Leonard Speiser

You're probably underestimating how much money you'll need to start your hardware startup. This week on Founders in Arms, I sat down with @leonardspeiser, founder of Clover, to talk about why. Leonard shared valuable insights on the challenges of hardware, from the seasonal risks of consumer demand to the high costs of distribution. The reality? You likely need at least $5M to even attempt hardware today—and VCs are increasingly hesitant to invest. Our conversation covered Clover's journey from startup to processing $300B+ in payments, its unique deal structure with KKR/First Data, the evolution of hardware manufacturing in China, and strategies for startups to find their first customers without "wandering the desert." Leonard also shares his advice on making creative deals with large enterprises, a skill that has helped him maintain control over the things his companies do best while working with VC and corporate entities. Despite the challenges, Leonard remains optimistic that we might just be one platform or enabling technology away from unlocking a new wave of hardware innovation. We missed @immad this week, but this conversation is definitely worth a listen.