It's a really cool concept, and Dave ten Have explained a bit to me during the Kiwi Foo Camp back in February 2007. We actually ended up sharing a motel room on that unconference (this is probably my only claim to fame now that he's a big startup).
Ponoko is the first personal manufacturing platform. Using their website, people can invent and design new products, then have them made to order, or sell their designs to others.
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