Posted on 09/15/2014 1:09:08 PM PDT by lafroste
Does anyone here have any experience with crowd funding? In order to finish the development of my new product, I need to raise approximately $65,000 to finish, prototype, and produce an initial product run of 100 units. I have already built the entire machine, minus the magnetics necessary to power it. I would like to try crowdfunding since I cannot find any other venues for funding. Does anyone have suggestions or experiences with this strategy? Thanks for any advice received!
That is interesting advice. My thought was along those lines, for example first dibbs on finished product, or units at wholesale cost with the price of the original donation subtracted (ie. device wholesales for $1,200, you pledge $200, you get your first one at $1,000). Many other arrangements are possible.
Oddly enough, it does sort of look like that, but the entire device is inside a standard electronic enclosure.
The only collateral I have is my house, but there is not enough equity there to see the project through.
Don’t do it! The God particle WILL escape and destroy the entire universe. /s
If those magnets are meant to give you better gas mileage I think that’s been done already.
LOL, Too Late! I will proceed with my evil plans, with or without you...(nyaa ah ah)
Deliver on your stated promises and keep EVERYONE informed.
Sorry, gas mileage is not involved! Geez, OK, it’s not “magnetics” it’s custom transformers, alright? This device has some pretty weird electrical requirements.
You’re at the most cynical website on the internets.......
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Can’t be ... that would be zerohedge...
“Have you tried all local/state venture capital type groups available? SBA?”
I was dealing with the top SBA guy in Tampa in roughly 1989. I found out about an SBA seminar in Atlanta. I got hotel rooms for my lawyer and I and we went. It was huge, at least 1,000 people. I think my lawyer and I were the only white people there and we were treated very badly. It was aimed at black people only. When I reported this to the top SBA guy he first laughed, then apologized. Looking around to see if anybody could hear he told me, “Look, the SBA is only for blacks. The committee that grants the money is all black men. They even turn down black women with really great plans. If I’d have known you were going I’d have warned you off.” I have never viewed any government program the same way since.
Can your “magnetics” be done through 3D printing? What are the hard costs that drive your $65K funding requirement? Do you need to produce 100 units to start? Wouldn’t a single unit be the key to additional funding?
I do not believe the magnetics can be 3D printed at this time, but I may be wrong. The costs involve design and prototype costs, then preparation of detailed specs, then proof pieces produced to those specs for testing, then 100 sets of magnetics (and their associated power board) to produce the first run of 100 units. There are also some other non electronic parts that must be obtained, but since I have already bought several dozen (at least) of each of them, I simply need to negotiate a price for more and order them (they are made in the USA).
Kickstarter: If you do not meet your proposed goal, you get nothing. Kickstarter may NOT approve of your project.
Idiegogo.... If you do not meet you goal, you get to keep what you raise..
Kickstarter definately has more eyes on their site.
I do wonder if the crowdfunding route has already had it’s run, and the novelty of it, has worn off.....
I still wonder why 100 and not 1? Do you actually recoup the $65K investment through the 100 units?
My projections say yes. I would recoup the entire investment and have enough cash on hand to produce several hundred more, plus modest R&D funds to commercialize several complimentary devices (most of them easy, one a real game changer).
Just post that you need a sex change operation because you are a woman trapped in a man’s body. That should get you all the money you need. :-)
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