your roadmap. Every plan changes after first contact.

 

 

Session Two: Panel — From Ideation to V1

Panelists: Valtteri Salomaki (Edge Sound Research), Steve Booher (AlwaysFull)
Moderator: Nicholas Kuhn (Elevate Ventures)

The first panel brought together founders who had successfully navigated the uncertain path from concept to first prototype. They explored what it takes to move from a technical vision to a product that resonates with users and investors alike.

Key Highlights

• University-derived IP can create a competitive edge, but requires careful tech transfer negotiation and focus on market fit.
• Choose your first market wisely; early misalignment between innovation and customer readiness can sink momentum.
• Build fast, fail faster: Use 3D printing and modular systems to speed iteration.
• Secure strategic partnerships (like Edge Sound with Sweetwater and Shure) to accelerate validation and distribution.
• For hardware founders, distribution is as critical as design; plan both in parallel.

 

 

Session Three: Panel — Manufacturing and Supply Chain Best Practices

Speaker: Ben Wrightsman (XC Technologies) – [Download Slides]

The manufacturing and supply chain panel focused on how startups can scale responsibly, from sourcing components to managing logistics. The discussion highlighted the importance of building resilience and redundancy early, long before mass production.

Key Highlights

• Find manufacturing partners aligned with your size and growth stage; mismatched expectations can stall progress.
• Maintain documentation and test data to ensure quality through iterations.
• Design with supply chain variability in mind. Part shortages or vendor changes can disrupt the entire process.
• Manufacturing is where most hardware startups stumble; patience and strong vendor relationships are key.
• Build systems, not silos. Every supplier, engineer, and logistics partner should understand your mission.

 

 

Session Four: Panel — Manufacturing and Supply Chain Best Practices

Panelists: Chris Stoker (Anduril), Matt Wyatt (Recovery Force), Sam Markel (Guardian Bike)
Moderator: Nick Kuhn (Elevate Ventures)

This session dug into the real work of turning a prototype into a product line. The panel walked through hard choices in the pilot phase, what changed at V1, and how Indiana teams protect their advantage as they scale. The message was practical and direct. Build only what you must, source what you should, document everything, and choose partners who match your stage and speed.

Key Highlights

• Pilot phase: Decide early what you make in-house versus what you source. Keep critical learning close to the team. Use short vendor loops and simple fixtures to prove repeatability.
• Retaining an edge: Protect the know-how that matters. Use assembly methods, trade secrets, key supplier relationships, and selective IP to create friction for fast followers.
• From pilot to V1: Replace fragile steps with documented work instructions. Consolidate parts where possible. Update drawings and test plans so quality does not depend on a single engineer.
• Scaling up: Apply DFM early. Quote multiple contract manufacturers, but pick one that fits your lot sizes and cash cycle. Keep core competencies in-house and outsource what others can do faster and cheaper.

 

 

Session Five: Panel — Funding the Stages of a Hardtech Company

Panelists: Jeron Peoples (Applied Research Institute), Bob Kirch (Heartland Ventures), Theo Lim (Moderne Ventures)
Moderator: Nicholas Kuhn (Elevate Ventures)

This discussion tackled the financial realities of building in hardware, from pre-seed to scale. The conversation emphasized that raising capital for hardtech requires both storytelling and proof of execution.

Key Highlights

• Plan fundraising milestones around your build stages: planning, prototype, development, and manufacturing.
• Investors look for de-risking at each stage, not perfection.
• Hardtech requires more capital and longer cycles; founders should raise with buffers (often 2–3x their initial estimates).
• Avoid over-investing in IP too early; most value is created through execution, not paperwork.
• Engage investors with real-world traction: functional demos, customer feedback, and early sales signals matter most.

 

Session Six: Fireside Chat — Corporate Partnerships and Strategic M&A

Speakers: Uchenna Ugeh (Cummins), Mike Foster (Allison Transmission)
Moderator: Toph Day (Elevate Ventures)

The final session explored how startups can position themselves for strategic partnerships or acquisitions. Leaders discussed how corporates evaluate startups, what early actions build credibility, and how founders can maintain alignment through potential M&A opportunities.

Key Highlights

• Strategic readiness starts early. Document your systems, IP, and customer data from day one.
• Build relationships with corporate partners long before you need them.
• Show mutual value: corporates seek innovation that complements their existing roadmap, not competition.
• Be transparent about culture and goals. Successful acquisitions hinge on alignment, not valuation alone.
• Prepare mentally for M&A; founders who view it as a partnership, not an exit, navigate the process more successfully.

 

 

Closing Reflections

From early prototypes held together with hot glue to complex global supply chains, every founder shared the same truth: hardtech is hard, but worth it. These innovators aren’t just building products; they’re redefining industries.

Indiana’s ecosystem is proving that when vision meets engineering, real change happens.