Launch Pad Case Study
3D Brink is a business owned by Stephen Brinks a local entrepreneur from Penrith who is designing and building his own range of high-tech 3D printing machines.
Stephen had been operating his business with mixed success for two years from his home based garage workshop.
While his technology was very good, he was struggling to solidify the business and generate profit. Stephen's story is very typical of many good engineers; they love technology and develop great ideas but often have difficulty in managing the financial and marketing management aspects of the business.
Stephen discovered Launch Pad at a university networking event. Within a month of moving into Launch pad's incubator the business was being totally overhauled. As part of the Incubator program delivered at Launch Pad's Smart Business Centre, Stephen has his own professional office and workshop area to assemble his machines.
Through the in-house business mentoring service offered through the incubator program, Stephen is transforming the business into a sustainable and profitable venture.
Working with his mentor, Stephen has made significant changes to his business:
- Revised the overall financial management and cash flow planning approach allowing the freeing up of funding to move to more efficient batch style production where economies of scale can be achieved.
- Re-defining of the business model to identify ways to sell additional wrap-around services with the actual machine that provide an after sales revenue stream.
- Reviewed the businesses R&D tax benefit claim through Launch Pad's partnership with KPMG to maximise the potential tax benefits for the business.
- Developing an application for funding of R&D activities for a new generation machine through the NSW Governments Tech Vouchers program.
- Developing a marketing plan to reposition the product range in a way that maximises 3D Brink technology and quality advantages over similar priced competitor machines.
- Taken on a Western Sydney University industrial design student through the university's internship program to assist in their manufacture and assembly process, and
- Provided new market contacts leading to additional machine sales.
The experience of 3D Brinks at Launch Pad has been absolutely transformative within a very short time frame. The business is continuing to work through a program of improvement with the Launch Pad business mentors that will set the business up for sustainable growth and profitability, with opportunities to develop new technologies in the 3D printing field in collaboration with the University.