Meet Michael Corr, Founder and CEO at Duro Labs:

Michael is the co-founder and CEO at Duro, a Los Angeles based SaaS provider that solves manufacturing and supply chain issues for hardware teams. With 20+ years of experience designing and manufacturing hardware products and working with legacy Product Lifecycle Management (PLM) software, he knows the frustrations of managing product data.The goal to make hardware product development more straightforward and reliable led to the creation of Duro – a cost-effective cloud PLM tool with faster time to market, quicker onboarding, and simpler product data management. Duro’s software automates and validates development cycles using agile workflows, automation, and plug-and-play capabilities.

Listen Up: Michael Corr, Founder and CEO at Duro Labs — Full Podcast Episode on Spotify

Watch Now: Vit’s In-Depth Talk with Michael Corr

Quick Read: Michael Corr, Founder and CEO at Duro Labs, Interview Highlight

When I sat down with Michael Corr, CEO of Duro Labs, I was eager to unpack the fascinating transformation his company is driving in the realm of hardware design and manufacturing. Michael, with his two decades of expertise in hardware, has set out to merge the best practices of software development into the hardware lifecycle.

As he aptly put it:

“We’re bringing what has been proven in software and mapping those into how hardware products are designed and manufactured.”

This vision has already attracted $11 million in funding, a testament to its promise and potential.

The Hardware Industry’s Evolution

I was curious about the growing investor interest in hardware, particularly given Michael’s past experience of being shunned by investors at the mention of the word. Michael highlighted a paradigm shift catalyzed by global events, particularly COVID-19, which exposed the fragility of supply chains.

He remarked:

“COVID exposed vulnerabilities that those in hardware already knew about,”

The general realization of these vulnerabilities has since pushed investors to reconsider their stance on hardware, recognizing the immense opportunity for innovation.

Tactical Insights on Fundraising

On the subject of fundraising, Michael shared an insightful perspective about timing and strategy. He emphasized the importance of aligning personal readiness with market interest, while acknowledging the unpredictability of both.

He reflected on starting Duro Labs:

“Sometimes we have control over timing, sometimes we don’t. It coincided with my personal situation,”

This blend of strategic foresight and adaptability has been crucial in navigating the challenging fundraising landscape.

Choosing the Right Investors

The discussion then turned to the qualities Michael sought in his investors. It was crucial for him to find those who not only understood the SaaS model but also appreciated the unique challenges of hardware. For Michael, personal rapport was paramount—the ability to communicate effectively and share a vision was non-negotiable.

“I wanted someone I felt I could work with, someone who understood what we were trying to do,”

he emphasized, underscoring the importance of synergy in investor-founder relationships.

Embracing Customer Feedback and Market Metrics

When pitching to investors, Duro Labs focused on showcasing growth metrics and customer testimonials.

According to Michael:

“Customers raving about Duro held more weight than temporary numbers.”

This approach highlights the critical role of customer validation in building investor confidence, a lesson valuable for any entrepreneur in a burgeoning industry.

Reflecting on Fundraising Strategies

As we delved into reflections on fundraising strategies, Michael candidly admitted the learning curve he experienced as a first-time founder. He realized the importance of time-bound fundraising efforts and the benefits of extensive preparation.

“Our discrete approach in the last round made the pitch more solid,”

he explained, pointing out how concentrated efforts had improved their success rate.

Advice for Aspiring Hardware Entrepreneurs

To conclude our enlightening conversation, I asked Michael for his top advice for budding entrepreneurs in the hardware sphere. He was optimistic about the current opportunities, especially with the advent of AI and advancements in manufacturing technology.

“If you have any inkling to start a company in the hardware ecosystem, now is the perfect time,”

he encouraged, signaling an era of unprecedented potential and growth in this field.

In wrapping up our discussion, I was left inspired by Michael’s strategic vision and the broader shifts in the hardware landscape. His journey with Duro Labs is not just a testament to innovation within the hardware industry but also a reflection of the dynamic interplay between technology and business that is shaping tomorrow’s entrepreneurial ecosystem.