Crowdfunding can seem like a scary prospect, especially if you’re a startup in need of capital. There’s no guarantee that people will warm up to your idea. Which means you can’t really tell if your efforts are going to be fruitful.
Well, that’s just one part of the equation. While it’s not without its fair share of concerns, crowdfunding is far from doomed. If you’re skeptical, take a look at some of the most successful crowdfunding campaigns that have taken place in recent years.
Pebble E-Paper Watch
Pebble’s story follows the quintessential script of a crowdfunding campaign. Being one of the pioneers in the smart wear sector, they were naturally going to struggle trying to secure backing from traditional investors. Not ones to throw in the towel, they decided to give Kickstarter a shot in 2012. It’s from here that things took a turn for the better. Pebble’s E-Paper Watch raised a staggering $10,266,845, which was over 10 times their original ask of a $100,000.
Flow Hive
Who would’ve thought that a beehive would become so popular? Started by Stuart and Cedar Anderson, Flow Hive’s Indiegogo campaign sought $70,000 to fund a groundbreaking design; a beehive that allows people to harvest honey without disturbing bees. Although the pair initially encountered skepticism from other beekeepers, their project went on to succeed beyond their wildest expectations, raising a sum of over $12 million.
OUYA
OUYA’s premise was simple — to produce a $99 video game console that would allow users play Android games on TV. Launched on Kickstarter, their campaign managed to attract lots of buzz, drawing in over 60,000 backers. It raised more than $8.5 million, thereby smashing its original $950,000 goal.
But OUYA’s story is one of triumph and heartbreak. Once their store went live, the sales were a far cry from the initial hype. The company eventually folded and sold off their software assets.
Solar Roadways
Sustainability is all in the rage these days. So it’s only natural that a company aiming to develop solar-powered road panels was going to draw lots of interest. Solar Roadway’s Indiegogo campaign raised a total of $2,279,428, more than twice their original ask. The project also received three rounds of funding from the US Department of Transportation
Coolest Cooler
Picture this; You have an awesome concept of a battery-powered cooler with a built-in Bluetooth speaker. You set up a Kickstarter campaign hoping to generate $125,000, but end up raising only $102,000. Where do you go from there?
You simply pick yourself up and start all over again. That’s what Ryan Grepper did, relaunching his campaign in the summer of 2014 with a target of $50,000. The public responded generously this time round, contributing a total of $13,285,226.
Exploding Kittens
This eccentric card game was conceived by Matthew Inman, the man behind the legendary Oatmeal webcomic. Though he was hoping to tap into a sizeable legion of fans, Matthew started his Kickstarter campaign with an original ask of just $10,000. That was back in 2015 when the board game market was still blossoming.
And so, lots of people were charmed by the idea of a card game that combined kittens with explosions. Matthew’s crowdfunding campaign went on to become the most backed campaign in Kickstarter’s history. With more than 200,000 contributors, the project raised a total of $8.78 million.
Travel Jacket
No concept is too insane to sell to the public. At least that’s what BauBax proved with their Kickstarter crowdfunding project. The project offered a jacket with features like an in-built neck pillow, earbud holders, a pen/stylus and, get this, a phone-charging pocket.
Sounds unbelievable, right? Well, BauBax actually managed to get 45,000 backers behind them, with contributions amounting to $9,192,055. To top it off, their jacket is now available in stores and online.
Sondors Electric Bike
Electric bikes are a perfect alternative for gas-guzzling urban automobiles. But they tend to be expensive — — the average model starts off at about $3,000. Sondors promised to change all that. Aiming to produce a $500 e-bike, the company launched crowdfunding campaigns on both Indiegogo and Kickstarter. As you’d imagine, the initiatives became quite the successes, raising a combined $12 million between them.
