Crowdfunding. It's something we've all become familiar with in the last few years, and there is a great reason for that. Crowdfunding is a hit. The concept is relatively simple, users were able to raise money for various products, projects, and charities through the use of pre-sales or equity.
In 2003 we were formally introduced to the concept by way of ArtistShare, a service that allowed musicians to crowdfund both tours and albums. A few years later some of the more familiar companies entered the market, IndieGoGo (2008), Kickstarter (2009), and Microventures (2010). In this time (2009-2011) the crowdfunding industry went from $530 Million to $1.5 Billion.
Now that crowdfunding has hit the mainstream, almost anyone can find funding without the hassle & risk of a loan or sacrificing equity to outside investors. This has allowed more and more people the opportunity to start their own businesses or pursue projects they only ever dreamed of....
Do you see where I'm going with this?
We're excited to be joining the crowdfunding community and launching our very own reward-based campaign on IndieGoGo this August! We'll be pre-selling a line of Beta units at up to 50% off MSRP! This will provide us with some much needed capital for further product development & IP, validate our customer base, and spread the word about Tersa Steam.
So why IndieGoGo? This was something we went back & forth with a number of times, but we ultimately decided that IndieGogo was the best platform for the Tersa Steam. A big factor was the partnership IndieGoGo has with Arrow Electronics. As a very lean startup we're big fans of collaboration and this is no exception - Arrow is providing IGG campaigns with discounted parts as well as a review of product design & bill of materials that could qualify them for $1 Million in flash funding! Flash funding isn't the only reason we chose IGG, we're big fans of flexible funding as well.
IndieGoGo provides 'flex funding' - meaning you receive the funds pledged regardless of hitting your goal. This is important to us so that we can fulfill the orders we receive even if we don't hit our target. We want to get our product out there and get customer feedback - which is another reason IndieGoGo was right for us. IGG provides a better platform for reaching out to backers and the crowdfunding community during and after a campaign. There is also a consensus that IGG customer support is the best out there and since this is our first attempt at crowdfunding we know we'll be taking full advantage of any help we can get.
Seriously, any help we can get.
If you're interested in learning how you can help, please subscribe on the website or drop us a note! It's the easiest way for us to keep you informed on our progress and for you to get access to the best deals when we go live in August!