"community-based innovation & strategy: fitness wearables". lecture given at...
DESCRIPTION
Crowdfunding as competitive advantage for start-ups to compete with giants in the wearable fitness device space.TRANSCRIPT
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Wearable Fitness Devices & Community-‐based innova8on case study
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Wearable Fitness Devices ! $ 330 M USD sales in 2013
! Fitbit (68%), Jawbone (19%) & Nike (10%) account for 97% market share
! Plethora of startups make up the remaining 3%
! Market to double its size in 2014
! Strategic market for “internet of things” applied to health & fitness
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Fitbit
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Fitbit
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Nike + Fuel Band
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Nike + Fuel Band
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Nike + Fuel Band
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Jawbone UP
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Jawbone UP
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Jawbone UP
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BodyMedia
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BodyMedia
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Massive Health – The Eatery
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Atlas Wearables
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Atlas Wearables
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Atlas Wearables
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Kiwi
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Kiwi
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Kiwi
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Nymi
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Nymi
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Nymi
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Wello
Heart Rate, Blood Pressure, ECG, Blood Oxygen, Temperature, Spirometry
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Amiigo
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Amiigo
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Amiigo
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Amiigo
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Amiigo
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Amiigo
16 months later ! First deliveries for backers started last May acer an
8 month delay, two missed deadlines and a crashed holiday season
! At current pace of manufacturing, deliveries will catch up with backers backlog by end of summer
! Ini8al backers and beta testers experience underwhelming vs. promise
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Amiigo
How would a tradi8onal company have fared?
It would have gone under
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Amiigo
How is Amiigo faring? ! Got strategic investment and manufacturing /logis8cs
capabili8es from FLEXTRONICS
! Has substan8al wai8ng list orders backlog
! Is constantly making their socware app bejer and bejer
! No “tradi8onal marke8ng” expenses
! Can compete in a biz arena with Giants
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Amiigo
Why?
Community-‐based strategy and innova8on
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Amiigo
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Amiigo
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Amiigo
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Amiigo
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Amiigo ! Backers not Customers
! Co-‐crea8on and ownership
! Ac8ve par8cipa8on, feedback and dialogue
! Wisdom of the Crowd
! Community
! Promise: “build – together – the most personalized wearable technology available enabling users to track their favorite ac8vity”
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Example of community-‐based strategy & innova8on in fashion
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GUSTIN meanswear
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GUSTIN menswear
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GUSTIN menswear
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Lessons for Community based innova8on & strategy
! Conceive a product that is poten8ally disrup8ve
! Engage our audience by storytelling your value proposi8on
! Make your audience an integral part of your product/concept.
! Use their wisdom/$/energy/know-‐how to bring your concept to first stage frui8on.
! Be upfront and proac8ve in a two-‐way open conversa8on
! Mone8ze o your base (followers) with third par8es (investors)
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Lessons for Community based innova8on & strategy
! We are living through the second industrial revolu8on. The informa8on revolu8on.
! Fragmenta8on of our society. Create context through social media. Time & Ajen8on are commodi8es.
! Word of mouth at scale. Produce content that is shareable.
! Every company is a media company. You are a media company.
! Blockbuster didn't’t buy Neolix for 40M 10 years ago “based on data”.
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In a nutshell, don’t do like these guys
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Simply because…