Six quickfire things you need to know about LastBasic
As owner of the marketing and sales agenda for LastBasic, I am responsible for having the first contact with prospects and investors to walk them through our value proposition, position statement and our competitive advantage.
I thought it would be good to put in a document some of the main questions I get in these conversations, to give readers a better understanding of why we exist and what our vision is for the near future.
I hope this is useful to you.
1. Why a marketplace for the creation of hardware products?
We believe that everyone has the potential to contribute with their ideas to the evolution of technology.
We believe in democratizing the access to product development by making it more accessible, faster, more efficient and more sustainable.
We believe in the people and their ideas to make the world a better place.
Our mission is to transform the industry with a combination of a design-to-delivery platform and a broad community of global experts, who share their knowledge, skills and perspectives to make the projects come real under a sharing economy business model.
2. What products or services does LastBasic provide?
LastBasic is a digital prototyping platform that challenges the traditional engineering consultancy model, helping to turn inventors’ ideas into a reality. The product development platform is made up of a community of experts that compete against each other to turn inventors’ ideas into prototypes. Inventors use the platform to post their idea to the community and LastBasic takes that idea through every stage, starting from design all the way through to prototyping. The turnaround time is only a few months and the process can be as low as half the cost of traditional consultants.
3. What type of businesses does LastBasic work with?
From the enthusiastic entrepreneur to the small, savvy start-ups or SMEs, the LastBasic platform is aimed at anyone with an idea and the ambition to turn it into a reality without the high costs and complexity. The LastBasic network is made up of around 200 verified experts worldwide, ranging from designers to electrical and mechanical engineers and makers, who help with every stage of the prototyping process.
4. What problem does LastBasic solve?
Inventors with ideas have limited options when it comes to turning their ideas into a reality, often choosing to go down the traditional engineering consultancy route, which is often complex, expensive and over controlling. With LastBasic, inventors pay a fixed price per project, and experts are paid for both engaging with an inventor’s idea by submitting proposals as well as when their design is chosen. The model is different to traditional engineering consultancies and other platforms because it combines a smooth digital process with a highly connected community, all while giving the inventors complete control of the process from beginning to end.
5. What differentiates LastBasic from other players in the market?
We believe our platform is the first of its kind breaks with the existing market. Other players often only focus on crowdsourcing finances or projects, rather than expertise, and other digital prototyping processes will only focus on one aspect of the product development phase. With LastBasic, inventors are supported throughout each step of the prototype phase, all via the platform. The competitive element to engage our engineers and experts to submit proposals is a unique offering that makes the prototyping experience more enticing and exciting for both engineers and inventors.
6. What does the future hold for LastBasic?
Our vision is to become the biggest global meeting point in hardware technology creation and interaction. We want to be a market network of tech trends for inventors to exchange concepts and ideas, providing a technical support ecosystem for entrepreneurs, SMEs, and corporations. The next three years will be spent defining and growing our three main pillars: inventors (our clients), revolution (the platform/innovation), and creation (our experts). We want to increase our presence, brand image and reputation in the UK, Europe, US and Oceania markets through marketing efforts as well as build partnerships with SMEs, corporations, engineering associations, universities and other organisations and institutions.
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