CROWDFUNDING STORIES AND TIPS

Questions -> @SonnyVu

TIMELINE
$850k
Top #2
CES Gadget Ships
2011 2012 2013 2014
$750k Seed
TIMELINE
$850k
Top #2
CES Gadget Ships
2011 2012 2013 2014
$750k Seed
TIMELINE
$7.6M Series A
Founders Fund, Khosla
on
prototypes
$850k
Top #2
CES Gadget Ships
2011 2012 2013 2014
SEOUL
SENSOR DEVELOPMENT &
MANUFACTURING
HO CHI MINH CITY
DATA DEVELOPMENT
SOFTWARE ENGINEERING
UX & GRAPHIC DESIGN
COMPANY OPERATIONS
SAN FRANCISCO
INDUSTRIAL DESIGN
HARDWARE ENGINEERING

Shoe-worn / Foot pods

Wrist-worn

Straps

Shirts

Head-worn

Clips
Apps

Shoe-worn / Foot pods

Wrist-worn

Straps

Shirts

Head-worn

Clips
1
DOWNLOAD APP
AND SET DAILY
ACTIVITY GOAL
2
WEAR IT
3
TAP TO FIND
OUT HOW YOU
ARE DOING
4
SYNCHRONIZE
WITH APP BY
PLACING ON
TOP OF PHONE
SHINE SYSTEM
SIDE VIEW
TOP VIEW
MISFIT SHINE
MATERIALS MATTER
Plastic/Rubber Metal/leather Precious metals Precious stones Plastic w/metal parts
WEAR IT ANYWHERE
Bra
Hip
MISFIT SHINE
Wrist
Shoe
Ankle
Bra
Hip
Hair
Necklace
Brooch
Arm
Shoe
Formal Business Business Casual Casual Fitness Swimwear
WEAR IT ANYWHERE
SPLASH SCREEN SET GOALS SYNC DATA SEE PROGRESS
IOS APP
REVIEW TIMELINE DAILY GOALS GET INSIGHTS CUSTOMIZE
IOS APP
ANDROID APP
AVAILABLE JULY 2013
RETAIL PRICING
$99 $119
$19 $24
$49 $59
$79 $99
CROWDFUNDING
ARE CONSUMERS GOING TO BUY SHINE?
DECIDE TO
CROWDFUND
CAMPAIGN
END
CAMPAIGN
LAUNCH
CAMPAIGN
PRE-CAMPAIGN POST-CAMPAIGN
SHIP
PRODUCT
DECIDE TO
CROWDFUND
CAMPAIGN
END
CAMPAIGN
LAUNCH
CAMPAIGN
PRE-CAMPAIGN POST-CAMPAIGN
SHIP
PRODUCT
Create storyline, make video, study other campaigns
Create other assets, build list of champions
Contact media, bloggers about press release
Send out embargoed press releases, remind champions
-2M -1M -2W -1W
DECIDE TO
CROWDFUND
CAMPAIGN
END
CAMPAIGN
LAUNCH
CAMPAIGN
PRE-CAMPAIGN POST-CAMPAIGN
SHIP
PRODUCT
Create storyline, make video, study other campaigns
Create other assets, build list of champions
Contact media, bloggers about press release
Send out embargoed press releases, remind champions
-2M -1M -2W -1W
Release a treat (new
perk, video, images, etc.)
Release another treat
Release End-of-Campaign
Special, contact press
about campaign end
1W 2W 4W
DECIDE TO
CROWDFUND
CAMPAIGN
END
CAMPAIGN
LAUNCH
CAMPAIGN
PRE-CAMPAIGN POST-CAMPAIGN
SHIP
PRODUCT
Send thank you
Send update
Send final update
1D 1W 3M
Create storyline, make video, study other campaigns
Create other assets, build list of champions
Contact media, bloggers about press release
Send out embargoed press releases, remind champions
-2M -1M -2W -1W
Release a treat (new
perk, video, images, etc.)
Release another treat
Release End-of-Campaign
Special, contact press
about campaign end
1W 2W 4W
CAMPAIGN PRE-CAMPAIGN
CAMPAIGN PRE-CAMPAIGN
Email champions
-12H
Launch campaign. Start emailing
other non-champion friends
0H
All other embargoed
articles posted
Send out press release
to newswire service
Send Day 1 update,
encourage people to
spread the news
2H
Send second update
3H 1D 3D
First embargoed
article posted
4H
CAMPAIGN PRE-CAMPAIGN
Email champions
-12H
Launch campaign. Start emailing
other non-champion friends
0H
CONSUMER TEST CAMPAIGN
CONSUMER TEST CAMPAIGN
$846,497 raised
659,634 YouTube views
10,000+ Shines pre-ordered
7,955 customers
117 unique press placements (incl. Jeopardy!)
64 countries ordered and all
50 states
2 International product design awards
0 PR firms used, just word of mouth
10 TIPS FOR CROWDFUNDING
HAVE A GREAT STORY
PLAN THE HECK OUT OF YOUR CAMPAIGN
TAILOR YOUR PERKS TO YOUR GOAL
ANATOMY OF A PERK
STUDY OTHER CAMPAIGNS
HAVE GREAT ASSETS AND COPY
OPTIMIZE THE BUYING EXPERIENCE
Product description
Key features
Accessories
Use of funds
Comments, questions, ideas?
Infographic
Video
Press coverage
More press coverage
Team
ESTABLISH CREDIBILITY SHOW THEM THE GOODS
PERKS INFOGRAPHIC
BE CREDIBLE
TIME PRESS / SOCIAL MEDIA COVERAGE
ENGAGE YOUR AUDIENCE REGULARLY
ANATOMY OF AN UPDATE
ANATOMY OF A CAMPAIGN VIDEO
PROBLEM STATEMENT
INTRODUCE PRODUCT
KEY DESCRIPTORS
SOFTWARE VIEWS
HOW TO USE
PHYSICAL FEATURES
FEATURE TO LEAVE USER WITH (WATERPROOF)
URL
INDIEGOGO MENTION
COOL PERKS
CALL TO ACTION
CAUSE MESSAGING
USE INDIEGOGO
CROWDFUNDING SITES
INDIEGOGO VS. KICKSTARTER
APPLICATION NEEDED
SUPPORT
COMMUNITY SIZE
MARKETING SUPPORT
ANALYTICS
DEDICATED TEAM
COST
LEAKAGE
PAYMENT RECEIVED
HARDWARE FRIENDLY
CHANCE OF BEING REMOVED
HEALTH / HOME PRODUCTS?
YES NO
INDIEGOGO VS. KICKSTARTER
APPLICATION NEEDED
SUPPORT
COMMUNITY SIZE
MARKETING SUPPORT
ANALYTICS
DEDICATED TEAM
COST
LEAKAGE
PAYMENT RECEIVED
HARDWARE FRIENDLY
CHANCE OF BEING REMOVED
HEALTH / HOME PRODUCTS?
YES NO
INDIEGOGO VS. KICKSTARTER
APPLICATION NEEDED
SUPPORT
COMMUNITY SIZE
MARKETING SUPPORT
ANALYTICS
DEDICATED TEAM
COST
LEAKAGE
PAYMENT RECEIVED
HARDWARE FRIENDLY
CHANCE OF BEING REMOVED
HEALTH / HOME PRODUCTS?
YES NO
LARGE ALMOST AS BIG
INDIEGOGO VS. KICKSTARTER
APPLICATION NEEDED
SUPPORT
COMMUNITY SIZE
MARKETING SUPPORT
ANALYTICS
DEDICATED TEAM
COST
LEAKAGE
PAYMENT RECEIVED
HARDWARE FRIENDLY
CHANCE OF BEING REMOVED
HEALTH / HOME PRODUCTS?
YES NO
LARGE ALMOST AS BIG
RANDOM PREDICTABLE
INDIEGOGO VS. KICKSTARTER
APPLICATION NEEDED
SUPPORT
COMMUNITY SIZE
MARKETING SUPPORT
ANALYTICS
DEDICATED TEAM
COST
LEAKAGE
PAYMENT RECEIVED
HARDWARE FRIENDLY
CHANCE OF BEING REMOVED
HEALTH / HOME PRODUCTS?
YES NO
LARGE ALMOST AS BIG
RANDOM PREDICTABLE
LIMITED LOTS
INDIEGOGO VS. KICKSTARTER
APPLICATION NEEDED
SUPPORT
COMMUNITY SIZE
MARKETING SUPPORT
ANALYTICS
DEDICATED TEAM
COST
LEAKAGE
PAYMENT RECEIVED
HARDWARE FRIENDLY
CHANCE OF BEING REMOVED
HEALTH / HOME PRODUCTS?
YES NO
LARGE ALMOST AS BIG
RANDOM PREDICTABLE
LIMITED LOTS
NO YES
INDIEGOGO VS. KICKSTARTER
APPLICATION NEEDED
SUPPORT
COMMUNITY SIZE
MARKETING SUPPORT
ANALYTICS
DEDICATED TEAM
COST
LEAKAGE
PAYMENT RECEIVED
HARDWARE FRIENDLY
CHANCE OF BEING REMOVED
HEALTH / HOME PRODUCTS?
YES NO
LARGE ALMOST AS BIG
RANDOM PREDICTABLE
LIMITED LOTS
NO YES
8.9% 7.9%
INDIEGOGO VS. KICKSTARTER
APPLICATION NEEDED
SUPPORT
COMMUNITY SIZE
MARKETING SUPPORT
ANALYTICS
DEDICATED TEAM
COST
LEAKAGE
PAYMENT RECEIVED
HARDWARE FRIENDLY
CHANCE OF BEING REMOVED
HEALTH / HOME PRODUCTS?
YES NO
LARGE ALMOST AS BIG
RANDOM PREDICTABLE
LIMITED LOTS
NO YES
8.9% 7.9%
10-15% 0%
INDIEGOGO VS. KICKSTARTER
APPLICATION NEEDED
SUPPORT
COMMUNITY SIZE
MARKETING SUPPORT
ANALYTICS
DEDICATED TEAM
COST
LEAKAGE
PAYMENT RECEIVED
HARDWARE FRIENDLY
CHANCE OF BEING REMOVED
HEALTH / HOME PRODUCTS?
YES NO
LARGE ALMOST AS BIG
RANDOM PREDICTABLE
LIMITED LOTS
NO YES
8.9% 7.9%
10-15% 0%
WHEN FUNDED IMMEDIATELY
INDIEGOGO VS. KICKSTARTER
APPLICATION NEEDED
SUPPORT
COMMUNITY SIZE
MARKETING SUPPORT
ANALYTICS
DEDICATED TEAM
COST
LEAKAGE
PAYMENT RECEIVED
HARDWARE FRIENDLY
CHANCE OF BEING REMOVED
HEALTH / HOME PRODUCTS?
YES NO
LARGE ALMOST AS BIG
RANDOM PREDICTABLE
LIMITED LOTS
NO YES
8.9% 7.9%
10-15% 0%
WHEN FUNDED IMMEDIATELY
NO YES
INDIEGOGO VS. KICKSTARTER
APPLICATION NEEDED
SUPPORT
COMMUNITY SIZE
MARKETING SUPPORT
ANALYTICS
DEDICATED TEAM
COST
LEAKAGE
PAYMENT RECEIVED
HARDWARE FRIENDLY
CHANCE OF BEING REMOVED
HEALTH / HOME PRODUCTS?
YES NO
LARGE ALMOST AS BIG
RANDOM PREDICTABLE
LIMITED LOTS
NO YES
8.9% 7.9%
10-15% 0%
WHEN FUNDED IMMEDIATELY
NO YES
RANDOM NEARLY IMPOSSIBLE
INDIEGOGO VS. KICKSTARTER
APPLICATION NEEDED
SUPPORT
COMMUNITY SIZE
MARKETING SUPPORT
ANALYTICS
DEDICATED TEAM
COST
LEAKAGE
PAYMENT RECEIVED
HARDWARE FRIENDLY
CHANCE OF BEING REMOVED
HEALTH / HOME PRODUCTS?
YES NO
LARGE ALMOST AS BIG
RANDOM PREDICTABLE
LIMITED LOTS
NO YES
8.9% 7.9%
10-15% 0%
WHEN FUNDED IMMEDIATELY
NO YES
NO YES
RANDOM NEARLY IMPOSSIBLE
10 TIPS FOR CROWDFUNDING
1) HAVE A GREAT STORY
2) PLAN THE HECK OUT OF YOUR CAMPAIGN
3) TAILOR YOUR PERKS TO YOUR GOAL
4) STUDY OTHER CAMPAIGNS
5) HAVE GREAT ASSETS AND COPY
6) OPTIMIZE THE BUYING EXPERIENCE
7) BE CREDIBLE
8) TIME PRESS/SOCIAL MEDIA COVERAGE
9) ENGAGE YOUR AUDIENCE REGULARLY
10) USE INDIEGOGO
10 THINGS YOU CAN GET FROM CROWDFUNDING
CONSUMER VALIDATION
PRODUCT INSIGHTS
BUSINESS PLAN DISCOVERY/VALIDATION
PRICING DATA
MARKET INSIGHTS
PRESS
120+ UNIQUE ARTICLES
10 TV SHOWS
GADGETS FOR $200, ALEX
WHAT IS A PEDOMETER?
A FIRST PRODUCTION ODER
A COMMUNITY
A MAILING LIST
MONEY
10 THINGS TO GET FROM CROWDFUNDING
1) CONSUMER VALIDATION
2) PRODUCT INSIGHTS
3) BUSINESS PLAN DISCOVERY/VALIDATION
4) PRICING DATA
5) MARKET INSIGHTS
6) PRESS
7) A FIRST PRODUCTION ODER
8) A COMMUNITY
9) MONEY
10) A MAILING LIST
A WORD ON PRODUCT DESIGN
61
ANTHROPOLOGY...
NOT FOCUS GROUPS
Condential 48 / 30
BE A USER
START
BE A USER
START
WATCH USERS
BE A USER
START
WATCH USERS
PROTOTYPE
BE A USER
START
WATCH USERS
PROTOTYPE
REFLECT
Current thinking
(wearables 1.0)
Current thinking
(wearables 1.0)
What can
tech do?
Strap/clip it
on people
Encase in
plastic
Make it pretty
make it cheap
Current thinking
(wearables 1.0)
THERES GOT TO BE A BETTER WAY
What can
tech do?
Strap/clip it
on people
Encase in
plastic
Make it pretty
make it cheap
Current thinking
(wearables 1.0)
THERES GOT TO BE A BETTER WAY
(wearables 2.0)
What can
tech do?
Strap/clip it
on people
Encase in
plastic
Make it pretty
make it cheap
Current thinking
(wearables 1.0)
THERES GOT TO BE A BETTER WAY
(wearables 2.0)
What can
tech do?
Strap/clip it
on people
Encase in
plastic
Make it pretty
make it cheap
What do
people wear
now all
the time?
Make no
compromises
on comfort
fashion
Invent tech
needed that
can be
embedded
Design for
manufacturing
from the
beginning
&
THE IDEAL COMBINATION
FOGG BEHAVIOR MODEL
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FOGG BEHAVIOR MODEL
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EASE OF USE HARD TO DO EASY TO DO
WILL NOT DO/USE
MIGHT DO/USE
FOGG BEHAVIOR MODEL
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EASE OF USE HARD TO DO EASY TO DO
WILL NOT DO/USE
MIGHT DO/USE
TURN-AROUND TEST
WILL DO/USE ALL THE TIME
FOGG BEHAVIOR MODEL
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EASE OF USE HARD TO DO EASY TO DO
WILL NOT DO/USE
MIGHT DO/USE
TURN-AROUND TEST
WILL DO/USE ALL THE TIME
MOTIVATION EASE OF USE
MOTIVATION EASE OF USE
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LIFE RELEVANCE NON-ESSENTIAL CRITICAL
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PASSIVENESS
ACTIVE USER
INTERVENTION
NO USER
INTERVENTION
MOTIVATION EASE OF USE
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LIFE RELEVANCE NON-ESSENTIAL CRITICAL
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PASSIVENESS
ACTIVE USER
INTERVENTION
NO USER
INTERVENTION
LOW MOTIVATION
HIGH MOTIVATION
MOTIVATION EASE OF USE
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LIFE RELEVANCE NON-ESSENTIAL CRITICAL
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PASSIVENESS
ACTIVE USER
INTERVENTION
NO USER
INTERVENTION
LOW MOTIVATION
HIGH MOTIVATION
HARD TO USE
EASY TO USE
MOTIVATION EASE OF USE
F
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LIFE RELEVANCE NON-ESSENTIAL CRITICAL
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PASSIVENESS
ACTIVE USER
INTERVENTION
NO USER
INTERVENTION
LOW MOTIVATION
HIGH MOTIVATION
HARD TO USE
EASY TO USE
WANT TO GET INVOLVED?
HARDWARE ENGINEER
FIRMWARE ENGINEER
OPERATIONS ASSOCIATE
MOBILE UX DESIGNER
WEEKLY USER STUDIES
(SUBJECT: USER STUDY)
BE A MISFIT TRY OUT EARLY BUILDS
chris@misfitwearables.com sonny@misfitwearables.com