With no pure play competitors currently in the market, a Silicon Valley company SyncFab plans to break down the barriers to entry in the hardware manufacturing marketplace. Currently intermediaries and large procurement firms control access to hardware manufacturing companies, they regulate prices and provide no intellectual property protection. This makes it difficult for small innovators and medium-sized business to easily access manufacturing resources. SyncFab, which is running its MFG Token presale backed by existing business, aims at revolutionizing manufacturing by connecting buyers directly to hardware manufacturers and streamlining the procurement and supply chain processes, protecting intellectual property, and sourcing and tracking parts production in real time, on-demand.
The token campaign will power the SyncFab system that will allow manufacturers to list their machining capabilities straight to the platform and hardware buyers to send part orders directly to the manufacturers. Smart contracts will help maintain high production standards, protect intellectual property and guarantee payments.
SynFab’s CEO Jeremy Goodwin who has a background in economics and finance, has worked at the UN on trade development, and has served as EVP and CFO of China Advanced Construction Materials Company says, “I have seen how critical it is to implement new manufacturing technologies and the impact that it has on the economic development and consumer design preferences. The empowerment of global consumers and the implications it has on the global economic environment”.
SyncFab’s platform enables Just-in-time production, rapid design iterations and rapid response time, which is one of the most crucial competitive advantages in today’s manufacturing marketplace. SyncFab creates a public peer-to-peer ecosystem whereby purchasers can find companies capable of advanced machining of on-demand precision parts production and engages participants that are passionate about improving efficiencies in the supply chain. The company founders believe that the industrial internet of things will be built collaboratively, through public-private partnerships out of which SyncFab has formed back in 2013. These cross-sector partnerships will collect and combine best practices and share wisdom from multiple perspectives.
SyncFab’s cloud based curated services will help companies attempting to shift their manufacturing process to high-tech smart factories and help those exploring ways to lower overhead costs by helping them find the right source, tracking and organizing precision parts production and improve procurement systems. As manufacturing is driven by details and specifications, clear and precise communication is vital between purchasers, manufacturers, suppliers and logistical partners along the supply chain.
Miscommunication causes delays which drastically increases manufacturing costs. Often miscommunication between the procurement and engineering department leads to delays between design to final production. SmartFab’s evolving automatically updated algorithm eliminates the need for constant phone calls or status requests between purchasers and manufacturers by streamline communications. By decentralizing the manufacturing supply chain and using economies of scale the entire system is transparent and profitable to all participants and a disruptor to a predominantly exclusive business-to-business industry.
The MFG Utility token, which is currently on presale until the 15th of February with a 25% bonus, plays a vital role on the SyncFab platform creating a value sharing system within the decentralized manufacturing ecosystem. Built on the Ethereum ERC-20 standard and offered to existing and new SyncFab users, the token will be used by early adopters to pay for orders. Users will also be able to unlock and update smart contracts and play transaction fees using the MFG tokens. The tokens will enable users to dictate the ecosystem’s economies of scale by incentivizing and rewarding its community.
With partnerships with the City of San Leandro and the Clean Energy Smart Manufacturing Innovation Institute (jointly funded by the Department of Energy and Department of Commerce as directed by the White House), SyncFab gets confidential access to high quality industry manufacturing process data, which is key to future process optimization using artificial intelligence.