@idg crowdfunding

Technology & rewards-based crowdfundingWe analyse the experiences of over 100 crowdfunding campaigns weve covered since 2013

Technology & rewards-based crowdfunding IDG Connect

conTenTs


In less than 10 years, crowdfunding platforms have gone from non-existent to a multi-billion dollar industry. They allow anyone from any corner of the globe to put their idea out to the world, and enable anyone from anywhere to contribute and support budding entrepreneurs.

Thanks to its success on crowdfunding platforms, Oculus was able to revive the Virtual Reality market, while Pebble showed that the time was right to bring back smartwatches. Both companies, starting from small backgrounds, brought technologies that had long since been forgotten as sci-fi novelties and had never taken off back into the wider consciousness, and today they are both major players in billion-dollar industries. There are thousands of similar stories in all areas of technology; whether wearables, 3D printing, drones, software, education, or Internet of Things. Some are successful, some are not. Here, IDG Connect explores some of these stories, based on over 100 interviews that weve conducted since 2013.

Pebble Time $20.3 million [Wearable Tech]Pebble 2, Time 2, Pebble Core $12.7 million [Wearable Tech]Pebble eInk Watch $10.2 million [Wearable Tech]Ouya $8.6 million [Gaming]Micro 3D Printer $3.4 million [3D Printing]Zano $3.3 million [Drone]Tiko 3D $3 million [3D Printing]Form 3D $2.9 million [3D Printing]Oculus $2.4 million [VR]Olo 3D $2.3 million [3D Printing]

According to Kickstarters own stats, there have been over 22,000 technology projects on its platform that have, between them, raised more than $430 million. Its the fifth most popular category (after Film & Video, Music, Publishing, and Games), but has raised more money than any category except games.

Successful technology campaigns often do exceptionally well; over 50 campaigns have raised more than $1 million (again second only to Games), while almost 800 have raised between $100,000 and $999,999 more than any other category.

Interestingly, its actually the hardest category to succeed in; just 20% of campaigns are successful, compared to a platform average of 36%. Despite this, over $360 million has been successfully raised behind only the Games and Design categories.

Focusing mainly on rewards-based crowdfunding, this report explores the trends and experiences of crowdfunded companies. It includes analysis and lessons learned from the 100+ campaigns weve talked to, highlights success stories and what happened next, and examines whether companies see crowdfunding as a viable alternative to traditional funding routes.

Why crowdfunding?

So whats the appeal of crowdfunding projects? For the public, its the chance to be the first to get their hands on exciting new products for a discount rate. For businesses, it offers the opportunity to really test whether a product has legs, not to mention raise a healthy amount of money in the process. I have a personal crush on Kickstarter. Youre making the product you want, for the people who want it. Theres no intermediary if they want a new feature, theyll tell you, said Kano CEO Alex Klein while speaking at the Kass Business School in London in 2014. If they think youre wrong, theyll tell you. Thanks to Kickstarter, his child-friendly Raspberry Pi starter kit raised $1.3 million.

Unbuntu Edge $12 million [Unfunded] [Mobile]Code.Orgs Hour of Code $5 million [Coding]Jibo $3.7 million [Robot]Onago $3.4 million [Drone]MicroDrone $3.4 million [Drone]Jolla $2.5 million [Mobile]Skully $2.4 million [Wearable Tech]Canary $1.9 million [IoT/Smarthome]Oomi $1.8 million [IoT/Smarthome]Kreyos $1.5 million [Wearable Tech]

inTroducTion

MosT funded Technology caMpaigns

$500m$0m

$361m

Technology projecTs on KicKsTarTer

Total number of projects:

22,000+

Total dollars donated:

$444 million+

Success rate:

20%

100%0%

Successful dollars:

Projects that have raised more than $1 million:

52

https://www.kickstarter.com/help/stats?ref=footerhttp://www.idgconnect.com/blog-abstract/5915/uk-teaching-kids-code-needs-good-old-fashioned-american-enthusiasm


Crowdfunding for good causes

Kickstarter has now become a Public Benefit Corporation, and has committed to donating 5% of its annual post-tax profits to arts education and organisations fighting inequality. And while many crowdfunding campaigns are innovative products on the bleeding edge of technology, some follow Kickstarters lead and are more altruistic in nature.

The likes of Keepod, Endless, and Widernet, for example, are all focused on bridging the digital divide in emerging markets with their own low cost, low internet devices. While other organisations offer good causes closer to home.

Instead of hardware, #Charity wanted to create a platform for IT professionals to volunteer their time and skills to charities and NGOs that need technology expertise. It failed to meet its target, but still launched after $270,000 in external funding. Meanwhile Bitsbox offered educational coding cards and tasks for children, along with a simple online tool to let them create and share simple apps and games, and raised over five times their $45,000 goal.

Dutch startup Fairphone eschewed traditional platforms and crowdfunded its conflict mineral-free phone on its own site. The company offers small batches of 5,000-10,000 phones, only confirming each batch will be made once the campaign has reached its goal.

Australian non-profit One Education looked to replace the UN-backed but ultimately troubled One Laptop Per Child program with its own rugged but easily repairable Infinity laptop. While its IndieGoGo campaign failed to meet its goal, the campaign OE ran on its own page has raised almost $500,000.

The story behind the worlds most ethical smartphone

Keepod Africa: Computing access for all?

Bringing One Laptop Per Child into the future

The 100+ crowdfund caMpaigns idg has spoKen ToOver the course of nearly three years, weve spoken to over 100 different campaigns about why they chose to fund their ideas using crowdfunding platforms. Theres been varying degrees of success; some made their goal, fulfilled their promises and carried on, while others have been acquired or received external funding. There are some which had good campaigns but failed to ship, or fulfilled their promise only to fold at a later date. And of course there are those that had a bad campaign and simply went dark shortly afterwards.

Those 100+ campaigns successfully raised more than $13 million between them. The majority of campaigns weve spoken to used Kickstarter; just over 60 garnered more than $9 million between them. But as well as raising almost five times as much as projects on IndieGoGo, Kickstarter projects averaged twice as much individually. Weve also spoken to companies using lesser-known platforms such as Zoomal, Hubbub and Crowd Supply - where two Open Source laptop projects raised more than $1.3 million between them.

United Kingdom

12

US and Canada

50+

LATAM

1

Europe25

Asia6

Middle East8

Africa1

how Much did They raise?

100+ campaigns spoken to:

Kickstarter

IndieGoGo

Other

61

39

5

60+ successful, raising a total of $13 million

Kickstarter

IndieGoGo

Other

$9m

$2.6m

$1.3m

0 100 $0m S10m

https://www.kickstarter.com/blog/kickstarter-is-now-a-benefit-corporationhttps://www.kickstarter.com/blog/kickstarter-is-now-a-benefit-corporationhttp://www.idgconnect.com/abstract/9425/keepod-africa-computing-accesshttp://www.idgconnect.com/abstract/9993/-charity-a-platform-it-pros-care-donate-skillshttp://www.idgconnect.com/abstract/10382/the-story-world-ethical-smartphonehttp://www.idgconnect.com/abstract/10382/the-story-world-ethical-smartphonehttp://www.idgconnect.com/abstract/10382/the-story-world-ethical-smartphonehttp://www.idgconnect.com/abstract/9425/keepod-africa-computing-accesshttp://www.idgconnect.com/abstract/11448/australia-bringing-one-laptop-per-child-future


whaT MaKes crowdfunding appealing?Aside from the cash injection, what makes crowdfunding appealing? Heres what some of the startups had to say when we asked them.

Crowdfunding is great for small innovators who are primarily technical and dont want to get into a CEO-like role of dealing with investors. It helps startups stay leaner and focus more on delivering innovation rather than the logistics of running a corporation. Andrew Bunnie Huang, Novena

Crowdfunding empowers people with an idea to validate it while bypassing traditional VC investment. With enough momentum, projects that were mere prototypes in someones basement have the power to become full-fledged retail products. David Endler, Co-founder of Jumpshot

[Crowdfunding provides] a high degree of audience participation that you cannot get anywhere else. Alexandru Voica, Senior Marketing Specialist at Imagination Technologies

Its a great way to get access to a much larger community of users, which means more projects in more areas. We love our interaction with our customer base, whether its working with them on projects, proving technical support or just being inspired by their creativity. Matt Johnson, founder of Bare Conductive

I think it is a great idea to vet your idea before going into mass production. Its sort of like dipping your foot in the water to test the temperature before you jump head first into the pool. By using crowdfunding services, youre able to gauge the market and see which product or direction they like the most, so you can dedicate your resources in focusing on that.Johnson Jeng, Co-Founder of PINE64 Inc.

It allows a user to connect with a future product that can then be adapted or moulded to better fit the consumer's wants/needs before it goes into production.Ali Jelveh, CEO of Protonet

It is great for startups looking for seed funding to develop a hardware product, since it is very difficult to obtain other sources of funding in the initial stages if you cant show a full prototype of the product.Davide Valeriani and Ana Matran-Fernandez, Co-Founders of EyeWink

[Crowdfunding] boosted awareness of us in general. Our other apps all saw increased sales during the campaign.Dave Howell, CEO of Avatron Software

A successful Kickstarter can validate a market need or desire for your product, and a minimally successful or unsuccessful project can be a reality-check for people that are drinking their own Kool-Aid. Its also a place where you can do something fun, creative - and even humorous - that doesnt just target a lowest-common denominator, but really pushes the creativity of your brand. Shai Goltein, CEO of PowerUp Toys

It takes a very special kind of people to back a campaign knowing they wont receive a product for a year. It would be foolish to not work with early customers that believe in you and your product that much! Alroy Almelda, Co-Founder of Voltera

Crowdfunding innovation: What happened next?

A look at each startup weve covered as part of our Crowdfunding series; whether the project succeeded, did they ship their project on time, and whats happened in the longer term.

Crowdfunding on Crowd Supply:

Purisms Librem Open Source Laptop

A high-end laptop built using free/Libre software for the kernel, OS, and all software, with privacy features built in by default. As well as raising more than $600,000, an earlier campaign for a slightly lower spec model also raised over $400,000.

Andrew Bunnie Huangs Novena Open Laptop

Well-known hacker Andrew Bunnie Huang the first man to hack the original Xbox raised almost $800,000 for his Novena laptop, a completely open and hackable opensource and hackable device.

Equity crowdfunding

While rewards-based crowdfunding garners more headlines often due to the novelty factor of the projects on show and the fact they go straight into the hands of backers its not the only way forward. Rather than donate in the hope of pre-ordering a product, equity crowdfunding platforms likes Crowdcube, Seedrs, and Fundable enable anyone to actually invest in a company and have a real financial stake.

Crowdfunding not only gives businesses a platform to raise finance from a wider pool of investors, it also enables them to engage existing customers whilst fostering relationships with new brand advocates, says Crowdcube co-founder Luke Lang. By harnessing the power of the crowd, businesses have access to a fruitful source of skills, experience and contacts. Theres also the post funding benefit of being supported by a group of people who have a vested interest in the business success.

Interview: Crowdcube co-founder Luke Lang on why tech companies should use equity crowdfunding

http://www.idgconnect.com/abstract/10681/crowdsourcing-innovation-2015-what-happenedhttp://www.idgconnect.com/abstract/9231/crowdsourcing-innovation-todd-weaver-purismhttp://www.idgconnect.com/abstract/7702/crowdsourcing-innovation-andrew-bunnie-huang-hacker-sutajio-ko-usagihttp://www.idgconnect.com/abstract/10185/crowdcube-founder-tech-companies-equity-crowdfundinghttp://www.idgconnect.com/abstract/10185/crowdcube-founder-tech-companies-equity-crowdfunding


is crowdfunding beTTer Than Vc funding?As well as talking to companies early on in their campaigns, we went back to more than 30 after their campaigns had finished to ask them how they felt after the dust had settled; why they picked the platform they did, is the process better than traditional funding routes, and would they go back?

Most preferred Kickstarter due to the size of the audience and the platforms reputation. IndieGoGos greater flexibility both around the types of campaigns you can run as well as where campaigns can be based were cited as its main draws.

Is crowdfunding better or worse than Venture Capital/Angel Investment?

When asked which funding method they thought was best, just 9% of the companies we spoke to said Venture Capital or Angel Investment was preferred to crowdfunding. 45% said crowdfunding was the best method to raise money, with 40% remaining unsure. Just 6% said there was no difference between the methods.

The major perceived benefits of crowdfunding over VC funding include the ability to raise funds early on with just an idea, avoiding the need for detailed business plans or fully working devices, all without giving up equity. Its different because crowdfunding is about much more than the money, said one respondent. Its about validating a concept, attracting attention, building a network and of course, raising funds without giving up any equity. VC or Angel funding provides many great services but at the end of the day its about the dollars and valuation.

On the other hand, the amount of money that can be raised through traditional VC or Angel investment vs. crowdfunding was highlighted as probably its best point, along with the established network of contacts such funding often brings. The lack of rewards and perks described as a distraction by one startup can also result in a more focused and result oriented workflow.

Unsurprisingly, the vast majority felt crowdfunding has a good impact on innovation, many enthusiastically so. Crowdfunding is one of the best tools available to innovators today, one startup told us. One of the most important goals that crowdfunding achieves is lowering the barrier of entry to acting on a dream. With little risk and general ease, an average person can create a crowdfunding campaign for any idea. Prior to crowdfunding, acting on these ideas was far more complicated.

As well as the democratisation of entrepreneurship, market validation, product feedback, a relatively simple process, and low risk (although admittedly the customer might not see it that way) were all seen as ways crowdfunding helps innovation. Speed was also a common benefit. It allows people to quickly try something out, get a response, and if the response is dismal then no harm done except a couple of days of prep.

It allows people with great ideas but little funding or business background to get out there, said one respondent. Another said; Even failed campaigns can help businesses learn from their timing or communication mistakes or generate excitement about a good idea that could potentially exist at some point.

Very few had negative feelings about the impact of crowdfunding on innovation. One startup noted that companies can have difficulties in the mass production phase creating huge time delays which in some cases result in a lower quality product. This can result in in backers getting burned even on wildly successful campaigns, they added.

One downside brought up was the potential advantage companies with big marketing budgets have over smaller companies. Companies with strong marketing can present their idea in a better light than others, and thus get a bigger share of the cake, one respondent said. I know marketing is important, but in the very early stage good ideas should have an equal opportunity, especially if the entrepreneur is young and/or lacks money.

9%

45%

6%

40%

Venture Capital/Angel Investment better

Crowdfunding better

No difference

Unsure

Is Crowdfunding good for innovation?

3%

97%

Yes No


consuMer Vs. business producTs

In total, 12% of the campaigns we talked to were focused on business markets, while 30% said they were targeting both consumer and business market. But just 6% felt that crowdfunding was a good platform for targeting businesses after their campaigns, while 15% still felt it was equally effective for both markets. Several said that a B2B crowdfunding platform where business decision makers and budget keepers back products would be an attractive proposition.

The reasons why crowdfunding is seen as a consumer-focused tool were varied. I think the most successful campaigns are based on cool products that people want to use in their everyday lives, said one respondent. Theres a fundamental impedance mismatch. Enterprise doesnt buy on crowdfunding sites or on campaign schedules. It has buying cycles, sales engineers, processes, purchase orders etc., said another. Reliability, trust, and the fact money does not always equal product (something which is terrible for IT budgets) were all seen as major potential turn-offs and why business-focused products arent a common or a successful sight on these platforms.

Our campaign was aimed at consumer market

Our campaign was aimed at business market

Our campaign was aimed at both consumer and

business markets

Crowdfunding is more effective for technology aimed at businesses

Crowdfunding is equally effective for technology aimed at businesses and consumer

6% 15%

Would you use a crowdfunding platform again?

The main draw of crowdfunding was, overwhelmingly, the people. Whether its market validation, product feedback, or creating a community of early evangelists, over two-thirds of the companies we talked to put the crowd in their top three pros of using such a platform.

The marketing and brand awareness was another boon, with one third listing it as a top benefit. Obviously the money was also a major attraction, but for most it wasnt the main draw. Other benefits include the ease and speed with which you can create ideas, as well as the ability to raise money without diluting equity.

It says a lot about crowdfunding and the types of companies using it that so few listed money as the main benefit of using these kinds of platforms. As one responded said; The main problem with a lot of failed campaigns is that they saw crowdfunding as pure investment mechanism here is our idea, give us your money, please. Its not true. Its clear that although it requires a large amount of time and effort, the potential reward in terms of devoted fans and potential promotion is the main draw.

1

2

3

Power of the crowd: Market validation, product feedback, community building

Marketing

Funding

Top 3 pros: Top 3 cons:

1

2

3

Time consuming/Hard work

Hard to promote

Low levels of funding

The time and effort that crowdfunding campaigns require, especially against how much can be raised, was by far the more commonly cited drawback of crowdfunding. Difficulty promoting the campaign whether to the press, standing out on a crowded site, or even the concept of crowdfunding was also cited as a major drawback. Other, less common, cons were the relatively low levels of funding compared to traditional VC routes, online abuse, potential copycats and even timeline expectations for rewards.

pros and cons

55% 12% 33%

Yes Unsure

16% 84% Whether their campaigns were successful or not, the process is clearly an enjoyable one. 84% of the people we talked to said they would use a crowdfunding platform again in the future, while nobody said they definitely would not. 16% said they were unsure.


Top Tips for crowdfunding successKnowing where to start with crowdfunding can be an overwhelming experience, especially for a fledging startup. But theres plenty of help available. As well as a field guide for prospective campaigners, IndieGoGo has published stats on what makes a successful technology project on its platform, while Kickstarter regularly updates the Tips section on its blog.

Of course theres no guarantees, and each campaign is different. Heres some of the best advice weve had from campaigns weve spoken to:

Preparation, preparation, preparation. The success or failure of projects will often be decided long before your campaign even launches.

Have a professional-looking pitch. Having a video is essential tech campaigns on IndieGoGo with a pitch video raise eight times more funds than those without a video and having one that is professionally shot and tells a story, rather than on a webcam in your bedroom, instils a lot more faith.

Have something to show. You might still be in the early stages of product development, but try to have a decent (if non-working) prototype to show off. Bad 3D renderings wont do, and neither will design drawings. You can be honest about where you are in development, but show them where youre going with your ideas.

Pick your rewards. From $1 thank yous and low-cost promotional items such as stickers and t-shirts through to bulk purchases and highly expensive and personal experiences, offer rewards that appeal to different incomes. Early bird perks limited numbers of your product at a reduced price are useful for getting the ball rolling.

Have your FAQs ready. The more information you provide upfront, the better. How it works, product size and specifications, shipping costs, development schedule, what the funds will be used for, contact info, anything and everything you can think of. The better informed people are, the more likely they are to donate to your project.

Get your marketing right. You want people to know youve got a campaign dont you? Start the buzz early, let everyone know youre going to launch a campaign. Contact everyone you can beforehand, and again once youve

launched. Use social media, try pre-launch/hype sites such as Thunderclap and Prefundia. Reach out to the press and bloggers (big and small) who can get your story out there (and have a decent press kit; press release, bios, pictures, and contact info).

A good start is essential. According to IndieGoGos technology stats, 40% of all fundraising occurs within the first and last three days of a campaign. Vincent Etter, a PhD student in Switzerland created a site called SideKick that can accurately predict the probable success of a campaign within just a few hours of it launching, highlighting the importance of getting a good start out of the blocks. After all, success breeds success.

It is not impossible to recover from a slow start, Etter told the Guardian. There are projects that took a while to take off but eventually made it. Nevertheless, I would say that if your project has still not taken off by the middle of the campaign, your chances are quite low.

Update regularly. Crowdfunding is about the power of the people, so communicate with them. The work doesnt stop once the campaign launches. Highlight press coverage, answer questions and reply to comments, talk about how the project is going, and add stretch goals if your campaign goes well.

Be realistic. Do your research about the costs of what you want to do before you launch your campaign. It will prevent backlash in the long term over delays and unfulfilled expectations. This includes stretch goals.

The biggest lesson that I learned too late is that you need to really plan ahead, which I didnt. I thought Id just make a nice video and write a good story and let the dollars roll in, but its really more like running a PR campaign first, then 30 days of hustling. Corey Stone, Founder of HERO keyboard

Make sure to talk to people outside your bubble to get feedback, theres always going to be a question that you didnt expect. Matt Dalio, CEO of Endless Computers

Youve got to spend time before the campaigning to build a core group of supporters. You need people to create the buzz on day one. They are the ones wholl keep telling their friends about your project. They are the ones sharing your message on social media.Pasi Jokinen, Head of Services for Thingsee at Haltian

The stage of product development is an important element, and for hardware projects it is better to show a tangible, functioning product to your audience.Zaib Husain CEO at Makeram

The one that really gets me is just how much time it takes each day to keep a Kickstarter going. You have to be so reactive, and keep thinking of creative ways to reach out further, catch more eyes, all the time.Christophe Guionet, CEO of Novathings

Just sticking to your objectives and not promising endless stretch goals and rewards is fine. Too many projects have failed by promising the world and failing to deliver.Shai Goltein, CEO of PowerUp Toys

Properly set expectations, since its a long-term relationship you want to build with your backers.Todd Weaver, Founder of Purism

You need to have figured out not just the product, but international shipping regulations, different power outlets, dozens of things like that.Blazej Marciniak, CEO of Sher.ly Inc.

Once you hit the button to go live stop worrying about what can go wrong. This will be one of the most exciting points in your life and you should enjoy it!Alroy Almelda, Co-Founder of Voltera

There are a plenty of services that offer help to crowdfunding campaigns at a cost. Weve thrown together some of what we think are the most important tips here, free of charge.

https://learn.indiegogo.com/marketing-crowdfunding-field-guide-ahttps://go.indiegogo.com/blog/2015/11/technology-crowdfunding-statistics.htmlhttps://www.kickstarter.com/blog/categories/tips#p1http://sidekick.epfl.ch/https://www.theguardian.com/technology/2013/oct/16/kickstarter-project-predict-within-four-hours-fail


has crowdfunding gone froM a plaTforM for garage enTrepreneurs To a pre-order and incubaTor serVice for big coMpanies?The success of Kickstarter, IndieGoGo, and the projects theyve spawned has seen countless similar platforms emerge all over the world trying to replicate the model: Pozible and Crowd Supply offer similarly broad options, albeit on a smaller scale, while countless local versions; Thundafund in South Africa, Wishberry in India, IdeaMe in Latin America, KissKissBankBank in France, and Demohour in China all offer domestic alternatives.

But that success has also changed how major companies view crowdfunding. Crowdfunding has previously been perceived as a route to finance for start-ups struggling to secure investment but thats no longer the case. Its now recognised as a mainstream funding option, says Luke Lang, Co-Founder & CMO of Crowdcube.

In 2009, Kickstarter CEO John Chen told the NY Times: Money has always been a huge barrier to creativity. We all have a lot of ideas wed like to see get off the ground, but unless you have a rich uncle, you arent always able to embrace those random ideas.

But today, more and more companies many with serious financial and brand clout are using the likes of Kickstarter and IndieGoGo as a marketing and pre-order service. Pebble, one of the biggest success stories the industry has ever seen, returned for a second bite of the cherry last year with the new edition of its Time smartwatch. The original campaign raised more than $10 million. Three years later, the second

coming raised over $20 million and is the most successful crowdfunding campaign ever. Another year later and Pebble launched a third campaign, raised another $12.7 million, and now occupy the top 3 spaces on Kickstarters most funded tech campaigns.

It makes sense for companies to return Kickstarters own stats show more than 12% of campaign creators launch more than one project, and the more projects they run, the higher their success rate. A second technology campaign is almost 10% more likely to succeed, while third campaigns have a success rate of 75%. Why? Most likely a combination of better practices, more contacts to spread the word to, and a bigger and more loyal fanbase.

But theres a difference between small companies returning to these platforms to raise a few thousand, and multi-million dollar companies wanting a bit of hype. Last year, Wired proclaimed Pebbles Insane Success Proves That Kickstarter Is Now a Marketing Tool, and they are far from the only major company to use crowdfunding in this way.

Canonical, the company behind Ubuntu, launched a flagship phone on IndieGoGo which raised over $12 million. The company had set a target of $32 million the amount needed to manufacture a high-spec phone from scratch and so the project failed.

But Canonical arent the only major company to turn to the crowd. Meizu, a major Chinese smartphone maker,

recently launched a campaign for a wireless speaker on IndieGoGo, while Imagination Technologies, one of Apples key suppliers, ran a Kickstarter project for its own IoT development board, despite the fact both companies could have easily launched their products through normal channels.

When we asked why such an established company would turn to crowdfunding, Imaginations Senior Marketing Specialist Alexandru Voica told us that as the Creator Ci40 was a new venture for the company, Imagination wanted to hear what makers, developers and entrepreneurs thought about the project. It would enable them to deliver the product much faster compared to a traditional sales channel route.

Silk Labs, a startup created by a former Mozilla CTO, raised over $160,000 for its Sense smarthome hub but decided to cancel the device just three months later. CEO Andreas Gal explained that the Sense was designed to attract commercial interest for the underlying Silk platform, and since the campaign already created that interest, there was no need to actually build the device.

The platforms themselves have also enabled this transition into a pre-ordering service. IndieGoGo last year announced its InDemand feature, where projects can essentially leave their campaigns open forever, and continue to take orders from people. Its recent acquisition of pre-commerce platform Celery only

accelerates this change. IGG also recently announced a partnership with Arrow Electronics to help ensure production runs smoothly. Kickstarters own Spotlight feature is more focused on keeping people updated about the state of a project post-campaign, but is often used as advertising for new project and products.

Crowdfunding has affected major companies in other ways too. Sony no stranger to using such platforms to promote products - launched its own First Flight platform to promote and fund new projects from the companys own employees. The first product launched through this service was the Wena Wrist smartwatch.

Some see Kickstarter itself as more of a novel incubator for startups. Writing on the P2P Foundation blog, Stacco Troncoso claimed that investment from him and his fellow Kickstarter backers served as bait for venture capitalists.

Their storya genuine garage hacker does what billion-dollar companies would notdidnt imply its eventual end: that the barefoot, teenage founder would sell his startup to a giant technology corporation before they sold a single retail product.

There are still plenty of small companies and garage entrepreneurs of course, and perhaps the above stories are a few examples of unusual events, rather than a wholesale shift in what crowdfunding is or should be.

Crowdfunding in India

The success of Kickstarter and IndieGoGo has seen countless domestic and specialist alternatives sprout out all over the world. But are emerging markets such as India ready for crowdfunding? We spoke to Anshulika Dubey, an ex-McKinsey analyst and co-founder of Indias largest crowdfunding site, Wishberry.

Wishberry: Innovation in India with People Power

http://www.idgconnect.com/abstract/8046/wishberry-innovation-india-people-powerhttp://www.nytimes.com/2009/08/25/technology/start-ups/25kick.htmlhttps://www.kickstarter.com/blog/by-the-numbers-when-creators-return-to-kickstarterhttp://www.wired.com/2015/02/pebble-time-kickstarter/https://www.indiegogo.com/projects/ubuntu-edge#/http://www.engadget.com/2016/05/16/meizu-gravity/https://www.kickstarter.com/projects/imgtec/creator-ci40-the-ultimate-iot-in-a-box-dev-kithttp://www.idgconnect.com/abstract/10707/crowdsourcing-innovation-alexandru-voica-imagination-technologieshttp://www.dailydot.com/technology/kickstarter-smart-device-iot-mozilla-refunds-backers/https://go.indiegogo.com/blog/2015/01/introducing-indemand.htmlhttps://blog.trycelery.com/celery-joins-forces-with-indiegogo/http://techcrunch.com/2016/05/20/indiegogo-teams-up-with-arrow/]https://www.kickstarter.com/blog/introducing-spotlighthttp://techcrunch.com/2015/06/30/sony-first-flight/http://www.sony.net/SonyInfo/News/Press/201507/15-061E/index.htmlhttp://wena.jp/https://blog.p2pfoundation.net/when-kickstarter-becomes-a-charity-for-venture-capitalists/2014/04/03https://blog.p2pfoundation.net/when-kickstarter-becomes-a-charity-for-venture-capitalists/2014/04/03http://www.idgconnect.com/abstract/8046/wishberry-innovation-india-people-power


when caMpaigns go wrongWhile crowdfunding has many positive aspects, there are also many potential drawbacks, especially for the consumer.

Though there are certain restrictions, most platforms take an anyone can raise money for anything approach, often leading to money being invested for no return. Platforms can be bloated with malicious characters - whether scammers promising product they have no intention of making, or copycats trying to jump on the success of other campaigns or merely well-meaning but inexperienced entrepreneurs who often have grand visions but little awareness of the true costs and efforts involved.

Some are fairly shameless in their efforts devices promising unlimited clean energy are often the most entertaining but many look professional and often raise substantial amounts of money. Many projects simply go dark after several months of updates, leaving backers wondering if it was an elaborate scam all along or the money simply got spent and no one wants to admit it.

Devices peddling innovative medical devices run into trouble; though they promise many health benefits they often under-deliver and fail to gain approval from the health watchdogs a rigorous and often expensive process.

Many of the campaigns IDG Connect has covered over the years have struggled; London-based smartwatch maker Exetech ran into trouble after a successful Kickstarter campaign, launched a second campaign on IndieGoGo, promised refunds after conceding it wouldnt be able to make a watch, but nothing has happened on that front.

There are plenty of other examples of backers claiming projects are scams. Rico, a smarthome device developed by Mind Helix, raised over $100,000 but has since gone silent and many backers have been demanding refunds on the campaign page without reply. Momentum Labs promised an e-Ink smartwatch/bracelet but is a year overdue without a shipping date in sight.

Peachy Printer which billed itself as the First $100 3D Printer and Scanner recently announced one of its major stakeholders had embezzled more than half of the $500,000 it raised on Kickstarter to build his own house. Many commenters accused the company of running a scam, and the issue is being investigated by the consumer protection authority of Saskatchewan, Canada.

Not all go silent, however. Smarty Ring, an Indian wearables startup, is over two years delayed, but has showed some progress, even if it is underwhelming compared to the original promises. Fin Robotics, another Indian wearables maker, faced similar delays but eventually did ship a product under the rebranded Neyya company. Unfortunately, despite being available on Amazon, backers of the original campaign are still waiting on both rings and refunds.

Copycats

Weve talked to two projects that have suffered from fraudsters trying to steal ideas. One Russian design agencys concept for an e-Ink keyboard ended up on IndieGoGo without their knowledge or consent. Asking for over $100,000, the fraudulent page had lifted graphics, pictures and text from the original site, and came with a varied list of perks for anyone who contributed, from beta models to the title of co-founder for anyone who parted with $2,500. Ironically the page author listed himself as inspired by other peoples passion and liked being able to take an idea and turn it into a reality. He posted updates about hardware and support development, even shipping details.

IndieGoGo were contacted but were unwilling to do anything unless a complaint that complies with the Digital Millennium Copyright Act (DMCA) was filed. Luckily the project failed to meet its goal and so no one lost their money. Our biggest worry was the thought that people believed this person and gave him their money, the victim told IDG Connect.

This type of fraud isnt uncommon; numerous projects have been lifted from one funding site and listed on the other. On the very weekend that we published a piece on the 3D printing company, Pirate 3D, and their Buccaneer printer on Kickstarter, a fake version called the Burclader appeared on Indiegogo.

We found out about the Burclader project through our Kickstarter backers who alerted us to it, says Roger Chang, the companys Chief Executive Pirate. We were surprised and amused, because barely a month had passed since our Kickstarter campaign concluded.

They were no doubt attracted by the $1.4 million the campaign raised in just 30 days, smashing its goal by 1400%, and the general hype around 3D printing at the moment. They probably thought at the point of time that there was still quite a bit of buzz with our product. Additionally, we were not taking additional orders since we wanted to nail down our production aspects first. Luckily the project was quickly taken down, and Changs opinion on the crowdfunding concept was unaffected.

Fraud in crowdfunding a case study

Kickstarter and copyright

Since 2014, Kickstarter has published an annual transparency report detailing the number of copyright and trademark claims made against projects on its site, and details the platforms response.

Transparency Report 2014

Number of copyright claims in 2014: 282Number of trademark claims in 2014: 28

No. rejected: 159No. of cases where action taken: 16

Transparency Report 2015

Number of copyright claims in 2015: 336Number of trademark claims in 2015: 67

No. rejected: 202No. of cases where action taken: 34

http://www.consumerreports.org/cro/money/crowdfunding-scamhttps://www.bostonglobe.com/business/2015/09/07/crowdfunding-medical-devices-raises-money-online-questions-the-fda-hasn-reviewed-these-medical-devices-yet-but-you-can-buy-them/RoVuxMgfefPufzuEKYzA4I/story.htmlhttp://www.idgconnect.com/abstract/8632/crowdsourcing-innovation-fabiano-alfredo-zamuner-ceo-exetechhttp://www.idgconnect.com/abstract/8961/crowdsourcing-innovation-kallidil-kalidasan-mindhelix-inchttp://www.idgconnect.com/abstract/8550/crowdsourcing-innovation-ray-fischer-waiman-yeung-co-founders-momentumlabshttps://www.youtube.com/watch?v=_Wy3zA3LxG4https://www.youtube.com/watch?v=_Wy3zA3LxG4http://www.cbc.ca/news/canada/saskatchewan/sask-consumer-affairs-authority-peachy-printer-1.3581532http://www.idgconnect.com/abstract/4776/crowdsourcing-innovation-dinesh-roy-co-founder-smarty-ringhttp://www.idgconnect.com/abstract/4776/crowdsourcing-innovation-dinesh-roy-co-founder-smarty-ringhttps://www.techinasia.com/lessons-to-learn-from-crowdfunding-disasterhttp://www.idgconnect.com/abstract/5502/crowdsourcing-innovation-rohildev-founder-rhlvision-technologieshttp://www.idgconnect.com/abstract/5502/crowdsourcing-innovation-rohildev-founder-rhlvision-technologieshttp://techcrunch.com/2015/11/17/neyya/#.hpx3ai:zcyphttp://www.idgconnect.com/abstract/4369/when-crowdfunding-gets-sinisterhttp://comicsalliance.com/like-a-virus-ken-lowery-robert-wilson-iv-interview-kickstarter-indiegogo/http://kickfailure.com/2013/06/06/scam-kickstarter-project-copypastes-indiegogo-projects/http://www.idgconnect.com/abstract/2864/crowdsourcing-innovation-roger-chang-chief-executive-pirate-pirate3dhttp://www.techinasia.com/pirate3d-campaign-raising-money-on-indiegogo-but-company-says-its-fake/http://www.kickstarter.com/projects/pirate3d/the-buccaneer-the-3d-printer-that-everyone-can-usehttp://www.idgconnect.com/abstract/4369/when-crowdfunding-gets-sinisterhttps://www.kickstarter.com/blog/kickstarter-transparency-report-2014


While raising hundreds of thousands, or even millions of dollars may sound impressive in the context of crowdfunding platforms, the cold reality is that hardware is incredibly expensive to make, and many startups only realise this far too long into the process.

Several of the startups weve talked to have struggled with turning big campaigns into a viable product. IdealFuture a Silicon Valley-based hardware firm raised nearly $750,000 for its convertible phone/laptop hybrid. Nearly a year and half later the Dragonfly device is still in production. Tango Tech is another startup well beyond due on shipping any devices, yet is still apparently working on it is modular PC.

The previously mentioned Pirate 3D was a Singaporean 3D printer manufacturer which, in 2013 raised a then-record of just under $1.5 million, then announced in October 2015 that it would not be able to fulfil around 60% of its original orders. Even after two years and an additional $2 million in external funding, the startup, which was founded by (perhaps overly) ambitious students, had burned through the money. There are numerous other examples of this: the Zano mini-drone, the MyIDkey security dongle, the Kreyos Meteor smartwatch, and so on.

Even companies boasting experience often get caught out. Jolla, a startup born from the ashes of Nokia, is one such high profile victim. Though its campaign raised over $2.5 million for its Jolla Tablet, the company struggled financially, and announced it was halting production after only shipping a small batch of tablets. Only after finding new financing and a pivot to focus on software did Jolla survive at all. In fairness to the company, there were regular updates and the company has offered refunds, something which many companies fail to do.

Interview with IdealFutures VP Bridget Hogan

success sTories and going bacKDespite the potential for failure and disappointment, there are obviously many crowdfunding success stories.

The likes of Oculus and Pebble showed the industry not only that the technology was there for Virtual Reality and smartwatches, but that there was a public demand for them too. Those two, plus the likes of Kano, Atlas, Pi-Top, ProtonMail, Jide Tech and their Remix OS, Nextbit, and the Robin Phone, and hundreds of others have shown its possible to have successful campaigns and then turn them into successful businesses.

Theres also plenty of companies with campaigns that fail, but still manage to get their product out to market; for example, Dutch startup 3D By Flow are still going strong despite failing to meet their goal, and recently won the Maastricht Award for their portable 3D printer.

IDG Connect has caught up with several companies about life post-crowdfunding:

The Other Machine Co. raised over $300,000 for its Otherfab desktop CNC milling device. The California startup has done very well; the team has expanded from five to nearly 20 people, raised almost $6 million in external funding, and launched its own software and a partnership with AutoDesk.

Sesame Enable, an Israeli company aiming to provide accessible technology to people with locked-in conditions - for example ALS, Cerebral Palsy, Multiple Sclerosis, or spinal cord injuries has won multiple awards since its successful Sesame Phone campaign, and recently partnered with Google to distribute thousands of phones to those who need them, for free.

Haltian, an IoT startup from Finland, raised over $100,000 on Kickstarter for its ready-out-of-the-box Thingsee One sensor. As well as announcing a partnership with Cloud provider Kii and its own software, Haltian has launched several other products including a child-friendly GPS tracker/communicator.

San Francisco-based Endless Computers gained over $170,000 for its twist on bridging the digital divide; a low-cost but aesthetically pleasing self-contained desktop computer for the middle classes in emerging markets. Its Endless device was made available in Guatemala following a partnership with the local division of Mexican telecoms giant Amrica Mvil, and the company caused a stir at this years CES conference with its Endless Mini computer.

HabitRPG, a colourful gamified to-do list, started out as a personal project for its founder. After a successful campaign and rebrand to Habitica, the service now boasts over 1 million users and a largely-expanded set of features to help entice productivity.

MindSense was an early Kickstarter success story. The email client provider from Virginia raised over $50,000 back in 2012 for its MailPilot solution.

So what can be done? Companies could always launch campaigns once they have a near-market-ready product, but that is an expensive option which only exacerbates the idea of crowdfunding platforms as PR-generating pre-order sites for already-funded companies. Perhaps the best option is to be realistic about costs and set higher campaigns.

Canonical is perhaps the best example of this. Although a large company, its Ubuntu Edge project was born and died solely on its IndieGoGo campaign. The company was offering a high spec Ubuntu phone, but it would only get made if the campaign made its ambitious $32 million goal.

Weve set such a high crowdfunding target for a good reason, the campaign read. Between design, certification and manufacture, the costs of building a new phone are huge.

If we dont reach our target then we will focus only on commercially available handsets and there will not be an Ubuntu Edge.

The campaign raised a huge amount of money an IndieGoGo-record $12.8 million but the project wouldnt have been viable and so the project failed and Canonical didnt make the Edge. If more companies operated with this sort of realism and honesty thered be a lot less unhappy customers on crowdfunding platforms.

The real cosT of hardware

http://www.idgconnect.com/abstract/9086/what-happens-after-crowdfunding-projects-finishhttp://www.idgconnect.com/abstract/5624/crowdsourcing-innovation-bhavesh-shah-ceo-tango-techhttps://twitter.com/TinyTangoPC/status/716031059121405952http://www.idgconnect.com/abstract/2864/crowdsourcing-innovation-roger-chang-chief-executive-pirate-pirate3dhttps://3dprint.com/100792/pirate3d-buccaneer-sinks/http://www.bbc.co.uk/news/technology-35356147http://arstechnica.com/business/2014/10/the-ugly-afterlife-of-crowdfunding-projects-that-never-ship-and-never-end/http://arstechnica.com/business/2014/10/the-ugly-afterlife-of-crowdfunding-projects-that-never-ship-and-never-end/http://gizmodo.com/the-1-5-million-indiegogo-smartwatch-horror-story-1625043836https://www.indiegogo.com/projects/jolla-tablet-world-s-first-crowdsourced-tablet#/https://blog.jolla.com/new-years-greetings-jolla/https://blog.jolla.com/new-years-greetings-jolla/http://www.idgconnect.com/abstract/9086/what-happens-after-crowdfunding-projects-finishhttp://www.idgconnect.com/abstract/9086/what-happens-after-crowdfunding-projects-finishhttp://www.idgconnect.com/abstract/10028/crowdsourcing-innovation-floris-hoff-3d-by-flowhttps://www.facebook.com/3dbyflow/posts/492915044221242http://www.idgconnect.com/abstract/14079/crowdsourcing-revisited-other-machine-co-cnc-mills-deskhttp://www.idgconnect.com/abstract/13479/crowdsourcing-revisited-say-open-sesame-locked-conditionshttp://www.idgconnect.com/abstract/10470/haltian-aims-finland-nokia-internet-thingshttp://www.idgconnect.com/abstract/14297/crowdsourcing-revisited-endless-tap-internet-poor-middle-classhttp://www.idgconnect.com/abstract/13297/crowdsourcing-revisited-dungeons-dragons-listshttp://www.idgconnect.com/abstract/14627/crowdfunding-revisited-mindsense-seeks-redefine-inboxhttps://www.indiegogo.com/projects/ubuntu-edge#/https://www.indiegogo.com/projects/ubuntu-edge#/


Success can come with hiccups

Crowdfunding campaigns can be notorious for their tardiness in getting promised products in the hands of backers. Even the mighty Oculus with the backing of Facebook, has been repeatedly delayed throughout the Rifts development. And despite seeing success since their campaigns, some of the campaigns weve covered struggled to fulfil their crowdfunding obligations.

Other Machine struggled to deliver on time, with some devices being shipped up to 10 months late, while Sesame Enable couldnt deliver its iOS/Android game, but has since opened up to allow any Android device to run Sesames custom OS.

Some did succeed however. Thanks to its links with Nokia, Haltian boasted plenty of hardware experience and so was able to get its devices out to customers without much delay.

Endless was another that was well prepared and had little trouble delivering on its orders. We were nimble, responsive and able to troubleshoot with minimal delays. We tried to plan for every contingency and every outcome well in advance, setting us up for success from the outset, said Rob Banning, Director of Global Communications.

Failure doesnt mean you cant succeed

While many startups simply fall silent if they dont reach their goal, a failed Kickstarter doesnt necessarily mean a failed company. Not all of the companies weve talked to had good campaigns, however they didnt give up on their ideas. #Charity, a platform for IT professionals to volunteer their time and skills to charities and NGOs that needed technology expertise, got nowhere near its goal. But it did manage to secure $270,000 in external funding and launch last year.

Dutch startup Printr wanted to improve the 3D printing experience with its Element device and FormideOS. Despite the fact they fell short of their goal, the company managed to raise over $700,000 in funding and has launched both the Element and Formide, as well as an additional software tool.

Other Machine Co. wants CNC mills on every desk

Say Open Sesame to locked-in conditions

Haltian aims to be Finlands Nokia for the Internet of Things

#Charity: A platform for IT pros who care to donate their skills

Printr avoids Kickstarter pitfalls and secures funding

Mindsense seeks to redefine your inbox

TREWGrip, an Ohio-based startup offering a unique mobile docking keyboard, learned the hard way that an expensive device aimed at B2B markets wasnt suited to the likes of Kickstarter. The company raised barely a quarter of its $100,000 goal. But after some impressive showing at CES and raising over $1 million from investors, TREWGrip finally started shipping its R&D kits last year, and is looking to develop a new model to introduce next year.

Crowdfunding will never replace VC

An interesting observation is that few of these six companies weve talked to since their campaigns say they would return to crowdfunding platforms in the future. Most even some whose original campaign failed to meet its goal - said that while it is good for raising awareness, it involves a lot of work and they would rather go down more traditional routes now they have established themselves.

That shouldnt be particularly surprising. Traditional funding and investors wont ever be replaced by crowdfunding. Their pockets are too deep, and their understanding of the realities of business means they are less likely to complain about setbacks or extra costs.

What the likes of Kickstarter, IndieGoGo and their ilk do offer, however, is a new route to entrepreneurship. Companies with great ideas but lacking the contacts, experience or know-how of traditional startup culture can have a platform that reaches all over the world, and opens more doors more quickly than they could at smaller showcases and events.

conclusionCrowdfunding is now a viable option for companies looking for alternative funding routes, especially those in the technology industry. Whether crowdfunding represents a way for companies to completely side-step traditional Venture Capital funding is still up for debate, but even major international companies now accept that the power of the crowd represents a formidable marketing medium and vehicle for pre-orders if nothing else.

With thanks to the following companies:

3D Facture

Avatron Software

Bare Conductive

Bitsbox

Black Swift

Connectify

Glassup

Halo-Digi Technology

IdealFuture

Imagination Technologies

Innavatus

Iritech

LusoVU

MindSense

Monolit

Noteu

PhoneHome

IDG Connect is the demand generation division of International Data Group (IDG), the worlds largest technology media company. Established in 2006, it utilises access to 44 million business decision makers details to unite technology marketers with relevant targets from any country in the world Committed to engaging a disparate global IT audience with truly localised messaging, IDG Connect also publishes market specific thought leadership papers on behalf of its clients, and produces research for B2B marketers worldwide.

Pivothead

ProtonMail

Sesame Enable

Slate

Spell Smartwatch

TIMEDOCK

WRIO Keyboard

Voltera

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