## Hardware is Hard
Software startups can sell a $100 digital subscription with 95% gross margins because code is free to reproduce. Physical hardware requires assembling atoms. Many hardware founders look at an Alibaba supplier offering a $45 raw part and think "I'll sell it for $199! That's a 77% margin!"
### FAQ
**Q: Why do hardware kickstarters always go bankrupt?**
A: They ignore Landed Cost and Wholesale margins. That $45 raw part requires $12 in factory labor to screw together, test, and package. It requires $8 in ocean freight and US import tariffs to get from Shenzhen to Los Angeles. That brings the 'Landed Cost' to $65. Then, when they try to sell it in Best Buy, Best Buy demands a 40% retail margin. Best Buy pays the founder $119, not $199. The startup is left with $54 of actual profit, a far cry from the naive $154 they promised their investors.