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Module 4, G1 (IBS3 Evonne, IBS3 Jenny, EIPHD2 Casper, DCH3 Monica) -…
Module 4
Zachary Dunham
Design&Technology Lead
Kickstarter
Price: $150
Qntity: 25,000
Goal:$90,000
Early test
60 prototypes
Etsy
Beta test
on Grand Street
SOHO producing
4 weeks to produce 2,000 radio
National Public Radio for people
All sold out & not continuing
Public Radio
single station FM radio
Antina Lee
Chief Operation Officer
Perseous Mirror
Price: $200~250
Economy of scale
Goal: 100,000
Soft launch
Campaign
New York Party
Pre-marketing
Facebook Ads
Out- Sourcing
Trade off Time & Cost
Get information+taking selfies
First Step & 5 Years Vision
Perseous Mirror
smart home ecosystem
Who suceed at crowdfunding?
who is using?
ex:Kickstarter
50% are married
17% are minorities
more demographic and geograhphically diverse
average age is 39
96% are employeed
10% are students
40% have full-itime job
not a way for earning money :green_cross:
>
40% are self-employeed
female > male users
getting funding?
woman did worse in funding
(in US) 35% bussiness owner，2~6% company have female co-founders.
crowdfunding is a exception
female did better than male user 13%
activism
women are interested in supporting other women in areas where they're most under represented.(ex:games、technology......)
non-activist
2/3 don't think is neccesary to suppot other women
for anyone、anywhere
no signal predicts if it will fail or not
especially for the group don't normally easy to access money
attract same background group
consider how to help disadvantage group is important (activism)
Crowdfunding for startup
Value
Validate your idea
Get access to resources
have the initial funds
Categories
6-10%
Art
films/dance/theater
most of them is the onetime projects
Product
product design/food/technology
tend to have a own organization
Pre-exist
fashion/game
raise additional funds
Predicted Raising VC
High goal
set the goal you really need to achieve
Innovative
Actively
funds after the campaign
Effort into preparation
know your market and demand for your product
intellectual property
Secret
technology 20-30%
Copyright
music/publishing/comics 40%
Patent
smart strategy for innovative
technology 30%
design 40%
crowd's fraud and failure
failure
Was it the lack of expert evaluation that caused the failure?
Most agree with crowd & expert
more commercial hits out of this group
Low failure rate
seldom fail to provide return
kickstarter :10%
Crowd
V.S
expert
crowd
Tolerate a higher failure rate
More tasteful
tremendous success or failure
expert
low risk
No tremendous success or failure
work together to come up with right results
Experts definitely and especially avoid errors, failures .
Crowd can add a dimension of picking high risk, high success projects that maybe the experts alone would be less likely to fund.
judge Kicksrarter project
kicksrarter crowd v.s expert in NEA's criteria
only agree with crowd
not only commercial hits
more successfully touring on Broadway
fraud
Linus's law
"with enough eyes, all bugs are shallow"
Enough concentration, strict supervision
The public is watching with wisdom, there will be someone who find problems
Need the help of the platform's curatorial mechanism
how to avoid
There is platform's curatorial mechanism
Backer evaluate the display content
And many people follow this project
Few followers are prone to problems
ex: small equity crowdfunding
creater can't fraud
Low fraud rate
Is crowd wise or madness ?
depend on backer itself .
People are rational
G1
IBS3 Evonne
IBS3 Jenny
EIPHD2 Casper
DCH3 Monica