Crowdfunding gives gadget makers the power to launch their own companies, but sometimes their dream dies not long after launch. In this episode of In the Making, reporter Ashley Carman looks at how crowdfunding platforms Kickstarter and Indiegogo are changing their business to prevent creators from never shipping their product.
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Startups – come and learn the ins-and-out of product crowdfunding (Kickstarter, Indiegogo, etc…) and equity crowdfunding (Wefunder, StartEngine, etc…)
If you have a product or service, now you can pitch it to millions of people and build a community of investors and early adopters. Learn how for many companies product crowdfunding is replacing traditional sales channels and equity crowdfunding is replacing traditional sources of start-up capital.
You will learn:
What is equity crowdfunding? What is product crowdfunding?
Is crowdfunding the best path for your startup?
What kind of resources you will need to create a campaign?
What do you need to present yourself as a professional company?
Which crowdfunding platform should you select for your industry and approach?
Speaker:
Michael Burtov, Founder & CEO, GeoOrbital
Mike has been the founder and CEO of 4 companies (2 failed, 2 thrived) and has over 15 years’ experience in starting-up and seeing companies through their lifecycle. For his companies he has raised millions in startup funding in almost every possible way including angel investors, angel groups, incubators/accelerators, VC, customers/strategic investors, crowdfunding (leading the first company to have raised M+ with product crowdfunding AND .07M [the legal maximum] with RegCF equity crowdfunding), and even appeared on ABC’s SHARK TANK to pitch to celebrity investors. He has also raised money in the non-profit world though his work as a Peace Corps volunteer and with the Bill Clinton foundation and has spent years as an investment banker in Credit Derivatives trading. Mike is a winner of a 2018 Edison Award and was named one of the Top Inventors of 2016 and one of the «most dynamic and creative people shaping business today,» by the Upstart Business Journal.
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This event was put on by the MIT Enterprise Forum of Cambridge, a nonprofit accelerator for burgeoning entrepreneurs in tech.
For more information on our programming, visit our website at: http://www.mitforumcambridge.org/.
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Have you ever backed a crowdfunded gadget, and did you receive it?
I think it's the responsibility of these crowdfunding platforms to set minimal standards so that both the investors and manufacturers understand the rules of the game. Beyond that, investors should be on their own, as their endeavour comes with risks.
The evil platform founders KNEW from the start the risks if they would hold any responsibilities for scandalous/fraudulent campaigns. They KNEW it would be bad business for them if they would have to pay refunds on each and every single disputed projects. So they decided to disavow the refund responsibility. What an insincere and terrible attitude for business owners.
Backer here, now creditor (person owed money) in a major class action lawsuit involving millions of dollars and thousands of people who got ripped off by a group of foreign crowdfund scammers posing as a US business. I don't think I can broadcast any details, but I just wanted to say that yeah, the risks are no joke and my experience was a huge learning lesson. There's some really predatory people out there.
If you don’t have enough money or can’t get a loan for your product then don’t BEG for money from the public..it’s just like panhandling from the convenience of your home
Tell you why his first intent failure 2n0 visual never happened couldn't have it happen ( cough)slight died product of the environment all material
I only crowdfunded once. But I will never do it again. since you pay full price for the product you can't see, touch, and take the risk of not getting it or getting it and be unsatisfied. Where you get something from a retailer you don't like. You send it back.
Big risk, minimal reward.
Sir Give your WhatApp Numbers Please Sir
kickstarter, indiegogo and co is nothing but scam. i bought a product where the initiator of the campaign promised to ship it in november 2020. We now have almost may 2021 and the initiator is telling new excuses every months why the product allegedly can't be shipped. Don't invest to kickstarter or indiegogo! It's all just scam!!
You can call it what you want.. theft is theft.
I’d stay away from investing in companies that have to manufacture hardware. I’d say it’s less risky to invest in software based companies such as app creators.
😜
3 billion people in the world don't have access to clean water……so they built a mouse for a cat ……
I have not ever backed a crowdfunding campaign, but there’s one in cycling that I’m familiar with that failed because of the difficulty of getting the last few percent of the way in terms of the manufacturing process. This would be the Brim Brothers power meter, if anyone’s familiar. Legit people, the founder lost most of his retirement savings in the project. Also, they had a solid idea, so it wasn’t anything like the iBackpack where that guy was clearly a bit of a Trump case. The thing is, for Brim Brothers, it was still a major technical challenge, and they almost but not quite met it. If they’d been part of a larger company, they would probably have been OK, and indeed there are at least 4 major companies with pedal-based power meters right now. Ironically, there is one additional and more recent Kickstarter attempt at pedal power meters, and they are I think just starting to ship to buyers after a lot of delays. This would be iQ Squared.
Tell me about investing then I’ll show you who makes profit for me on weekly basis with the lowest amount of investment and profits guaranteed. Feel free to contact him @Ventrefx on Instagram
FROM MR PETER CASTELLINO ISRAELI GOODWILL IN INDIA , 14-11-2020.
CROWDFUNDING IS DEFINITELY NOT CHARITY AND ONLY HELPS PEOPLE TO EARN ON CHARITY AND WHO KNOWS HOW THE MONEY OBTAINED BY THE COMPANIES IS USED -IT IS THUS DISGUSTING AND TWO FACED .
IT IS FAR BETTER TO HAVE CROWDFUNDING WITH NO CHARGES TO MAKE IT A CHARITABLE CONCEPT.
Join crowd1 fastest growing team…call or wp 9064328234
Hurry up guys…..
Join crowd1 fastest growing team…call or wp 9064328234
Hurry up guys…..
Sounds good jewboy62
Slidenjoy triple computer screen is a rip off. Its been 04 years and they are no where to be seen..
great resource…. ready to raise capital