What a year 2017 has been for us at http://ift.tt/2tPIzWF . It has been a roller coaster ride of results, excitement and disappointment. We initially had high hopes for crowdfunding but in the end it fell short of our goal. See why below:
Here are our end of year stats:
1,200 Engineering hours to develop and perfect our MVP (wireless home speaker) made from reclaimed riverwood
4 major design iteration's (box sizes, electronics, acoustic tuning mechanism, Bluetooth modules connectivity)
1,160 hours of marketing hours (parallel approach with development cycle) to develop our media campaign and target our Indiegogo platform.
Website hits: 9,200 for ~ 4 months, Duration 1:04, Male 82%, 24-54 age primary target
Coffees consumed: 4,380 (3-4 people)
NRE ~8.5K. Develop hardware and testing platform for production.
Crowdfunding platform: 38% of goal of 15K. We signed an exclusive agreement with Indiegogo for additional support which was very useful.
Highlights: Excellent reviews of product. Everyone who sees, touches and hears this speaker is blown away by it's sound and visual quality. It really is like nothing on the market. We have a couple celebrities we are in contact with for endorsements.
Low Lights: Crowdfunding failed in our views due to a couple main factors. First the price point of our speaker is high due to the build cost, most successful crowdfunding campaigns are in the $100 price range. I think this is primarily due to alot of people purchasing something on there and not receiving it for a year plus. Second would be the lack of marketing money behind our campaign. We are finding that crowdfunding is becoming saturated with established companies utilizing it as another marketing channel. You really need a large marketing budget to compete with them in this fashion.
What's next: We have refocused our activity from crowdfunding to completing a limited production run and will start finding a new sales channel (amazon, direct website, etc).
Other major upcoming challenge. Continue to self-bootstrap or target VC's
What our focus for 2018 is to always design + develop and progress the business!
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