Stephen Lake, Matthew Bailey and Aaron Grant are the co-founders of Thalmic Labs, the makers of the MYO, a motion and gesture control armband that uses the muscles in your forearm to control digital technologies over Bluetooth.
Try constantly sharing sales number when you launch to give prospective customers that extra social proof they may need to go ahead and place an order/pre-order. We did, including telling customers which “number” they were to order.
We became entrepreneurs having just graduated from the University of Waterloo since we had an idea that we wanted to bring to life. We moved into our office literally a week after finishing our last classes of undergrad.
Applying what we learned in the Mechatronics Engineering program to something that could change the face of computing was the real motivation behind starting Thalmic Labs. All three of us (the founders) love tackling challenging problems with big impacts, and this was a chance to do it. Even before we settled on working on MYO, the three of us had already decided that upon graduation we would start a technology company in some form, rather than taking a job or pursuing further studies.
In June, we announced the closing of our Series A funding round for $14.5 million, led by Spark Capital and Intel Capital. Prior to that, we were funded by local angel investors, and even further back self-funded off student and credit card debt. One thing we learned while going through the process of securing institutional financing is the importance of staying in the driver’s seat through the process and moving along all the players according to the company’s timelines—it’s easy to let things drag on or get off the rails if the process itself isn’t carefully managed.
We decided to launch a YouTube video with a wide variety of use cases for MYO. The video went viral, getting millions of views and significant press coverage over a very short period of time.
Since we’re a hardware company, we faced (and continue to face) challenges on both the engineering and business levels: supply chain, quality control, distribution, and financing all this. One big challenge we faced was a technical one—existing sensor technology that picks up muscle activity signals wasn’t suitable for our application, so we spent over a year developing our own brand new sensor.
We often think ...