• Create cost estimates: Prototypes are expensive and so are the engineers who build them. At this point, a full Bill of Materials will not exist, but accurate cost estimation is still important.
• Map your funding strategy. Cash flow is often the thing that makes or breaks hardware startups. A funding strategy can take many forms, (and of course will be considered more thoroughly when we get to "Fund"), but it needs to be on the table as early as possible.
• Grandiose products, even at this early stage, will come back to bite you later if you can't command top dollars when you sell them. Margins are business killers. I felt it first hand and it was ugly. It's never too early to think about costs.

"There are really two factors at play here: what I call "microeconomics" and "macroeconomics". Microeconomics is things like your Bill of Materials (BOM) and Cost of Goods Sold (COGS). Own these numbers. Know that every penny counts. Consumer products typically see a 3-4x increase to the shelf cost (ie. a microprocessor that costs you $1 more means the end price of the product needs to be raised by $3 - $4)."
- Ben Einstein, Bolt