DJI Innovation, Product Development in Start Ups PDF

Ivy Buche prepared this case under the supervision of Professor Mitchell M. Tseng solely as a basis for class discussion. The authors have disguised certain data to protect confidentiality. Cases are written in the past tense; this is not meant to imply that all practices, organizations, people, places or facts mentioned in the case no longer occur, exist, or apply. Cases are not intended to serve as endorsements, sources of primary data, or illustration of effective or ineffective handling of a business situation. Inquiry on ordering and permission to reproduce the case and its materials, write to bmcase@ust.hk or visit cbcs.ust.hk

© 2014 by The Hong Kong University of Science and Technology. This publication shall not be digitized, photocopied or otherwise reproduced, posted, or transmitted without the permission of the Hong Kong University of Science and Technology.

Last edited: 11 March 2019

MITCHELL M. TSENG IVY BUCHE

DJI Innovations: Product Development in Start-ups

I was a model enthusiast, but my planes often crashed. So it was my dream to develop this technology.

Frank Wang Tao, Founder, CEO and CTO of DJI

1

Headquartered in Shenzhen, Guangdong, China, DJI Innovations has been a global leader in developing and manufacturing high performance, reliable, and easy-to-use small unmanned aerial systems for commercial and recreational use. The company was set up in 2006 by Frank Wang Tao, then a 24-year-old student pursuing a master’s degree in electronic and computer engineering at the Hong Kong University of Science and Technology (HKUST). DJI started with a suite of flight-control technologies and helicopter autopilot systems targeted at remote-controlled aircraft hobbyists. Subsequently, Frank shifted the company’s focus towards aerial photography by spearheading the development of a number of technological breakthroughs; from small unmanned multi-rotor autopilot systems to large unmanned modular flying systems for commercial use. DJI’s biggest success came with the launch in January 2013 of its ground-breaking innovation,

Phantom,

a “ready-to-fly” quad-copter aimed at the hobby market. The Phantom proved to be a game changer because of its unique design in terms of its ability to carry a camera that was coupled with its ease of flying and navigation, even for beginners, at an accessible price point. With rave reviews from users, Phantom gained rapid market acceptance, and DJI started selling thousands of units per month by mid-2013. The sales volume grew 79 times in 2013 compared to 2011.

2

Through product innovation,

1 Darren Wee, “The Apple of the Pearl River Delta? DJI Innovations is taking flight,”

South China Morning Post

, 2 December, 2013.

2

Xu Wei, “Exec foresees ‘Silicon Valley’ developing in region,”

China Daily

, 30 January, 2014.

HBP Product ID: ST29

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UST029 DJI Innovations: Product Development in Start-ups

Frank had succeeded in creating a new market space by pulling in an entirely new group of customers who were previously noncustomers in this industry, that is, people who had never flown a radio-controlled (RC) copter as a hobby or for aerial photography. By the end of 2013, DJI’s overall market share was approximately 80% of the small unmanned aerial systems and was earning 60-70% gross margins. Further, DJI had achieved annual sales of USD131 million

3

, with a three to five-fold increase in revenue per year since 2010. Supported by an employee base of 1,500 and multiple product lines, DJI’s global operations spanned North America, Europe, and Asia [see

Exhibit 1

]. But Frank was far from complacent and was fully aware that competitors were striving to secure a slice of this profitable market. He deliberated on a three-pronged strategy to (i) maintain DJI’s lead position in the hobby market via incremental innovation to develop next generation products integrated with intelligent devices; (ii) penetrate the commercial market for aerial filming and photography; and (iii) develop completely new technologies to create new markets.

Drones for Hobbyists and Professionals

Unmanned aviation systems were categorized in many ways:

•

Toy grade models

comprised basic radio controlled airplanes and helicopters charged with batteries that used a remote control with joysticks operated by the pilot on the ground within the line of sight. These had been around since the 1970s and cost about USD50 in 2013.

•

Hobby grade radio controlled (RC) airplanes and helicopters

: Until 2008-09, this was a hobby for a select group of people who enjoyed the thrill of flying as well as the actual experience of modeling their flying machines based on purely hobby grade amateur components. But the technical challenge in building one was daunting as it required a certain amount of knowledge in electronics, radio frequency, soldering as well as time and expertise in learning to fly the aircraft. Such hobbyists were supported by fellow flyers and online communities catering to all forms of RC flying. They were, however, limited to flying over fields and scarcely over people and buildings. Things changed with the advent of micro fabrication and advanced manufacturing technology, which resulted in the growing adaption of accelerometers, gyroscopes

4

, GPS units, simple-to-use software, and interfaces mixed with sophisticated and light hardware in the smartphone and intelligent device industry. The multi-fold demand growth turned these components into commodities with the associated drastic reduction in price. Many start-up companies sprung up that provided off-the-shelf, ready-to-use, relatively cheap and affordable stabilization systems, autopilots, and waypoint navigation that were comparatively easy to install and configure. Online sites started selling frames, motors, electronic speed controllers, and a variety of controller board options that ranged from cheap manual controllers to expensive GPS-based self-stabilizing navigation systems. Typically, none of these

3

Darren Wee, “The Apple of the Pearl River Delta? DJI Innovations is taking flight,”

South China Morning Post

, 2 December, 2013.

4

The RC helicopter gyro is a small device that detects any yaw (left or right swinging) movement of the helicopter and automatically sends a command to the tail rotor servo to correct and stop or limit the yaw movement.

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components were commercial or industrial grade. Often, more skill was required to select the right components that could be better matched and assembled for higher performance. All forms of advice flowed across the internet in the form of abundant how-to videos, guides, and forums on the assembly and configuration processes, which gave a boost to this hobby.

•

Hobby grade platforms equipped with camera and first-person-view (FPV) goggles

: The hobby-grade RC airplane or helicopter was mounted with a camera and was coupled with a technology that allowed the pilot to look into a pair of goggles that displayed the aerial video captured in real time. Many people considered this setup as a drone. Users controlled the drone's direction in real time, which felt like piloting an aircraft from inside a cockpit. A line of sight signal was required that was achieved with an antenna within range of the aircraft. Therefore, flying an aircraft with FPV required some knowledge of antennas, video transmitters, receivers, and displays (LCD or goggles). These hobbyists however, were not bothered much with firmware upgrades, GPS locks, or gain settings.

5

The price for the models with FPV could range from USD200 to USD500.

•

Platforms with GPS guidance

: these platforms became the ultimate hobby drone whereby enthusiasts could buy a helicopter platform, place any kind of high definition camera on it, program the GPS track, and send it off on its job. No line of sight was needed. With this level of sophistication, the lines between hobby platforms and surveillance equipment (and hobbyists and professionals) were becoming increasingly blurred. The ability to program an exact path instead of manual steering made the technology promising for photography. For example, hobby-class drones could be used for commercial applications such as close-up inspections of structures that were not easily accessible or for creating video fly-throughs of golf courses and environmental areas. Also, the level of interest in multi-rotor aircrafts had increased dramatically since early 2010 with enthusiasts, hobbyists, entrepreneurs, and aerial photographers who embraced the still young technology as a creative new pursuit. What was once thought of as a “good idea” but beyond the practical limitations of available technology was becoming commonplace; and it was priced in the range of USD500 to USD1,500.

The analogy [for drones in domestic setting] is closer to the PC coming after the mainframe, which is to say, that these [unmanned flying platforms] are not the most powerful drones in the world, but they will be the cheapest and they will be the ones available to regular people. Fundamentally, those people are going to find new applications for the platform that the traditional industries never thought of.

Chris Anderson, former editor-in-chief,

Wired

and Co-founder of 3D Robotics

6

•

Professional grade platforms

, priced from USD10,000 to USD40,000, were designed from the ground up for industrial or commercial applications. Technology development for civil

5

Gain setting is used to adjust how sensitive the gyro is and how quickly it corrects for unwanted movement. If the RC helicopter gyro gain is set high, then the gyro will be very sensitive and send fast commands to the tail rotor to correct for the smallest amounts of change and vice versa.

6

Mitch Joel, “The Booming Business of Drones,”

Harvard Business Review Blog Network

, 4 January, 2013.

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applications of drones began to emerge in the 1990s. Privacy concerns notwithstanding, the civil sector applications were proliferating and a wide range of international public service agencies and private corporations were relying on unmanned aerial vehicles (UAVs) for diverse civil and commercial uses such as inspecting oil pipelines and electrical lines, surveillance, and search & rescue [see

Exhibit 2

]. According to WinterGreen Research, the global commercial UAV market stood at USD363.7 million in 2012 and was anticipated to reach USD2.8 billion by 2018.

7

Regulations

From 2010 to 2020, the United States was predicted to remain the largest producer and operator of UAVs (including military applications). Its production accounted for about 45% of the global market. But legislative and regulatory issues in the country were perceived to have significantly delayed the emergence of the commercial UAV market. The US Federal Aviation Administration’s (FAA) rules prohibited commercial use of UAVs. Taking video for personal use (including YouTube) was allowed, but such videos could not be sold for business purposes. Rules that applied to drone hobbyists were the ones that had been issued to model aircraft enthusiasts back in 1981. Hobbyists flying remote-controlled helicopters or multi-copters were subject to strict guidelines, that is, they were kept below 400 feet above ground level, flown a sufficient distance from populated areas and airports, and kept within the operator’s line of sight. Their use was permitted only by universities and public entities and required a certificate of authorization. For example, researchers at universities could use UAVs for airborne experiments in a wide range of fields from real time complex PID optimization algorithms to air quality sampling. Federal, state, and local agencies could apply for FAA waivers to be able to put drones to work for search & rescue operations. There were 30 states attempting to pass legislation against drones to protect citizens’ privacy. In a bid to force a reassessment of the regulations, the US Congress legislated the FAA Modernization and Reform Act of 2012 that instructed the FAA to develop a comprehensive plan to safely accelerate the integration of civil unmanned aircraft systems into the national airspace system. The law set a deadline of September 2015 for the FAA to create regulations and technical requirements that would govern the commercial operation of drones.

I think we’re going to see many commercial applications and much more civilian development than in the military. In 15 years, you could look up in the sky and see UAVs doing window washing and building inspections… For good or bad, we are on the cusp of a new era.

Missy Cummings Director of the Humans and Automation Lab, MIT

8

7

Commercial Unmanned Aerial Systems (UAS): Market Shares, Strategy, and Forecasts, Worldwide, 2012 to 2018.

8

Patrick Hruby, “Out of ‘hobby’ class, drones lifting off for personal, commercial use,”

The Washington Times

, March 14, 2012.

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In July 2013, the industry was heartened by the FAA's decision to certify Boeing’s ScanEagle and AeroVironment Inc's Puma, the first such certifications for commercial use.

9

In December 2013, Jeff Bezos, founder and CEO of Amazon, announced that the e-commerce giant was testing delivery drones that would someday deliver packages to customers in half an hour or less.

10

It was also reported that UPS, the world's largest parcel service, and FedEx were

experimenting and evaluating different approaches to drone delivery. Thus, industry analysts predicted that the market would double in less than a decade to USD5 billion because of the gradual opening of controlled airspace to UAVs, which would allow camera drones to be used for various purposes.

DJI: Product Development

Launching a new enterprise ‒ a tech start

-up, small business, or an initiative within a large corporation – had always been a hit-or-miss proposition. The three factors that pushed new product development to the center of the playing field were the emergence of transformational technologies, fragmented markets with demanding and sophisticated customers, and aggressive competition. For a small start-up company like DJI, there were limitations in terms of resource bandwidth needed for new product development. Several tough go/no-go decisions had to be made throughout every development stage to ensure that scare resources were allocated appropriately.

One must first have the NEED for the product and there should be no existing product to satisfy that need.

Frank Wang Tao, Founder, CEO, and CTO of DJI

11

From idea to functional prototype

As a child and through his teenage years, Frank had always dreamed about RC helicopters but he did not have the money to buy one. When he achieved outstanding academic results in middle school, his mother gifted him with RMB10,000 to buy his first model helicopter. With great anticipation Frank assembled his helicopter but his excitement quickly turned into disappointment when it crashed soon after lifting off. This experience left a strong impression on him that led to the motivation to create a RC helicopter that would be easy to control. He salvaged the parts of his broken helicopter and worked towards putting it back together. As he continued to tinker with it, he was so intrigued that he decided to study electronics engineering at university. Frank joined the department of electronics and computer engineering at HKUST in 2003. In addition to course projects, he started to extensively read up on open source projects about autonomous helicopters. He applied this learning through active participation in various robotics competitions and

9

The FAA mostly issued certifications for public safety and law enforcement purposes, including firefighting, border control, and search & rescue missions.

10

Doug Gross, “Amazon's drone delivery: How would it work?” CNN News, 2 December, 2013, http://edition.cnn.com/2013/12/02/tech/innovation/amazon-drones-questions/, accessed January 2014.

11

Frank Wang Tao, interview by authors, Shenzhen, 5 July, 2013.

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led HKUST’s Robotics Team to first place in Hong Kong and third in Asia in the Asia-Pacific Broadcasting Union Robot Contest in 2005. For the Bachelor of Engineering final year project, he chose to make a functional prototype of a mini-helicopter that could be controlled on the ground. He teamed up with two other students, each with an allocated budget of HKD7,000. Frank put his salvaged helicopter to use and the team set to work in earnest. He felt that using existing components was a good way to begin. They then followed with new components that used smart software coded by them. They spent one year to make the first prototype. During this period, they researched published papers as well as open source projects on the internet to understand and interpret the multiple technical challenges they faced. According to Frank, software-wise there were two main parts: (1) attitude position and (2) the velocity estimation to control the helicopter. The basic required components were the flight controller board that kept the helicopter stable while flying; the helicopter frame kit consisting of appropriate motors, electronic speed controllers and propellers as well as radio transmitters and receivers. The principal challenge that Frank struggled with was making the helicopter hover at a position using data from the GPS, that is, it would remain stationary in the air while there was no input from the remote control. At the time of final demonstration of the project, Frank could not achieve hovering: “We had tried but the experiment failed. I realized it was still 20% unfinished.”12 Thereafter, he spent two to three months at home working day and night until he achieved the target of automatic hovering

‒ a mile

stone. He had accomplished what he had once dreamed about and gained technological prowess in the process.

Inception of DJI

After graduating in the summer of 2006, Frank immediately joined the post-graduate program and continued to improve his first prototype. He had a strong mentor in his supervisor, Professor Zexiang Li, who gave him freedom and encouraged his efforts. Having successfully achieved the hovering criteria, Frank focused on forward and backward movement to make the helicopter easy for anyone to control without practicing for months.

Professor Li was involved in robotic arm projects; nothing to do with UAVs. Even though I was his post graduate student, I was not following his research area. I even thought that he may ask me to quit because I was doing my own thing. But that did not happen and after one year he saw potential in my prototype model.


13

Although he had not started with any business intention, the success of his first prototype motivated Frank to convert it into a product that he could sell. He was determined to make the dream of flight accessible to everyone. With technological innovation as the cornerstone, Frank established his own

12


13

Ibid.

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start-up company, DJI, in 2006. He rented an 80 square-foot office in Shenzhen, and the two teammates from his bachelor’s degree project days joined his venture [see

Exhibit 3

]. Frank’s target market comprised users of helicopters who typically purchased individual parts of the helicopter from hobby shops and assembled them for recreational flying purposes. Parts could be replaced (in case of a crash) or even upgraded to get better performance. DJI’s initial customers were Chinese hobbyists, a very small niche market that Frank accessed through the internet.

Initially he sold an integrated product ‒ helicopter and controller

. He was able to sell one unit every two months. Customers were willing to pay RMB60,000 per unit, which was a reasonable price based on the prevailing market prices at the time, but they expected extensive product support. At times, Frank even had to fly to Shanghai to help with assembly. Being based in the industrial area of Shenzhen, Frank could drive his costs down in terms of salaries, rentals, and the prices of electronic parts. Consequently, his unit cost price was RMB15,000 and he could sell one unit and manage to pay the salaries of three people for three to six months. DJI had limited capital to invest in in-house fabrication and Frank bought module components such as the assemblies for the electronic printed circuit board (PCB) in the controllers from third party suppliers. Frank sourced suppliers who were agreeable to selling small quantities at a low cost. The quality might have been a little lower than he wished but still good enough to begin with.

Second- and Third-Generation Products (2007-2009)

DJI remained a humble start-up for the next few years. Frank and his team went on to build the second generation helicopter and controller combination that they could price lower at RMB20,000. At this price point, DJI’s sales increased to 20 units per month with a wider customer base that included the United States. For this model, the unit cost came down to about RMB3,000. Frank was able to reduce his cost fivefold by making electronic modules in house, as he had developed some of the required technology to do so. Furthermore, he secured discounts on the purchase of more basic components. Encouraged by this growth, Frank decided to hire some additional people to work on the third-generation product. Professor Li supported Frank by encouraging students to join DJI, and the professor also invested in the company. There were many components that still needed to be sourced from, or made-to-order by, suppliers. At that point, DJI could take advantage of market trends whereby the prices of high-quality components such as sensors and GPS units were being pushed down by the booming mobile phone industry and proliferation of handheld devices. Frank coupled low-cost high- performance electronics with his core competence in developing advanced stabilization and positioning software to automatically pilot the UAV.

DJI’s third generation helicopter controller became a leading technological product. It was sold as an individual component and competitively priced at several thousand dollars each. It cost roughly RMB1,000 to make, and sales stood at 50 units per month. The cost and complexity of operating UAVs had presented barriers to explosive widespread adoption, and Frank aimed to address these challenges with his innovation and technology.

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Product Promotion

Frank realized the importance of establishing his brand and creating awareness about his products. He believed that within years, commercial and industrial use of UAV helicopters would become a huge market in China. According to him, compared to the market abroad, the bottleneck was not about there being a suitable product or autopilot system, but the limited knowledge that people had about what UAVs were and what they could achieve.14 He decided to create public awareness by participating in relevant exhibitions both in China and globally. At the 12th China High Tech Fair in 2010, apart from introducing its products, DJI focused on introducing the industry and the idea of future UAV potential to visitors. Again, at the China Aerial and Aviation Exposition, DJI was the only company to perform an on-site flight demonstration. Its UAV helicopter equipped with its own XP3.1 autopilot system and ground system control successfully demonstrated automatic hover, fully autonomous flight in a figure eight, and flying beyond visual range. Abroad, DJI participated in the National Association of Broadcasters’ show in Las Vegas that focused on broadcast and television along with the related peripheral technology development. The presence of key people from the commercial information industry, news media, and telecommunications services exposed Frank to the trends of telecom products, technology, and services related to communication entertainment and media. In addition, DJI managed to build successful collaborations with several distributers that boosted sales volumes.

Spotting the Market Shift

While DJI continued to lead in developing flight controllers and other components for piloting RC helicopters, some new trends started to emerge. Typically, customers bought the controllers from DJI and gimbals from other suppliers and assembled them together with a camera to shoot aerial photos. In early 2010, one of DJI’s clients, a parts-supplier who manufactured gimbals, informed Frank that he was selling 200 gimbals per month and 90% of his customers were using multi-rotors. This information caused Frank to pause and he looked around at other companies that also worked with RC helicopters. He found that most of them were not developing; they had either stayed at the same market size as five years ago, or had closed, whereas the market for multi-rotors was growing fast. Frank took half a year to think through all of the available information and weigh the pros and cons of multi-rotor models versus helicopters. The flight time for multi-rotors was low at about 20-30 minutes because they were battery operated whereas the helicopter could fly for more than two hours (even up to four hours) using gasoline. The helicopter, being bigger, was more resistant to wind and could fly much faster while easily carrying a weight of 3kgs. The multi-rotor could only carry 500g. At the same time, the helicopter was mechanically more complex because it had a lot of gearing systems, gear reducers, push rods, and several moving parts requiring a lot of mechanical precision. Consequently, the cost was high. The propeller was large and it stored a lot of energy that made safety a key issue; it could destroy property and even hurt people severely. In contrast the multi-rotor was

14

“DJI at China High Tech Fair,” DJI News Release, 16 November, 2010, http://www.dji.com/dji-at-china-high-tech-fair/, accessed February 2014.

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mechanically simple, required less maintenance, and was lightweight and easily portable. Frank however was reluctant to change. But as more information came his way, he made the decision to make a multi-rotor version even though he was not sure whether it would sell and for how much.

15

Product Evolution

Frank and his core team of R&D engineers with a passion for remote-controlled helicopters and specializing in flight control technology, started work on the new product development. Two factors were in their favor. First, the technology was 95% the same for both that provided ease of adaptation. And second, DJI’s technology was much more mature because the team had developed significant expertise with the more complex helicopter system. During the design process, they carefully considered each component in a multi-rotor and selected the most suitable off-the-shelf parts for the best price-to-performance ratio. And where no suitable component existed, they developed their own. Even for components that had to be outsourced, DJI strived to reduce costs without sacrificing performance by engaging suppliers who used modern mass-manufacturing processes (such as laser-cutting), fabrication and assembly, and printing and finishing. With the in-house fabricated parts, outsourced components, customized modules, and off-the shelf items, DJI performed the final production steps to integrate the various hardware and software components necessary to get the multi-rotor to fly. While still being engaged in this development process, DJI launched a superior autopilot flight control system for all commercial, industrial, and professional multi-rotor platforms, the WooKong-M, in August 2011. The controller soon gained popularity due to its predictive flight characteristics and stability in windy conditions such that even inexperienced remote control pilots could learn to fly a multi-rotor in a matter of hours. Four months later, a new version, WooKong-M Waypoint, was introduced that allowed pilots to pre-program a flight with up to 50 unique waypoints with custom parameters for speed, altitude, type of turn between waypoints, and even custom robotic servo actions to be completed at each waypoint.

The craft would automatically take off, complete the entire mission, return home, and finally land itself right back where it had taken off from. Frank was thrilled as these products soon became the best-selling flight controllers in the market. By the end of 2012, DJI was the dominant player in developing advanced flight control systems for UAVs that catered to the hobby market with its own dealer base in major global regions.

Mission shift from flying to filming

Using the company’s combined engineering knowledge in mechanical design, electrical design, control theory, and production engineering, DJI presented its own line of remote-controlled multi-rotors. Frank’s aim was to leverage this product and its superior technology to move outside the core hobby market.

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Launch of the “Phantom”

In January 2013, DJI launched the company’s most innovative product, Phantom, an advanced highly integrated ready-to-fly multi-rotor designed for the mass consumer market. Before the Phantom, building and flying multi-rotor aircraft was a complex task only performed by professionals and extreme hobbyists. This was because similar UAVs on the market were usually in a kit form that required time, patience, and mechanical skills in a complex process of building and soldering. Also, flying, navigating, and maneuvering in air required hours of practice to gain sufficient expertise. Announced at a list price of USD679, the Phantom was half the price of competing units. According to Frank, DJI was the first to make military-grade technology available to the public, which was attractive to a broader group of consumer hobbyists than just experienced remote-control pilots. In addition to having a transmitter and advanced navigation and software controls, the distinctive feature of the Phantom was that it came with a mount that was designed to carry a small lightweight camera [see

Exhibit 4

]. This mount allowed customers to attach the camera and gimbal (camera stabilizers) of their choice for video and still photography. For example, third-party cameras such as the popular GoPro Hero316 or certain models from Sony could be used. Frank envisaged applications of the Phantom for sports, architectural, and even event photographers. With 10-15 minutes of flying time, Phantom could be used to record video and photo stills from a 1,000 feet in the air that could be used for surveying or advertisements. This was a milestone in terms of creating a new customer base. Frank explained: “First you develop a technology and then most of the work is to package the technology in such a way that you can get to the right customers at right price, with compelling applications.”

17

The quad-copter’s four engines and propellers allowed it to be maneuvered nimbly to fly on three axes and hover with minimal pilot input. The advanced software used a pre-installed GPS-based autopilot system and a magnetic compass to help interpret the pilot’s instructions. Also incorporated were safety parameters, such as a failsafe feature in which the Phantom would elevate to 60 feet and return to its take-off point and land by itself if it lost the signal from the remote control unit for any reason. Effectively, DJI had been incorporating features to address the main challenges of piloting and capturing images (much like the automatic modes on a digital camera) that would serve to lower the entry barrier for consumers who were primarily interested in imaging and less in the flying experience. Phantom became synonymous with the name of DJI and spurred more growth in DJI’s business than any other product so far. The company started selling thousands of units every month around the world, with North America being its largest market. The customer base was split between hobbyists who wanted to fly a small vehicle that zipped around and hovered in mid-air; and other buyers who were photography enthusiasts who wanted to use the Phantom to help them shoot aerial photos and videos at special angles.

16

GoPro, a fast-growing camera company, sold its lightweight Hero3 video camera for USD200-400, depending on the model.

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By mid-2013, DJI’s portfolio consisted of 15 products in seven different product lines that ranged from autopilot systems to ready-to-fly kits, as well as series of products and accessories [see

Exhibit 5

for product launch timeline and Exhibit 6 for product descriptions].

Aerial Filming – A service concept

For DJI, a service element had always existed to demonstrate to customers the applications of their product. Frank explained that if some client had a piece of land and wanted to check out the conditions then he could approach DJI to provide an aerial photography service. Therefore, the business concept was not only to sell the product but also to use the product as a service to shoot photos or videos. In the early days, Frank himself used to go out and do the filming. He stated that he learned a lot about product requirements in the process: “If we are sitting in the office and not flying our own product there will be a huge gap.”

18

For the service business, DJI could earn several times its investment in equipment of RMB30,000 because to service one customer typically required two days of shooting. The team involved in this job was low-skilled, with basic education and minimum training before being employed by DJI. They were trained on the job for one year. They received a commission based on the number of service jobs they completed successfully and sometimes earned more than the fixed salaries of DJI’s highly-educated R&D talents. This difference started causing a disparity within the company. Another challenge was that once the service employees had gained experience and client contacts, they were inclined to quit, invest in a RC multi-rotor, and set up their own business. Clients also perceived that doing business directly would be more cost effective for them. Frank sensed that the service business was neither sustainable nor scalable because of these personnel issues. He was also concerned about the distraction and impact of such issues on DJI’s product development efforts. After deliberation, in a counterintuitive move Frank decided to give up the service business but continued to provide the same service for free as a marketing tool. For example, if movie directors were potential clients, DJI would demonstrate that its technology could work in the film industry by providing a free aerial filming service. In return, Frank expected that DJI products would be promoted by filmmakers. At the same time, there was no incentive for staff to leave as the service was being provided by DJI for free. Another factor that helped was that DJI had started lowering the price of its products and was successfully selling a larger number of units. This increase meant that customers could afford to buy the product and do their own filming.

Competitors

While DJI remained at the forefront, with many popular reviews and online sharing of tips, tricks, and videos among the user community, there were a variety of RC products that became proliferate in the market, ranging from DIY models to ready-to-fly multi-copters and fixed wing UAVs. Some were produced by profitable aerial robotics companies such as Hoverfly Technologies and Draganfly

18

Ibid.

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Innovations Inc; whereas others were venture-backed open source UAV enterprises such as 3D Robotics. In addition, several open-source communities designed flight-control and autonomous-flight software for UAVs, such as OpenPilot, APM:Copter, APM:Plane, and DIY Drones [see

Exhibit 7

for an overview of major competitors]. Closer to home in Shenzhen, a small team had created

Hex,

a completely open source nano-copter kit that used digital fabrication via 3D printers, laser cutters, and CNC machines for rapid manufacturing and prototyping. Other key players in China - Hubsan and Chenghai UDIRC Toys Co Ltd - offered palm sized quads - Hubsan X4 and UDI Micro Quadcopter respectively – that were also gaining popularity. Taiwan-based Tai Shih Hobby Corp (TSH GUAI) was dedicated to designing, developing, and manufacturing innovative RC helicopters and airplanes. The company launched the 330X-S Quad Flyer priced at USD399. This was an entry-level model that was relatively easy to build and pilot. The hobby market was thus exploding, with some products more suitable for extreme hobbyists or beginners. And then there were those sophisticated products like the Phantom that straddled recreational and commercial usage as an aerial platform.

Looking into the Future

DJI’s mission was to become the global leader in developing and manufacturing high performance aerial photography systems. Frank placed a personal focus on R&D in advanced unmanned aerial technologies to make them easier to use and more reliable for practical uses in the film, advertising, law enforcement, and farming industries.

We are a team of designers, inventors, creators and innovators… but above all, we are a team of dreamers. Our product and R&D roadmap seeks to fulfill our vision for a world in which flying cameras are as popular as DSLR cameras are today.

Frank Wang Tao, Founder, CEO and CTO of DJI

19

As a market leader, DJI had captured 80% of the market share but it was important to maintain gross margins of 60-70%. In order to continue its growth trajectory, Frank pondered a three-pronged strategy:

(i) Continue launching superior products

to maintain DJI’s lead position in the hobby industry. Mid- to long-term R&D efforts would be required to focus on developing superior technology for turnkey systems. Frank estimated that a single technology would require ten people three years to develop. Therefore, careful planning in terms of R&D investment (in people, technology, and manufacturing abilities) was essential for developing the product pipeline. Another approach was to reduce prices even for the high-end models while keeping cost efficiencies in place to remain profitable.

(ii) Penetrate the commercial industry

:

with professional filming and aerial photography applications, DJI exhibited its flight control product range at various forums, for example, the Association for Unmanned Vehicle Systems International’s annual show in the United States, which attracted the industry’s top decision makers, commercial and national defense operators, scientists,

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DJI website, http://www.dji.com/company/ accessed February 2014.

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researchers, and students.

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DJI demonstrated its UAV total solution: Spreading Wings S800 (a hex-rotor unmanned platform) + Zenmuse Z15 (gimbal system) + WooKong-M (autopilot system) + Ruling (for stabilizing and controlling camera equipment). This was its milestone professional platform that combined the ease of operation for shooting stable footage (with the ability to lift four times as much or more weight as the Phantom could) by adjusting all necessary gimbal gains from the ground, monitoring the high-quality video in real-time on the integrated LCD screen, precision stability, and rapid set-up time. (iii)

Disruptive innovation to create new markets and customers

: In describing his vision for new products, Frank drew an analogy to the car industry in the early twentieth century when many companies were building various car components (engines, wheels, transmission systems etc.) that had to be assembled to make a DIY car. He wanted DJI to become the “Ford” company that would make the “ready to go” car so that customers would not be required to engage in any DIY component. Price versus volume was a consideration for Frank.

For example, one model is selling for USD100 but technically we are able to sell at USD20 as the cost maybe just USD5. So we have to calculate that if we lower the price from USD100 to USD20 how many times more can we sell to make up the margin loss. Maybe it is 10 times or 20 times more which immediately justifies our moving in that direction. At the same time we will be restricting the competition as they cannot make money from controllers and they cannot sustain the R&D for 3 years to get to the next level.


21

Frank remained conscious of the threat from key competitors as how they moved with their products and pricing would determine the market dynamics and earning potential. At the same time, he set an ambitious target for DJI to achieve 200% to 300% growth in revenue per year from 2013 to 2018. To achieve this, how should he proceed with DJI’s product development strategy?

20

More than 8,000 attendees and 500+ exhibitors from more than 40 countries

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Exhibit 1: DJI Global footprint

Foreign employees accounted for 10% of the workforce

SALES (By Market)

20%80%ChinaRest of the World

Source: Information provided by DJI.

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EXHIBIT 2: Commercial Applications

An unmanned aviation system (UAS) comprised unmanned aircraft and all associated support equipment, such as a control station, data links, telemetry, communications, and navigation equipment, that was necessary to operate it. The unmanned aircraft or Unmanned Aerial Vehicle (UAV), in addition to UAS, includes accessories such as cameras, sensors, data communications equipment, and other payloads. The aircraft could be flown and guided by two means:

•

Pilot-controlled unit that was manually operated using radio signals from a ground station, thereby increasing the reliability of the aircraft system.

•

An autonomously controlled unit that required on-board pre-programmed software to plot the aircraft’s course so it could follow a pre-determined path from take-off to landing.

Government Emergency services Energy Sector

•

Law enforcement (police, civil security)

•

Border security

•

Coastguard

•

Forest fire monitoring

•

Disaster relief

•

Oil and gas pipeline monitoring

•

Electricity grids/Distribution networks

•

Infrastructure inspection

Agriculture, Forestry and Fisheries Earth Observation and Remote sensing Communications and broadcasting

•

Environmental Monitoring

•

Crop Dusting

•

Wildlife protection

•

Weather and storm tracking

•

Aerial photography, mapping and surveying

•

Seismic events

•

Pollution monitoring

•

Scientific research/3D modeling

•

Media/TV broadcast

•

Platforms as proxy-satellites

Others

•

Insurance/legal

•

Real Estate surveying

•

Cargo transport Source: Information provided by DJI.

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EXHIBIT 3: DJI’S FIRST PREMISES


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EXHIBIT 4: PHANTOM Technical Specifications

Flight Duration

10-15 mins Max Ascent / Descent Speed ±6m/s Operating Temperature

-10°C ~ 50°C Power Consumption

3.12W Max Flight Velocity 10m/s AA Battery 4 Required Take-off Weight

<1000g Communication Distance 1000m Control Channels

7 channels Hovering Accuracy (GPS mode)

Vertical: ± 0.8m Horizontal: ± 2.5m Charger AC Input 100-240V Max tilt angle 45 º

Source: Phantom Features, DJI website, http://www.dji.com/product/phantom/feature, accessed December 2013.

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H K U S T B u s i n e s s S c h o o l T h o m p s o n C e n t e r f o r B u s i n e s s C a s e S t u d i e s

S T 2 9

1 8

U S T 0 2 9 D J I I n n o v a t i o n s : P r o d u c t D e v e l o p m e n t i n S t a r t - u p s

E X H I B I T 5 : P R O D U C T L A U N C H T I M E L I N E

F e b 2 0 1 2 :

F l a m e W h e e l A R F K i t : f i r s t H e x - R o t o r p l a t f o r m ; w i t h W K M o r N A Z A a u t o p i l o t s y s t e m i t c o u l d b e a p p l i e d t o a e r i a l p h o t o g r a p h y , F P V a n d o t h e r a e r o - m o d e l i n g a c t i v i t i e s .

A p r i l 2 0 1 2 :

S p r e a d i n g W i n g s S 8 0 0 – P r o f e s s i o n a l H e x - R o t o r p l a t f o r m d e s i g n e d f o r f a s t a s s e m b l y

J u n e 2 0 1 2 :

N A Z A - M G P S p a c k a g e f o r m u l t i - r o t o r s

N o v e m b e r 2 0 1 2 :

N A Z A - H H e l i c o p t e r G P S S t a b i l i z a t i o n a u t o i l o t s s t e m

J a n u a r y 2 0 1 3 :

R e a d y - t o - F l y P h a n t o m w i t h b u i l t - i n N a z a - M + G P S a u t o p i l o t s y s t e m a n d d e d i c a t e d R C c o n t r o l l e r

J u l y 2 0 1 3 :

S p r e a d i n g W i n g s S 8 0 0 E V O – N e w g e n e r a t i o n o f h e x - r o t o r p l a t f o r m d e s i g n e d f o r c o m m e r c i a l a n d i n d u s t r i a l a e r i a l p h o t o g r a p h y a p p l i c a t i o n s .

S o u r c e : I n f o r m a t i o n p r o v i d e d b y D J I .

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EXHIBIT 6: DJI PRODUCT PORTFOLIO

Flying Platform Description

Ready to Fly Phantom DJI’s first small size ready to fly vtol, integrated multi-rotor aircraft for aerial filming Spreading Wings S800 Hex-rotor aircraft developed for aerial photography, search and rescue, and surveillance Spreading Wings S800 EVO New generation hex-rotor platform for carrying higher payload for professional aerial cinematography Flame Wheel ARF Kit Series of multi-rotor flying platforms designed for recreation and amateur photography.

Flight Controller

For helicopter Ace One Fourth generation GPS-based helicopter autopilot system Ace Waypoint Autopilot system for total autonomous flight WooKong-H DJI’s first stabilization system for scale/hobby helicopter Naza-H Platform designed for helicopter model enthusiasts For multi-rotor A2 Stabilization controller for precise positioning and flight control in harsh environments for various multi-rotor platforms and for commercial and industrial photography applications. iPad Ground station Software compatible with DJI flight control systems; a portable mobile control platform designed for BVR flight. Wookong-M Stabilization controller for all multi-rotor platforms for commercial and industrial aerial photography applications Wookong-M Waypoint Advanced multi-rotor flight control system with ground control station system Naza-M V2 Lightweight, all-in-one multi-axis control platform with independent PMU and function extension Naza-M Multi-rotor autopilot system for hobby Naza-M Lite Cost effective entry level flight controller for lightweight multi-rotors designed for aero model hobbyists

Camera Gimbal

Zenmuse Z15-5D, ZenmuseZ15-GH3, Zenmuse Gimbal Z15, Zenmuse H3-2D Gimbal DJI’s milestone gimbal system developed for professional filming, aerial photography for commercial use. Even if aircrafts are in a fast-speed flight, the camera equipment can be controlled precisely with great stability. The precision of control angle is within the range of ±0.05° for ideal picture or video output

Accessories

iOSD Mark Real-time aircraft flight information, such as the status and coordinates of the aircraft that is transmitted to ground end via video link S800 retractable landing skid, S800 vibration absorber kit, S800 EVO frame arm, Tuned propulsion system Better solutions for aerial filming and photography work WKM Bluetooth LED indicator, BTU (assistant software for iphone), and others


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S T 2 9

2 0


E X H I B I T 7 : C O M P E T I T O R S

C o m p a n y

P r o d u c t D e t a i l s D r a g a n f l y I n n o v a t i o n s I n c

, U S A F o u n d e d : i n 1 9 9 8

1 9 9 9 : L a u n c h e d D r a g a n f l y e r a R C q u a d - r o t o r h e l i c o p t e r ; t h e p r o d u c t l i n e e v o l v e d o v e r t h e y e a r s , g e t t i n g b i g g e r , c a r r y i n g b e t t e r p a y l o a d s , a n d b e c o m i n g e a s i e r t o f l y . 2 0 0 8 : D r a g a n f l y e r X 6 m o d e l f e a t u r i n g c a r b o n f i b e r c o n s t r u c t i o n , a f o l d i n g a i r f r a m e , s u p e r i o r a u t o p i l o t t e c h n o l o g y , w i d e v a r i e t y o f p a y l o a d s , a n d h a n d h e l d c o n t r o l l e r . I t w a s r e c o g n i z e d a s o n e o f t h e " B e s t o f W h a t ' s N e w " a w a r d s b y P o p u l a r S c i e n c e i n t h a t y e a r . 2 0 1 2 : D r a g a n f l y e r X 4 i n d u s t r i a l v e r t i c a l l i f t p l a t f o r m T h e D r a g a n f l y e r s e r i e s o f a i r c r a f t s w e r e u s e d e x t e n s i v e l y f o r r e s e a r c h a t M I T , V a n d e r b u i l t U n i v e r s i t y , a n d o t h e r s . A l s o u s e d i n f i l m s ( I n s p e c t o r G a d g e t ) a n d t e l e v i s i o n ( N B C c o m e d y s e r i e s – C o m m u n i t y ) , h o b b y , r e c r e a t i o n , a n d h i g h e r d e m a n d i n g i m a g e q u a l i t y a e r i a l p h o t o g r a p h y / v i d e o r o l l s s u c h a s p r o f e s s i o n a l p h o t o g r a p h y , v i d e o b r o c h u r e s , c o m m e r c i a l s , a n d a e r i a l r e a l e s t a t e s u r v e y s . T h e s e h a v e b e e n u s e d i n s u r v e i l l a n c e w o r k , s e a r c h & r e s c u e o p e r a t i o n s , a n d l a w e n f o r c e m e n t .

3 D R o b o t i c s ,

U S A

F o u n d e d i n 2 0 0 9 b y C h r i s A n d e r s o n ( f o u n d e r o f D I Y D r o n e s ) a n d J o r d i M u n o z ( a U A V e n t h u s i a s t ) w h o m e t o v e r t h e i n t e r n e t . A l e a d i n g , v e n t u r e - b a c k e d o p e n s o u r c e U A V e n t e r p r i s e w i t h n e a r l y 1 0 0 e m p l o y e e s a c r o s s t h r e e o f f i c e s i n S a n D i e g o ( e n g i n e e r i n g ) , B e r k e l e y ( b u s i n e s s a n d s a l e s ) , a n d T i j u a n a ( m a n u f a c t u r i n g ) ; A n n u a l s a l e s : U S D 5 m i l l i o n ( 2 0 1 2 ) 2 0 0 7 : A n d e r s o n c r e a t e d a n o n l i n e c o m m u n i t y ,

D I Y D r o n e s ,

a s a n o p e n - s o u r c e p l a t f o r m w h e r e a l a r g e c o m m u n i t y o f u s e r s a n d d e v e l o p e r s c r e a t e d t h e i n d u s t r y ’ s l e a d i n g o p e n U A V p l a t f o r m , A P M a u t o p i l o t . 2 0 1 3 :

I r i s

, a n a d v a n c e d , f u l l G P S - g u i d e d q u a d c o p t e r w i t h h i g h - p e r f o r m a n c e a u t o p i l o t c a p a b i l i t i e s t o p r o v i d e a p r o f e s s i o n a l g r a d e a e r i a l e x p e r i e n c e t o t h e m a s s m a r k e t p r i c e d a t U S D 7 2 9 . W i t h a m o b i l e a p p , t a k e o f f a n d l a n d i n g w a s d o n e w i t h a s i n g l e t o u c h , a n d m i s s i o n p l a n n i n g w a s a s s i m p l e a s t a p p i n g o n a m a p a n d d r a w i n g a p a t h t h a t I r i s w o u l d f o l l o w . 3 D R o b o t i c s h a d a n e x c l u s i v e r e l a t i o n s h i p w i t h t h e P X 4 t e a m a t t h e S w i s s F e d e r a l I n s t i t u t e o f T e c h n o l o g y ( E T H ) , o n e o f t h e w o r l d ’ s l e a d i n g U A V r e s e a r c h i n s t i t u t i o n s . U s e d f o r c l i m a t e r e s e a r c h , p l a c i n g t e m p e r a t u r e s e n s o r s o n g l a c i e r s i n t h e A r c t i c / A n t a r c t i c e t c . A i m e d t o e x p a n d i t s d e p l o y m e n t o f a d v a n c e d U A V a p p l i c a t i o n s , w i t h a f o c u s o n a g r i c u l t u r a l c r o p m a p p i n g a n d c o m m e r c i a l a e r i a l s u r v e y i n g . T h e c o m p a n y r a i s e d U S D 3 0 m i l l i o n i n v e n t u r e f u n d s t o m a i n s t r e a m a e r i a l r o b o t i c s . T h e n e w f u n d i n g w o u l d b e u s e d t o h i r e a n i n t e r n a t i o n a l s a l e s f o r c e , s o f t w a r e d e v e l o p e r s , a n d d a t a s c i e n t i s t s w h o w o u l d w o r k t o c r e a t e n e w i n t e r f a c e s , a s w e l l a s a d d i t i o n a l t a l e n t o n t h e h a r d w a r e s i d e t o i m p r o v e t h e c a m e r a s a n d s e n s o r s .

C o n t i n u e d o n n e x t p a g e

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S T 2 9

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E X H I B I T 7 : C O M P E T I T O R S ( C O N T I N U E D )

H o r i z o n H o b b y

, U S A F o u n d e d i n 1 9 8 5 a s a w h o l e s a l e R C p r o d u c t d i s t r i b u t o r 2 0 1 3 : a n e m p l o y e e - o w n e d c o m p a n y w i t h o v e r 7 0 0 p e o p l e 1 9 9 2 : s t a r t e d d e v e l o p i n g i t s o w n R C b r a n d s a n d a c q u i r e d e x c l u s i v e d i s t r i b u t i o n r i g h t s t o s e v e r a l p r e m i e r R C b r a n d s . T h e c o m p a n y h a d f i v e b r a n d s i n t h e R C a e r i a l p r o d u c t s a n d p l a n n e d t o l a u n c h i t s 3 5 0 Q X q u a d c o p t e r ( G o P r o c a p a b l e ) i n d i r e c t c o m p e t i t i o n t o t h e D J I P h a n t o m , p r i c e d a t U S D 4 6 9 i n D e c e m b e r 2 0 1 3 . G l o b a l P r e s e n c e : H a r l o w , E n g l a n d ( H o r i z o n H o b b y U K L t d , 2 0 0 4 ) ; E l m s h o r n , G e r m a n y ( H o r i z o n H o b b y D e u t s c h l a n d G m b H , 2 0 0 8 ) ; a n d S h a n g h a i , C h i n a ( H o r i z o n H o b b y C h i n a , 2 0 1 1 ) . T h e c o m p a n y s e r v e d t h e e m e r g i n g C h i n e s e m a r k e t w i t h a s a l e s o f f i c e , a n e x p e r i e n t i a l c e n t e r , a n d a f t e r - s a l e s s e r v i c e f r o m i t s S h a n g h a i o f f i c e . I n a d d i t i o n , a b a s e w a s s e t u p i n Z h u h a i a s t h e c e n t e r f o r A s i a v e n d o r o p e r a t i o n s , q u a l i t y , a n d C h i n a p u r c h a s i n g t e a m .

H o v e r f l y T e c h n o l o g i e s , I n c .

, U S A F o u n d e d : i n 2 0 1 0 A l D u c h a r m e , o n e o f t h e c o - f o u n d e r s w a s a n a s s o c i a t e p r o f e s s o r i n t h e C o l l e g e o f E n g i n e e r i n g a n d C o m p u t e r S c i e n c e a t t h e U n i v e r s i t y o f C e n t r a l F l o r i d a . T h e c o - f o u n d i n g t e a m i n v e s t e d t w o y e a r s t o d e v e l o p t h e p a t e n t - p e n d i n g

H o v e r c o r e

t e c h n o l o g y t h a t f u n d a m e n t a l t o i t s r e m o t e l y p i l o t e d a e r i a l r o b o t s t h a t e n a b l e d n e a r l y h a n d s - f r e e f l i g h t a n d e f f o r t l e s s v i d e o c a p t u r e i n t h e a i r . T h e c o m p a n y h a d a f l i g h t s c h o o l t o t r a i n i t s c u s t o m e r s — i n c l u d i n g p r o d u c e r s , f i r s t r e s p o n d e r s , a n d l a w e n f o r c e m e n t o f f i c e r s — t o u s e i t s r o b o t i c s y s t e m s . I t s p r o d u c t s h a d b e e n u s e d b y t h e f i l m a n d e n t e r t a i n m e n t i n d u s t r i e s t o c a p t u r e f o o t a g e o f t h e A z t e c r u i n s a n d t h e A m a z o n r a i n f o r e s t ’ s t r e e c a n o p i e s a s w e l l a s t e l e v i s i o n c h a n n e l s s u c h a s t h e N B C S p o r t s N e t w o r k a n d A n i m a l P l a n e t .

P a r r o t ,

P a r i s F o u n d e d i n 1 9 9 4 a g l o b a l l e a d e r i n w i r e l e s s d e v i c e s f o r m o b i l e p h o n e s . 2 0 1 0 : e x p a n d e d i n t o t h e U A V m a r k e t w i t h t h e P a r r o t A R . D r o n e , a q u a d c o p t e r d e s i g n e d t o b e p i l o t e d b y m o b i l e o r t a b l e t o p e r a t i n g s y s t e m s . 2 0 1 2 : A n i m p r o v e d v e r s i o n w a s l a u n c h e d p r i c e d a t U S D 3 0 0 . C o u p l e d w i t h s o f t w a r e o n t h e p i l o t i n g d e v i c e , t h e c a m e r a a l l o w e d t h e d r o n e t o b u i l d a 3 D e n v i r o n m e n t , t r a c k o b j e c t s , a n d v a l i d a t e s h o t s i n a u g m e n t e d r e a l i t y

2 2

g a m e s . P r o d u c t i o n o f a l l P a r r o t p r o d u c t s w a s m o s t l y o u t s o u r c e d t o A s i a a n d s e n t t o F r a n c e a s c o m p o n e n t s t o b e a s s e m b l e d .

S o u r c e : I n f o r m a t i o n p r o v i d e d b y D J I .

2 2

A u g m e n t e d r e a l i t y i s a l i v e , d i r e c t , o r i n d i r e c t v i e w o f a p h y s i c a l , r e a l - w o r l d e n v i r o n m e n t w h o s e e l e m e n t s a r e a u g m e n t e d ( o r s u p p l e m e n t e d ) b y c o m p u t e r - g e n e r a t e d s e n s o r y i n p u t s u c h a s s o u n d , v i d e o , g r a p h i c s , o r G P S d a t a .

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