CONTENT

It’s time for another episode of the TechTO ‘Elevator Pitch Series’

We visit the NextCanada offices and get pitched by their top startups as we ride the elevator 18 floors.

In today’s episode, we chat with Maria Vilshanski, Founder and CEO of Silo-In, an all-in-one platform for effortless internal talent matching in construction.

Curious to learn more about what they do? Check out the full pitch.

If you're looking for support on your hiring or talent needs in construction OR if you think you can help this Construction Tech startup in any way reach out to Maria to chat at [email protected]

Want to pitch us next? Reach out to us at [email protected] and we’ll make it happen!

Stay tuned for new episodes of our Elevator pitch series in 2025. We will be dropping them across social and in our Thursday newsletter!

BUILDERS PERSPECTIVE

In sticking with our own goals for 2025, we are sharing more of the important perspectives, by builders and for builders.

Here’s an interesting read we came across from one of our upcoming Commerce presenters, Katherine Homuth.

In Summary

The article emphasizes the unique journey of hard tech startups in achieving product-market fit (PMF) and eventual profitability. Unlike software startups, where PMF often aligns with profitability, hard tech companies face significant initial losses due to high production costs.

The key to success lies in driving costs down through innovation, scale, and efficiency while maintaining customer demand.

Key Takeaways for Today’s Founders:

1. Product-Market Fit Isn’t Profitability:

   • PMF means customers love your product, but it doesn’t guarantee you’re making money.

   • In hard tech, PMF often occurs while the unit economics are still negative.

2. The Cost Curve is Crucial:

   • Success hinges on improving the cost curve—reducing costs through innovation and scale.

   • Examples include Tesla, Amazon, SpaceX, and solar energy companies that started with high costs but improved economics over time.

3. Three Key Questions to Evaluate Progress:

   • Are the costs fixable? If yes, there’s potential for profitability.

   • Do customers value the product? Strong demand validates PMF.

   • Is the cost curve improving? Continuous improvement is critical.

4. Persistence is Essential:

   • Founders must fight to reduce costs and secure funding to sustain the journey.

   • Investors need to understand the long-term value and de-risk the process.

5. Hard Tech Takes Patience:

   • Transformational businesses don’t emerge overnight. Founders must commit to solving cost challenges to unlock new markets and opportunities.

6. Vision Beyond the Product:

   • Successful hard tech companies not only address immediate customer needs but also redefine industries through sustainability, innovation, and new manufacturing models.

7. Lessons from SRTX:

   • The journey from $50/unit production costs to under $12/unit demonstrates the importance of cost reduction.

   • Lower costs enabled broader market access, driving explosive demand while continuing to solve cost challenges.

Practical Takeaways:

• Build for the Long Term: Recognize that early losses are part of the journey, but focus on scalability and efficiency.

• Secure the Right Investors: Partner with backers who understand the cost curve dynamics and are willing to bet on the long game.

• Innovate Relentlessly: Constantly improve production processes and reduce inefficiencies to stay ahead of the curve.

By understanding these principles, tech founders in hard tech can navigate the challenging path from initial losses to transformative success.

Enjoy Katherine’s thoughts? Catch her in real life at our upcoming Commerce Toronto event on January 20.

BIG GOALS FOR 2025?

TechTO wants to help you crush your goals this year.

If your New Year’s resolution is to meet more like-minded people, expand your knowledge, or take your ideas to the next level, we want to help.

From now until January 15, our Annual Membership is available at a discounted rate — so get it while it lasts!

Purchase an Annual Membership for $199! It’s the perfect way to set your career, business, or team up for success in the new year!

Use code RESOLUTION at checkout — SIGN UP HERE

READS AND OPPORTUNITIES

• ICYMI — Check out a few major highlights from 2024
  

• Looking back at the biggest Canadian tech stories of the last year
  

• Insightful resolutions from Canada’s top VCs
  

• Some thoughts for Founders for the year ahead
  

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