A Rule of 40 heatmap by quarter from Q3 2023 to Q4 2025 for Formlabs, 3D Systems, and Stratasys. Formlabs climbs from negative scores into the green 25 to 49 percent range, while 3D Systems stays deeply negative and Stratasys hovers near zero.

Does the Rule of 40 Work for Hardware?

I've written about the Rule of 40 since 2015, and it's now gospel in SaaS. Does it mean anything for a company that makes physical things? Yes - but you have to read the curve, not the snapshot.

June 15, 2026 · 5 min · Brad Feld

The Coronavirus Impact on Hardware Startups

For the past week, I’ve been asked at least once a day (yesterday I was asked several times, with an R0 of 3) about what I think the coronavirus’ impact

February 6, 2020 · 2 min · Brad Feld

Tariffs and Hardware Startups

If the majority of your understanding of how tariffs work is from Twitter, CNN, or Fox News, I encourage you to go read Trump’s China Tariffs Hit America’s Poor and

May 22, 2019 · 3 min · Brad Feld

I'm Not Buying An iPhone 8

For starters, let’s look at some Golden Retriever puppies instead. I watched most of the Apple announcement last week (I was on vacation and hanging out waiting for Amy, so

September 20, 2017 · 3 min · Brad Feld

What Is Your Hardware Business Gross Margin?

I’m seeing an endless stream of hardware-related companies these days. In our world, we are focused on software wrapped in plastic, a line I think I first used some time

May 4, 2016 · 3 min · Brad Feld

Bolt – Making Hardware Easier

Over the past few decades, the most compelling engineers and entrepreneurs I’ve met have tended to be working on problems that can be solved with software. Software has some great

May 20, 2013 · 2 min · Brad Feld