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FDM Innovation & Entrepreneurship Scott Crump BSME, Co-Founder & CEO Stratasys FDM Innovation & Entrepreneurship Scott Crump BSME, Co-Founder & CEO Stratasys

Stratasys & UTEP Partnership • 10 years of business & partnering • UTEP has Stratasys & UTEP Partnership • 10 years of business & partnering • UTEP has twelve Stratasys FDM Systems • UTEP has been a Beta Site and they do joint development in R&D including: – research – mechanical strength properties & characteristics – build parts for customers

FDM Innovation & Entrepreneurship FDM Innovation & Entrepreneurship

CO-FOUNDERS Scott & Lisa Crump set out to automate the gap between the CAD CO-FOUNDERS Scott & Lisa Crump set out to automate the gap between the CAD blueprint and the final manufactured product …. now called Rapid Prototyping

The “Start Up” • Built “Toy Froggy” with 2 yr. old daughter - 1988 The “Start Up” • Built “Toy Froggy” with 2 yr. old daughter - 1988 Ø Realized layered beads could build a part with a glue gun • Added glue gun to a 2 D Pen Plotter = 3 D Plotter Ø For Proof of Concept Ø In our garage

Vision • Offer Engineers a 3 D Printer for desktop 3 D CAD: Ø Vision • Offer Engineers a 3 D Printer for desktop 3 D CAD: Ø Easy to use - one “build button” from CAD Ø Automatic build of prototype Ø Use in the design office Ø $12, 000 Price Ø Real production grade plastic parts • We kept with the vision

3 D Plotter - Vision 3 D Plotter - Vision

Operating 3 D Plotter prototype Operating 3 D Plotter prototype

The “Start Up” • “ 3 D Plotter” for Auto. CAD run on IBM The “Start Up” • “ 3 D Plotter” for Auto. CAD run on IBM PC Ø Tested Proof of Feasibility & it worked • We had spent $10, 000 so far - the big question: Ø Do we take the risk of a start up Ø Quit my job with good income - for no income Ø Or just forget the idea Ø Looked easy - but it wasn’t an easy decision • Started up Stratasys on 2 nd shift – working 1 st shift

Lessons Learned for Engineers • Follow your dreams • Clear vision is more valuable Lessons Learned for Engineers • Follow your dreams • Clear vision is more valuable than a detailed plan & have faith in your vision • Take as high of a risk as you can stomach and control

Emerging History - FDM Technology • I filed for a FDM Technology Patent • Emerging History - FDM Technology • I filed for a FDM Technology Patent • It was granted in 1992 • FDM - Fused Deposition Modeling: Ø Lower acquisition price vs. competition Ø Production grade plastic parts Ø Office friendly environment

Emerging History - Patented FDM Technology Support Material Modeling Material Emerging History - Patented FDM Technology Support Material Modeling Material

FDM Filament Spools FDM Filament Spools

Lessons Learned • • Get Patents to protect global proprietary position Start ups are Lessons Learned • • Get Patents to protect global proprietary position Start ups are a lot about survival and persistence The entrepreneur is persistent Cash is KING - you’re in business as long as you have cash

Lessons Learned • Keep focused on what value you add to your customer • Lessons Learned • Keep focused on what value you add to your customer • Price your service and product to the market - not cost • Work with a seasoned Mentor that has done it • Try to have variable cost & low fixed cost

Funding - Sold equity as needed - to grow • Lisa & I invested Funding - Sold equity as needed - to grow • Lisa & I invested in 1989 • My family invested in 1990 • Talked with 74 Venture groups & we found one • Battery Ventures (VC) invested $1. 2 M in 1990 • Lisa & I invested again 1992

Funding - Sold equity as needed - to grow • Serious problem funding high Funding - Sold equity as needed - to grow • Serious problem funding high growth!! Ø We were growing at 125% per year ØUnsuccessful getting $5 M private offering Ø Difficult decision - do IPO or shut the doors • We contacted 23 IPO underwriters nationally • Successful $7 M IPO in 1994 ØEast Coast Underwriter ØWe had Sales of about $3 million ØStratasys publicly traded on NASDAQ

Lessons Learned • Stock options help employees focus & gain • Don’t be afraid Lessons Learned • Stock options help employees focus & gain • Don’t be afraid to sell equity - 100% of nothing is nothing • Don’t fund long term risk - with debt • We thought we could grow Stratasys with $90, 000, it actually required $20 M - Hey not all plans work

FDM can build working assemblies FDM can build working assemblies

3 D Printer – Stratasys First to Market $25, 000 IPO funded 3 D 3 D Printer – Stratasys First to Market $25, 000 IPO funded 3 D Printer development

Enormous Growth Potential Global Engineering Population 28. 5 Million Engineers 5 Million MCAD Users Enormous Growth Potential Global Engineering Population 28. 5 Million Engineers 5 Million MCAD Users Source: Stratasys, CADigest, engineeringtalk. com, Deskeng. com

3 D Printer Opportunity AF Systems Today 37, 000 5 Million CAD Workstations Worldwide 3 D Printer Opportunity AF Systems Today 37, 000 5 Million CAD Workstations Worldwide 3 D Printer Opportunity >500 k Systems at the right price!

3 D Printing Vision SSYS • Currently shipping 2, 000 Units per year • 3 D Printing Vision SSYS • Currently shipping 2, 000 Units per year • We have a plan for 5, 000 per year • My vision is 10, 000 per year

3 D Printing SSYS – The question is, how to do 10, 000 per 3 D Printing SSYS – The question is, how to do 10, 000 per year? – For this expansion, we need to: 1. Improve system quality & our culture 2. Growth of sales channel

Lessons Learned • It’s really all about your team of employees • Hire the Lessons Learned • It’s really all about your team of employees • Hire the right employees the first time – If you don’t know how to hire, use a head hunter • Don’t be cheap with employee salaries • Measure and share critical business metrics

Traditional Technology “S” Curve The 3 D Printer fits a Traditional Technology “S” Curve Traditional Technology “S” Curve The 3 D Printer fits a Traditional Technology “S” Curve

Stratasys Sales Growth (in Millions) Stratasys Sales Growth (in Millions)

Industry Overview Industry Overview

Industry Overview Industry Overview

Cross the Chasm with a Whole Product Cross the Chasm with a Whole Product

Whole Product Criteria • • • Correct price Correct ongoing operating cost Product reliability Whole Product Criteria • • • Correct price Correct ongoing operating cost Product reliability Ease of use Correct sales channel Product speed Part quality Correct market application Competitive positioning

Whole Product Criteria - FDM-3000 Scale: 10 = High to 0 = Low Whole Product Criteria - FDM-3000 Scale: 10 = High to 0 = Low

HP Agreement Stratasys and HP Agreement: Taking 3 D Printing Mainstream HP Agreement Stratasys and HP Agreement: Taking 3 D Printing Mainstream

HP Agreement • HP will sell our 3 D printers as HP brand. • HP Agreement • HP will sell our 3 D printers as HP brand. • Stratasys will develop and manufacture for HP based on proprietary Stratasys FDM technology. • Part of $24 billion HP’s Graphic Solutions Business • HP’s goal is worldwide distribution of 3 D printers.

3 D Printing Opportunity + Right Solution + Right Channel Millions of Potential Users 3 D Printing Opportunity + Right Solution + Right Channel Millions of Potential Users

FDM Medical FDM Medical

Application Success Story For Medical Tools, Functional Prototypes Improve Design – Ratchet for Spinal Application Success Story For Medical Tools, Functional Prototypes Improve Design – Ratchet for Spinal surgical procedures “At Medtronic – Sofamor Danek, cutting edge medical technology takes new shape, thanks in part to FDM prototyping technology, forward-looking companies seek forward-looking partners. ” says RP designer, David Freeman.

FDM Future So how will FDM expand in the future? FDM Future So how will FDM expand in the future?

Futuristic FDM • • • Architectural models FDM for the home hobbyist Metal FDM Futuristic FDM • • • Architectural models FDM for the home hobbyist Metal FDM parts Nano and composite build materials FDM fabricated semi-conductor chips

Direct Digital Manufacturing • Fully automatic touch-less labor products • Production of end use Direct Digital Manufacturing • Fully automatic touch-less labor products • Production of end use parts • Hydro forming sheet metal fixtures

Sheet Metal Hydro Forming FDM Hydro-form Example • Male mold with intensifier • FDM Sheet Metal Hydro Forming FDM Hydro-form Example • Male mold with intensifier • FDM trim tools for sheet metal blanks or formed sheet part • Coordinated structure removal and installation tooling

3 D Production Systems Direct Digital Manufacturing 200 mc™ 360 mc™ End Use Parts 3 D Production Systems Direct Digital Manufacturing 200 mc™ 360 mc™ End Use Parts (EUP) 400 mc™ 900 mc ™ $100, 000 tool savings using DDM process for one part

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