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Crowdfunding vs Licensing

thomaschadenga's Avatargold

Hi all.

So my submission was not a fit for the search I had entered here on EN and it got the dreaded red 'x'. I'm down but not out yet....I still want to see how far this new product of mine is going to go. 

That said I am now setting up a crowdfunding campaign for my product.

I have gone through some of the blog posts on EN and it seems Crowdfunding is not as easy to reach the goal. Some products I have seen look brilliant with brilliant campaign pages yet they did not reach their goals (like the Stem Light). Yet crowdfunding looks appealing because the product is seen by the end user directly and they decide whether they wish to pledge or not, unlike licensing where only a handful of people make the decision on behalf of everyone else. Also crowdfunding has a quicker turn around time than looking for licensing.

On the other hand licensing is a much lighter burden. Once a product is licensed the hassle of production etc is not on the inventor. I can stick to inventing and let business people take my inventions to the masses.

I want to try crowdfunding but I would like some help from any of the awesome bunch here at EN to give an honest critique of my campaign before I launch (I have found that family and friends are good for ego boosting but sometimes they see things through rose tinted glasses), j0ust so I can fine tune it. 

I am setting up a campaign at Indiegogo and I can preview my campaign before I launch it. Maybe I can post a link here and get a bit of feedback? Any help would be greatly appreciated.

Thanks guys!

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thomaschadenga's Avatargold

Thanks Roger for the advice. I have applied for a patent and its in a pending status. I got it approved a few days ago :)

Yes it is no mean feat. The work really starts after completion of the campaign and the goal has been reached. Its a daunting task but I have been planning this move for months now. Actually I started trying for licensing only recently. The original idea was to launch a crowdfunding campaign. I have been through so many campaigns and I have noticed, like you said, that a lot of the guys underprice their rewards and hence come up short, especially if they marginally cross the finish line. 

I want to avoid all logistical pitfalls like that and structure my pricing close to actual product price but slightly less. 

I would say the only thing I am worried about that I have had trouble getting is a strong follower base. That is hard to get. Especially if there is little marketing budget. I wonder if it possible though to succesfully crowd fund without some sort of mailing list.

I have done some marketing but its very slow uptake. I had a facebook page up a month ago and that generated quite a bit of interest in the product within the one week it was up before my patent lawyer told me to take it down lol. 

Crowdfunding is such a wierd science. 

How did you end up dealing with campaigners? Is it something you have looked into or studied perhaps?

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magurn's Avatar

Hi Thomas!

If you are looking for outside help with your Crowdfunding campaign, you can always reach out to our sister company, Enventys Partners. They work with innovators on crowdfunding.

Best of luck!

Mary Gorman
Charlie Lumsden
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inovate's Avataree_badge

Yes Thomas, Eventys partners have has a wealth of great info on a weekly blog sent to your e-mail.

Mary Gorman
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keeztan's Avatar

The Ze Watch, currently on Kickstarter, has had phenomenal success raising $4,758,793 (with 27 hours left to go) pledged of $50,000 goal. But one has to wonder why they only had a 50k goal to bring this product to market? Could it be that companies like this are not looking for the financing but rather the "Wow Factor" that social media will offer up regarding their pre-launch success? It makes for great water cooler fodder regarding reaching 9000% plus of the funding goal.

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thomaschadenga's Avatargold

Thanks for the link Michelle and Charlie. Checked it out and they look pretty good but just too expensive. 

It seems literally impossible to do a campaign without marketing.

I am working on a shoe string budget but I launched my campain anyways. I'm happy with my product though the campaign isnt the best out there lol.

Here it is. For those curious souls

https://www.indiegogo.com/projects/gridiron-pow...

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thomaschadenga's Avatargold

Thanks for the feedback Roger. Yes it is a bit long into the video before you actually see the game. Good point. Will look into moving stuff around.

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