What makes a crowdfunding campaign successful? Is it luck? Strategy? Or some sort of wizardry? In all honesty, it’s a bit of everything, but usually strategy takes the cake. One thing that’s for sure is that getting initial traction is critical to a successful campaign. There’s plenty of ways to get early traction, but, as many of you already know, getting press may possibly be the best path to success. Now, let’s talk about how to do it! Press Can Do Wonders for Your Startup Let’s just dive right in, here’s what press can do for you. 1. Brand reputation
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Choosing a manufacturer to produce your hardware product is a lengthy, time consuming, and overwhelming task. But, believe it or not, there are a few things that you can keep in mind in order to make this process a lot easier and faster. In the midst of designing and prototyping, founders are always quick to jump the gun on manufacturing. They immediately assume that they’re going to need the biggest and greatest manufacturer of all without even considering how many people are actually going to purchase their product. And that’s just the tip of the iceberg. You should be considering
Underestimating the costs of building a hardware product could mean failure for your entire company. Unfortunately, too many hardware makers underestimate their expenses. Of course, the cost to launch a product varies drastically but in order to launch a successful hardware product, you need to know how much money you’re going to be spending when and where. When it comes down to the most critical and sensitive costs, there’s 3 major expenses that you have to prepare for. Buckle Down for Product Development Most people believe that building the physical product is the most expensive part of a launch. And
Almost all hardware startups are focused on getting more sales, and growing their company. Rather than trying to get more sales and close new clients, try answering this question, “how do I get more customers?” Brand development is often overlooked when it comes to hardware, especially since most founders are product people. So how can someone–who’s primary focus is to make more sales–approach brand development. Well for starters, you need to understand that brand development is not just about how a logo or website looks, or even your company’s slogan. It’s about experience. Well mostly. But here’s the rundown. Better
Building any type of startup is definitely an intimidating venture. And it can be especially frightening for hardware makers. So many hardware founders are fixated on developing the perfect product that they forget about the other risks involved. The truth is, no matter how perfect their product may be, no matter how valuable it is, you can’t eliminate all risk. But that doesn’t mean you shouldn’t strive to minimize it. Why though? Reducing risk to it’s simplest form usually means that your chances of success are increased. And that’s what you want right? Yes. That’s exactly what you want. So
It makes sense that hardware startups are founded and operated by someone who makes hardware. The problem with that is that they often get so wrapped up in trying to make the perfect product, that they forget to focus on other highly important aspects of a startup. We get it, they’re product people. But they wouldn’t have to bare the headaches, the stress, or the uncertainty of running a hardware company if they knew exactly what they should focus on from the get-go. Yeah, every startup is different. They all have other dependencies, goals, budgets, etc., but we’ve noticed a
“Customer Development.” The 2 magic words that everyone knows, but not everyone knows how to do. When a hardware founder gets asked whether or not he’s done customer development they usually give you a blank stare for a second, and change the subject to the fact that they’ve built or are working on a prototype. And the fact that their Mom and best friend like the product. That’s not customer development. We get it. Usually hardware founders are product people. They like focusing on their product, and obsessing over every detail until they get it absolutely perfect. Once they do,
The struggle to create a sustainable business revolves around finding customers. Too many startups have crashed because they just weren’t able to generate a large enough backing, or large enough consumer base. Without creating a substantial amount of customers, your company may fail to generate any profit. The problem is that, even though you may have come up with an amazing product that solves a terrible problem, you may still lack the ability to find new customers. So how can you start finding new customers to sell your product to? There’s quite a few ways to do so, but crowdfunding,
As a hardware startup founder, you’ve probably wondered about a better way to build your product and tell the world about it while keeping costs to a minimum. With all of the costs of running a hardware startup, everyone is looking for better ways to do this. It’s a difficult task, but it can still be done. How? By applying the Lean Hardware Startup methodology to your hardware startup. The lean hardware startup has become something so recognizable that its methodology has created an improved approach to product development. Even in the hardware community, startups are deploying this tactic and
So often do we find hardware entrepreneurs that fantasize about raising VC funding to be able to build the company of their dreams. They become obsessed with their product and sometimes lose sight of what they actually need to focus on in order to actually raise funding. Even when entrepreneurs have been able to get thousands of pre-orders of their product on Kickstarter or Indiegogo, you’d think this would be an automatic ticket to VC funding, but surprisingly a lot of these companies are still likely to get a “no” from investors. Why is this? As a basis when you are trying