By Joel Townsan, creator of the Flipout Screwdriver
When my crowdfunding campaign failed, I was pretty devastated. I couldn’t figure out what went wrong — my Flipout Screwdriver had just won the Proto Labs Cool Idea! Award, had gotten tons of press coverage and people really liked the video (not to mention the product). Yet, I fell short, raising only $17,000 of the $50,000 goal I needed to move forward. I’ll admit, the product was priced a little high ($130 compared to most electric screwdrivers that go for $30 to $50 in stores), but I still couldn’t understand what went wrong. I had spent six weeks emailing every gadget magazine, tech blog and DIY forum I could find, but was somehow unable get my project into the coveted “Popular Products” category on Kickstarter — a section on the site that can seemingly make or break a product overnight. I thought it signaled the end of Flipout. Fortunately, it was just the beginning.
In addition to simply raising capital, there are a lot of bonuses to running a crowdfunding project that can actually benefit an inventor more in the long run. When the Kickstarter clock expired, I thought my project had failed, but really, it was the beginning of a crazy roller coaster ride that would result in a DRTV deal with Lowe’s — one of the largest big box retailers in the world. Regardless of the success or failure of a Kickstarter project, there’s a lot of good that can come from the campaign. It’s kind of like running a marathon; it takes months of training and then you run like you’ve never run before, but once you cross that finish line, it can be life-changing. Thus, my excitement crowdfunding.
Here are 11 reasons why every inventor and entrepreneur should consider a crowdfunding campaign: