Kickstart my Art
We’re extremely excited to be launching a crowdfunding campaign to bring our very own HB Mini lamp to desks around the world. As we build up to the launch, we'll be sharing a series of blog posts documenting our research on all things crowdfunding.
So, what is crowdfunding?
Crowdfunding is basically raising capital through preorders, rewards and experiences pledged by a large number of people to help manufacture a product or venture. In some ways it resembles old school art patronage, but on a mass and modern scale. The two main platforms that facilitate this are Kickstarter and Indiegogo.
In recent years, crowdfunding has exploded in popularity as many consumers see it as a way to support unique ideas and the reap price benefits and kudos for being early adopters of a creative product/venture. Kickstarter alone has received more than USD 1.9 billion in pledges from 9.4 million backers to fund 257,000 creative projects.
For entrepreneurs, it has greatly reduced the risk of bringing a product to market. For example, because of crowdfunding platforms designers/creators don’t have to raise all of the funds alone to manufacture a product in the quantities required to make it commercially viable and launch it to the public.
This has given many creators a new path to bring their ideas to life and led to many new and innovative products being successfully launched that may otherwise have never seen the light of day.
Below are some great examples of successfully crowdfunded products including the Pebble Time Smartwatch which raised over USD 20 million!
Next Time. The recipe for a successful crowdfunding campaign.