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Harvard Case - MakerBot: Challenges in Building a New Industry

"MakerBot: Challenges in Building a New Industry" Harvard business case study is written by Erik Noyes, Ruth Gilleran. It deals with the challenges in the field of Entrepreneurship. The case study is 17 page(s) long and it was first published on : Jan 1, 2013

At Fern Fort University, we recommend MakerBot focus on a multi-pronged strategy to address the challenges of building a new industry. This strategy involves strengthening its core competencies in 3D printing technology and expanding its market reach through strategic partnerships, targeted marketing, and innovative product development. By embracing a culture of innovation and entrepreneurial leadership, MakerBot can solidify its position as a leader in the rapidly evolving 3D printing industry.

2. Background

MakerBot, founded in 2009, was a pioneer in the consumer 3D printing market. Its innovative approach to democratizing 3D printing technology through affordable and user-friendly machines garnered significant attention and market share. However, the company faced challenges as it transitioned from a startup to a larger organization, navigating rapid growth, intense competition, and evolving market dynamics.

The case study focuses on MakerBot?s CEO, Bre Pettis, and his leadership in the face of these challenges. The company?s journey highlights the complexities of building a new industry, including managing growth, securing funding, navigating competitive landscapes, and adapting to evolving customer needs.

3. Analysis of the Case Study

The case study can be analyzed through the lens of Porter?s Five Forces framework, which helps assess the competitive landscape and identify potential opportunities and threats.

  • Threat of New Entrants: The 3D printing industry is characterized by low barriers to entry, leading to a constant influx of new players. This creates significant competition and pressure on existing players to innovate and differentiate themselves.
  • Bargaining Power of Buyers: As the market matures, buyers (both individuals and businesses) become more sophisticated and price-sensitive. This puts pressure on companies like MakerBot to offer competitive pricing and value-added services.
  • Bargaining Power of Suppliers: The 3D printing industry relies on a range of suppliers for components, materials, and software. While this can be a source of innovation, it also presents potential risks related to supply chain disruptions and price fluctuations.
  • Threat of Substitute Products: While 3D printing offers unique capabilities, it faces competition from traditional manufacturing processes and other emerging technologies.
  • Competitive Rivalry: The 3D printing market is highly competitive, with established players like Stratasys and 3D Systems, as well as numerous startups vying for market share.

In addition to Porter?s Five Forces, the case study also highlights the importance of disruptive innovation and entrepreneurial management. MakerBot?s success was initially driven by its ability to disrupt the traditional manufacturing industry with its affordable and accessible 3D printing technology. However, as the market matured, MakerBot needed to adapt its business model and product offerings to stay ahead of the curve.

4. Recommendations

To address the challenges outlined in the case study, MakerBot should implement the following recommendations:

1. Strengthen Core Competencies:

  • Invest in R&D: MakerBot should continue to invest in research and development to maintain its technological edge. This includes developing new materials, improving print quality, and enhancing software capabilities.
  • Focus on Product Differentiation: MakerBot should differentiate itself from competitors by offering unique features and functionalities. This could include developing specialized 3D printers for specific industries or applications.
  • Build a Strong Engineering Team: MakerBot needs to attract and retain top engineering talent to drive innovation and product development.

2. Expand Market Reach:

  • Strategic Partnerships: MakerBot should forge strategic partnerships with companies in various industries to expand its reach and access new markets. This could include partnerships with educational institutions, manufacturers, and technology companies.
  • Targeted Marketing: MakerBot should focus its marketing efforts on specific market segments with high growth potential. This could include targeting businesses in industries like healthcare, automotive, and aerospace.
  • Develop a Strong Brand: MakerBot should build a strong brand identity that resonates with its target audience. This could involve highlighting its commitment to innovation, affordability, and user-friendliness.

3. Embrace a Culture of Innovation:

  • Encourage Experimentation: MakerBot should foster a culture that encourages experimentation and risk-taking. This could involve creating dedicated innovation teams or providing employees with opportunities to develop new ideas.
  • Embrace Agile Development: MakerBot should adopt agile development methodologies to accelerate product development and respond quickly to market changes.
  • Promote Open Innovation: MakerBot should leverage open innovation platforms to collaborate with external developers and researchers.

4. Foster Entrepreneurial Leadership:

  • Empower Employees: MakerBot should empower its employees to take ownership of their work and contribute to the company?s success. This could involve providing employees with greater autonomy and decision-making power.
  • Develop a Strong Leadership Team: MakerBot needs a strong leadership team that can guide the company through periods of rapid growth and change. This team should possess a combination of technical expertise, business acumen, and entrepreneurial spirit.
  • Embrace a Growth Mindset: MakerBot should cultivate a growth mindset throughout the organization, encouraging employees to continuously learn, adapt, and improve.

5. Basis of Recommendations

These recommendations are based on the following considerations:

  • Core Competencies and Consistency with Mission: The recommendations focus on strengthening MakerBot?s core competencies in 3D printing technology, which is aligned with its mission to democratize access to this technology.
  • External Customers and Internal Clients: The recommendations address the needs of both external customers (individuals and businesses) and internal clients (employees).
  • Competitors: The recommendations are designed to help MakerBot differentiate itself from competitors and gain a competitive advantage in the 3D printing market.
  • Attractiveness ? Quantitative Measures: While the case study does not provide specific financial data, the recommendations are expected to contribute to increased revenue, market share, and profitability.

6. Conclusion

MakerBot faces significant challenges in building a new industry, but by focusing on its core competencies, expanding its market reach, embracing a culture of innovation, and fostering entrepreneurial leadership, it can solidify its position as a leader in the 3D printing industry. By adapting to evolving market dynamics, embracing disruptive innovation, and fostering a collaborative and entrepreneurial spirit, MakerBot can navigate the complexities of building a new industry and achieve sustained success.

7. Discussion

Other alternatives not selected include:

  • Acquisition: MakerBot could consider being acquired by a larger company with resources and expertise in manufacturing or technology. However, this could lead to a loss of control and autonomy for MakerBot.
  • Focusing on a Niche Market: MakerBot could focus on a specific niche market, such as medical devices or industrial applications. This could provide a more focused strategy but may limit growth potential.

Risks and Key Assumptions:

  • Technological Advancements: The 3D printing industry is rapidly evolving, and new technologies could emerge that disrupt the market.
  • Competition: The competitive landscape is intense, and new players could emerge to challenge MakerBot?s market share.
  • Economic Conditions: Economic downturns could negatively impact demand for 3D printing technology.

8. Next Steps

  • Develop a Detailed Strategic Plan: MakerBot should develop a comprehensive strategic plan that outlines its vision, goals, and key initiatives for achieving success.
  • Implement the Recommended Strategies: MakerBot should implement the recommended strategies, including investing in R&D, forging strategic partnerships, and developing a strong brand.
  • Monitor Progress and Adapt: MakerBot should continuously monitor the progress of its initiatives and adapt its strategies as needed to address changing market conditions.
  • Foster a Culture of Innovation: MakerBot should cultivate a culture that encourages experimentation, risk-taking, and continuous improvement.

By taking these steps, MakerBot can position itself for long-term success in the rapidly evolving 3D printing industry.

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Case Description

Like Apple did, Makerbot Industries offered its first product in the form of a kit. Enthusiasts, who wanted to build their own 3D printer and enter the brave new world of personal manufacturing could create any object in their imagination-as long as it was no bigger than a coffee cup. The founders of Makerbot--Bre Pettis, Adam Mayer and Zach Smith--were each passionate to bring affordable 3D printing to the masses. Moreover, they would not betray their commitment to open technology and open innovation. Above all else, they wanted to make their 3D printers understandable to and modifiable by users. They did this by keeping every aspect of their 3D printers' hardware and software open and adaptable. Through the creation of Thingaverse.com (a universe of things), an expanding army of Makerbot enthusiasts could upload, share and modify a growing array of 3D objects including toys, small inventions, medical devices and even architectural models. What advantages did Makerbot's strategy of openness bestow? How was Makerbot positioned for future battles in the emerging personal manufacturing industry with Hewlett-Packard and others? Lastly, how did Makerbot turn a unique research endeavor into a powerful idea attracting venture funds from Jeff Bezos, The New York Times and venture capitalists?

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