Unlike industries like cryptocurrency and augmented reality — which have significant market risk — we’re entirely responsible for our success: if we succeed at making better boats, they will sell.

Hardware is driven by execution risk, which is a good risk if you find the right team and have the right high-conviction investors backing you. That’s what I love about working with partners like Eclipse — strong operating experience helps us move this fast.

Vertical integration can also drive stronger, long-term returns and provide greater control over quality, costs, and reliability of supply chains.