3D printing technology has had a significant impact on the manufacturing industry and is also catching the attention of consumers. ELEGOO, a company specializing in 3D printing and other tech products, has recognized this trend and is evolving to provide options for the consumer market. Read on to learn more about the company and its offerings in this week’s Small Business Spotlight.
What the Business Does
ELEGOO specializes in the research, development, manufacturing, and sales of 3D printers, laser engravers, STEM kits, and other smart technology products. Their key products include LCD 3D printers, FDM 3D printers, and Laser Engravers. Notably, they recently launched their first-ever industrial FDM 3D printer – OrangeStorm Giga.
Business Niche
The company is dedicated to offering a user-friendly experience and evolving to meet customers’ needs.
ELEGOO focuses on automation and intelligence, providing convenient, joyful, and personalized user experiences with rapid product upgrades. They have rolled out a series of updated and iterated products and are customer-centric, aiming to lower barriers for creativity while building an ecosystem for all individuals interested in smart manufacturing and inspiration.
Business Origin Story
The company initially launched in 2015 as a B2B venture but recognized the growing consumer demand for 3D printers. They decided to pivot their focus to cater to the consumer-level market, especially among Makers in Europe and the United States. Since then, ELEGOO has established a dedicated R&D team, developed essential supply chains, and expanded sales channels across various platforms and partners.
Biggest Win
ELEGOO’s highlight has been the successful launch of their first-ever industrial FDM 3D printer, OrangeStorm Giga, which raised an impressive $3.1 million in just one week on Kickstarter. This printer has gained significant popularity among customers and aims to satisfy the growing demand for professional-grade 3D printing solutions.
Biggest Risk
ELEGOO took a significant risk by launching a new series of upgraded 3D printers, including laser engravers, FDM, and LCD printers, and stepping into the industrial area. However, this risk paid off as the new printers were well-received, ultimately strengthening the company’s position in the market. ELEGOO continues to explore new ways to improve its products and services, ensuring they resonate with customer needs and market expectations.
Lesson Learned
According to ELEGOO, focusing on target markets is a critical lesson. They emphasize the importance of establishing local operations and user experience centers in target regions early on to strengthen connections with customers and respond to their local needs effectively, thus enhancing market presence from the beginning.
How They’d Spend an Extra $100,000
If ELEGOO had an extra $100,000, they would allocate it towards R&D to continue innovating and improving their products, helping them stay at the forefront of technology and maintain a competitive edge in the market.
Fun Fact
ELEGOO has a 3D printed Godzilla model placed at their office’s reception, showcasing the strength of their 3D printing technology.
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Image: ELEGOO
