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NOTE FROM THE AUTHORSThis guide shares lessons gathered over 4 years of supporting close to 100 consumer hardware startups, from page creation to funding (and beyond).
Things keep evolving. We keep this knowledge up to date to support any new investment we make.
We hope it will help creators be more successful, and more responsible, for the benefit of their backers, themselves, and the ecosystem at large.
Ben, Cyril, Duncan, Kate …and all founders who contributed their hard-earned lessons WHAT’S NEXT
“NO.1 INVESTOR IN CROWDFUNDED HARDWARE”
LEARNINGS FROM OUR STARTUPS: 70+ CAMPAIGNS (90% OVER $100,000)
INCLUDING 10 IN THE WORLD’S TOP 100 (OVER $1M)
N0.1 FROM AUSTRALIA
N0.2 IN BACKERSN0.1 FROM FRANCE
N0.1 FROM CANADA
WHAT’S NEXT
Lief is an advanced wellness device that raised over $400,000.
1. THE TECHNICAL LEVEL IS GOING UP
WHAT’S NEXT
USA South Korea ChinaJIBO LG HUB ROBOT Oding Robot
JIBO: INSPIRING PEOPLE “If you don’t ship first, someone else will”
WHAT’S NEXT
2. KNOW YOUR TECH, YOUR COSTS & YOUR FACTORY
WAZER took time to figure out their technology and supply chain before crowdfunding
WHAT’S NEXT
THESE PRODUCTS WILL NOT SHIP
Some projects did not make clear what part of their technology was not ready, or messed up manufacturing.
$15M investment $34M pre-orders £2.3M on Kickstarter 1.5M on Indiegogo
WHAT’S NEXT
3. THE BEST PAGE FROM 2015 IS TODAY’S MINIMUM
A crowdfunding video can cost $5k-$10k or more
Graphics have to be professionally designed
Get the key value proposition straight up
Analyze pros & cons of other campaigns in your category
WHAT’S NEXT
5. VIRAL VIDEOS ARE THE NEW BLACK
10,688,745 Likes
4,519,938 Likes
3,316,552 Likes
6,888,301 Likes
UNILAD 25,508,208 Likes
VIRAL THREAD
GI GADGETS
FUTURISM
NOWTHIS FUTURE
Facebook video channels give you more
chances to go viral if you get picked up.
WHAT’S NEXT
6. ADVERTISING WORKSFacebook ads
and Adwords can increase momentum
Red arrows can get attention
Use funding news and backers as
“proof”, time limit and savings for FOMO.
WHAT’S NEXT
7. BUILD A COMMUNITY
Pre-campaign adsDemo Roadshow
Email engagement
Existing followersYouTubersCelebrities
Cross-promotions
Demo Videos
OTHER PEOPLE’SYOUR OWN
Influential Bloggers
The “Exploding kittens” card game raised over $8M thanks to the audience
of its creator, the blog The OatmealWHAT’S NEXT
Etc.Etc.
8. IT’S A FULL-TIME JOBThings YOU can do post-launch:
Get more PR
Respond to backersAdjust the page title, image, contentRun adsDo demosPost updatesAnd more!
WHAT’S NEXT
9. YOU CAN’T PREDICT A $1M RESULTTypically you can’t.
Kickstarter had 217 campaigns over $1M since 2009.Hardware startups represent about 100 of them.It’s <1% in tech and design.
If the past is a good predictor, smart watches, travel tech ear/headphones, drones and 3D printers are the best categories.
…but you might not ship your drone, might not be able to finance the second run of your 3D printer, or might be acquired by Fitbit ;)
OLO Smartphone 3D printerWill margins be enough
for a second batch?
WHAT’S NEXT
10. THE RESULT DOESN’T DECIDE YOUR FUTURESome of our best companies raised very little at first.
Kickstarter $185,576Jan. 2013
Year 2016 >200 staff
WHAT’S NEXT
NEXT THING CO: From “Failure” to Success $2M
Their first project lacked a cheap computer… so they built one.
Backers: 414 Funding: $71,559
Backers: 39560 Funding: $2,071,928
WHAT’S NEXT
NEXT THING CO: $9 Computer C.H.I.P. $2M
One single interviewto “prove” it is real
Over 100,000 units shipped.
WHAT’S NEXT
IN CONCLUSION: WHAT IS CROWDFUNDING SUCCESS?
1. Shipping a (good) product
WHAT’S NEXT
2. Building a profitable business
Before you ship, it is an idea. Before profit, it is an experiment.