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Michael Hughes (Indiegogo) Crowdfunding 2.0: The New Go-To-Market
- 1. © Copyright Indiegogo. All rights reserved. Confidential & proprietary. Crowdfunding 2.0: The New Go-To-Market Michael Hughes Director - Hardware, Design & Technology
- 2. © Copyright Indiegogo. All rights reserved. Confidential & proprietary.
- 3. © Copyright Indiegogo. All rights reserved. Confidential & proprietary. Crowdfunding grows up:
- 4. Wearables Case Studies Early Days
- 5. © Copyright Indiegogo. All rights reserved. Confidential & proprietary. Validate Demand & Attract Further Investment • Campaign launched in 2012 • Brain sensing headband?! = Couldn’t raise VC money • Innovative product – but high risk Technology/ Toronto, CA Muse
- 6. © Copyright Indiegogo. All rights reserved. Confidential & proprietary. Only after they proved demand and mitigated investor risk did they secure $6M in Series A funding
- 7. © Copyright Indiegogo. All rights reserved. Confidential & proprietary.
- 8. © Copyright Indiegogo. All rights reserved. Confidential & proprietary. • Campaign launched in 2013 • Unconfirmed questions at launch • Do people even want an activity tracker? • If so, how would they want to use it? Misfit Shine Learn From Your Early Backers & Iterate
- 9. © Copyright Indiegogo. All rights reserved. Confidential & proprietary. $846,675 7,957 funders from 85 countries …30% wanted a bracelet or a necklace …30% of backers were from overseas …people willing to pay more for black color
- 10. © Copyright Indiegogo. All rights reserved. Confidential & proprietary. Misfit was acquired by Fossil Group in Nov. 2015 …for $260M!
- 11. © Copyright Indiegogo. All rights reserved. Confidential & proprietary. As Crowdfunding grows up, so do it’s Campaigners.
- 12. © Copyright Indiegogo. All rights reserved. Confidential & proprietary. Success is not ONLY defined by Money. It’s defined by EVERYTHING
- 13. © Copyright Indiegogo. All rights reserved. Confidential & proprietary. • Validate your idea • Gain awareness • Connect with customers • Create evangelists • Raise money It’s About the Crowd, Not just the Funding Raised $12,271,426 Goal - $75,000
- 14. © Copyright Indiegogo. All rights reserved. Confidential & proprietary. Most Hardware Crowdfunding Campaigns Fail. Why?
- 15. © Copyright Indiegogo. All rights reserved. Confidential & proprietary. 1. The big Misperception around Crowdfunding 2. Researching Crowdfunding is hard
- 17. © Copyright Indiegogo. All rights reserved. Confidential & proprietary. • Listed on ASX (Australian Stock Exchange) before campaign launch • Build community & brand awareness • Hit goal in <1 hour…raised ~$700K w/3 days left
- 18. © Copyright Indiegogo. All rights reserved. Confidential & proprietary. • Pre-campaign video viewed 11M+ times on Facebook • Raised $1M+… in ~3 hours!
- 19. © Copyright Indiegogo. All rights reserved. Confidential & proprietary. • Launching this Summer • Working w/Ammunition, product design firm behind Beats headphones • CEO was Senior Product Manager for Amazon Echo Dot, Kindle
- 20. © Copyright Indiegogo. All rights reserved. Confidential & proprietary. @mhhughes8 michael.hughes@indiegogo.com Questions?
Editor's Notes
- Largest CF platform 500K+ campaigns launched, 230+ countries, distribute millions of dollars to campaigns globally every week
- Total funding volume ballooned to $34B last year In particular, we’ve seen 1,000% growth YoY the last two years for hardware/tech campaigns
- And as an aside, the CEO of this company is a women and in the US only 15% of VC money goes to women run companies – on Indiegogo 40% of all campaigns that hit their goal are run by women
- Founder did PhD in Linguistics at MIT; Noam Chomsky was one of his advisors; very strong/experience team They figured people would want an activity tracker but didn’t want to create something that people didn’t like. Spent a ton of design resources on the special clip ….
- Accessories The Shine launched with only one accessory, the magnetic clip. This was intentional: the Shine embraced a simple, elegant design approach. The clip— perfected over months of testing— was an extension of that simplicity. But users wanted more. They asked for wristbands and bracelets, and partway through the campaign the Misfit team obliged. The accessories were wildly popular. Since their campaign Misfit has greatly expanded their accessories line, which now accounts for a large percent of their revenue. Their Bloom necklace is the latest, and generally sells out in days. International Over 30% overseas – changed whole intl strategy. – couldn’t believe it – everything was in english. Currently sell more outside US than in. Now everywhere – partnering with lots of 3rd parties, raised a further $40M Price points - walked price from $49 to $79 for a basic Shine. Tested out bundles (Misfit + Accessories) Tested out colors (Black for $119, $50 more), and bulk discounts. - Ended up with their retail price RRP of $99.
- Indiegogo is about so much more than just funding. There are so many values in crowdfunding aside from the money. One I will touch on is probably one of the key reasons people use indiegogo – to validate an idea. So.. Flowhive is a great example of every single of the above. Who likes honey? Father and son created a new more sustainable way of bee keeping, honey on tap. Needed $75K to fund manufacturing. Went crazy. They have certainly validated the idea, who knew that many ppl wanted honey! Gain crazy amount awareness, connected with almost 30K customers, so many evangelists and money…well… Almost 30,000 people funded Flow Hive from over 120 countries, Launched and raised $2.4m in 24hrs. Took just over 7 minutes to reach it’s goal. Father and son have got more awareness than they could have ever hoped for.
- Not a bucket of $ waiting to be claimed; Indiegogo is an ‘Amplification’ platform but you need to do your homework and pre-launch prep in order to be successful So many “consultants” and other people out there who all claim to be experts in crowdfunding; many of them are great, but how do you know who to trust? There’s a sea of information out there and an entire cottage industry now focused on helping crowdfunding campaigners succeed. Indiegogo invented crowdfunding 8 years ago before crowdfunding was even a word. We’ve learned a lot in 8 years and continue to get better and better at helping campaigners succeed.
- Serial entrepreneurs; team formerly founded other hearing technology startups