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HAX Crowdfunding Guide 2017
The HAX crowdfunding guide of 2017 offers insights from four years of experience supporting nearly 100 consumer hardware startups, emphasizing the importance of understanding technology, costs, and effective presentation in crowdfunding. It provides key learnings on campaign strategies, community building, and post-launch engagement, as well as the unpredictable nature of fundraising success. Ultimately, success in crowdfunding involves delivering a quality product and creating a sustainable business model.
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HAX Crowdfunding Guide 2017
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- 2. NOTE FROM THEAUTHORS This guide shares lessons gathered over 4 years of supporting close to 100 consumer hardware startups, from page creation to funding (and beyond). Things keep evolving. We keep this knowledge up to date to support any new investment we make. We hope it will help creators be more successful, and more responsible, for the benefit of their backers, themselves, and the ecosystem at large. Ben, Cyril, Duncan, Kate …and all founders who contributed their hard-earned lessons WHAT’S NEXT
- 3. “NO.1 INVESTOR IN CROWDFUNDED HARDWARE” LEARNINGSFROM OUR STARTUPS: 70+ CAMPAIGNS (90% OVER $100,000) INCLUDING 10 IN THE WORLD’S TOP 100 (OVER $1M) N0.1 FROM AUSTRALIA N0.2 IN BACKERSN0.1 FROM FRANCE N0.1 FROM CANADA WHAT’S NEXT
- 4. Lief is anadvanced wellness device that raised over $400,000. 1. THE TECHNICAL LEVEL IS GOING UP WHAT’S NEXT
- 5. In pre-order Onmarket On market $20 $4 $1.5 FIDGET CUBE: COPIED BEFORE DELIVERY WHAT’S NEXT
- 6. USA South KoreaChina JIBO LG HUB ROBOT Oding Robot JIBO: INSPIRING PEOPLE “If you don’t ship first, someone else will” WHAT’S NEXT
- 7. 2. KNOW YOURTECH, YOUR COSTS & YOUR FACTORY WAZER took time to figure out their technology and supply chain before crowdfunding WHAT’S NEXT
- 8. THESE PRODUCTS WILLNOT SHIP Some projects did not make clear what part of their technology was not ready, or messed up manufacturing. $15M investment $34M pre-orders £2.3M on Kickstarter 1.5M on Indiegogo WHAT’S NEXT
- 9. 3. THE BESTPAGE FROM 2015 IS TODAY’S MINIMUM A crowdfunding video can cost $5k-$10k or more Graphics have to be professionally designed Get the key value proposition straight up Analyze pros & cons of other campaigns in your category WHAT’S NEXT
- 10. 4. JOURNALISTS WANTTO SEE PROOF Nothing convinces like a live demo WHAT’S NEXT
- 11. REVOLS: Instant Custom-FitEarphones Media roadshow Facebook ads $2.5M WHAT’S NEXT
- 12. 5. VIRAL VIDEOSARE THE NEW BLACK 10,688,745 Likes 4,519,938 Likes 3,316,552 Likes 6,888,301 Likes UNILAD 25,508,208 Likes VIRAL THREAD GI GADGETS FUTURISM NOWTHIS FUTURE Facebook video channels give you more chances to go viral if you get picked up. WHAT’S NEXT
- 13. OCTOPUS: Kids WatchFor Good Habits Pre-launch Facebook Ads Viral video $1M WHAT’S NEXT
- 14. 6. ADVERTISING WORKS Facebookads and Adwords can increase momentum Red arrows can get attention Use funding news and backers as “proof”, time limit and savings for FOMO. WHAT’S NEXT
- 15. KOKOON: Ergonomic EEGHeadphones For Sleep $1.9M Facebook AdsLimited PR WHAT’S NEXT
- 16. 7. BUILD ACOMMUNITY Pre-campaign ads Demo Roadshow Email engagement Existing followers YouTubers Celebrities Cross-promotions Demo Videos OTHER PEOPLE’SYOUR OWN Influential Bloggers The “Exploding kittens” card game raised over $8M thanks to the audience of its creator, the blog The Oatmeal WHAT’S NEXT Etc. Etc.
- 17. PRYNT: Printer CaseFor Smartphones $1.5M Pre-launch Community WHAT’S NEXT
- 18. NURA: Headphones TunedTo You $1.8M Facebook Ads Media Roadshow + Friends & Family WHAT’S NEXT
- 19. 8. IT’S AFULL-TIME JOB Things YOU can do post-launch: Get more PR Respond to backers Adjust the page title, image, content Run ads Do demos Post updates And more! WHAT’S NEXT
- 20. VUE: Everyday SmartGlasses $2.3M Heavy Support Facebook Ads WHAT’S NEXT
- 21. WAZER: Desktop WaterjetCutter $1.3M Pre-launch Roadshow Limited Support WHAT’S NEXT
- 22. 9. YOU CAN’TPREDICT A $1M RESULT Typically you can’t. Kickstarter had 217 campaigns over $1M since 2009. Hardware startups represent about 100 of them. It’s <1% in tech and design. If the past is a good predictor, smart watches, travel tech ear/headphones, drones and 3D printers are the best categories. …but you might not ship your drone, might not be able to finance the second run of your 3D printer, or might be acquired by Fitbit ;) OLO Smartphone 3D printer Will margins be enough for a second batch? WHAT’S NEXT
- 23. 10. THE RESULTDOESN’T DECIDE YOUR FUTURE Some of our best companies raised very little at first. Kickstarter $185,576 Jan. 2013 Year 2016 >200 staff WHAT’S NEXT
- 24. NEXT THING CO:From “Failure” to Success $2M Their first project lacked a cheap computer… so they built one. Backers: 414 Funding: $71,559 Backers: 39560 Funding: $2,071,928 WHAT’S NEXT
- 25. NEXT THING CO:$9 Computer C.H.I.P. $2M One single interview to “prove” it is real Over 100,000 units shipped. WHAT’S NEXT
- 26. IN CONCLUSION: WHATIS CROWDFUNDING SUCCESS? 1. Shipping a (good) product WHAT’S NEXT 2. Building a profitable business Before you ship, it is an idea. Before profit, it is an experiment.
- 27. LAUNCH GROWTH O TO1 1 TO N SHENZHEN PrototypetoLaunch SANFRANCISCO ProducttoScale HAX PROGRAMS
- 28. CHINA EUROPE USA & CANADA REST OF WORLD 200GLOBAL INVESTMENTS
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- 30. WHAT’S NEXT APPLY: www.hax.co- CONTACT: makeit @ hax.co