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Crowdfunding Your Invention II

Crowdfunding Your Invention II. Mark Nowotarski (Patent Agent) www.marketsandpatents.com mark.nowotarski@gmail.com 203 975 7678. Crowdfunding. Make a prototype: Make a video: File a patent application. Post on internet with pricing, funding goal, and funding deadline (e.g. 30 – 60 days).

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Crowdfunding Your Invention II

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  1. Crowdfunding Your Invention II Mark Nowotarski (Patent Agent) www.marketsandpatents.com mark.nowotarski@gmail.com 203 975 7678

  2. Crowdfunding • Make a prototype: Make a video: File a patent application. • Post on internet with pricing, funding goal, and funding deadline (e.g. 30 – 60 days). • Promote it: Promote it: Promote it!!!!! • Take committed orders guaranteed by credit card. • If you meet your funding goal, everyone gets charged, you get $, you make and deliver the product. • If you don’t meet your funding goal: • You get your $ anyway (IndieGoGo) • You get nothing (Kickstarter)

  3. Three classes related to inventions Games Electrical Technology Mechanical Design

  4. Example: Flote Name Progress & Goal Video Project Creator Description Awards

  5. Awards Token $1 Product Special honor $10,000 No debt (e.g. interest) No equity (e.g. stock)……yet

  6. What Does it Take to be Successful? • Good awards • Sell what people are buying • Emulate other successful projects • Media coverage • Enthusiast sites– Gizmodo/Techcrunch /IGD • Social Network – Kickstarter itself • Reputation of people associated with project • Planning & Preparation – perhaps for a year • Business plan – Plan on cost overruns and delays! • Prototype made, production facilities lined up • Video • Communication with backers • Especially when things go bad

  7. Sell what people are buying Original success Pen type A - $280,000 August 2011 Minimal metal pen for Hi Tec C cartridge

  8. Emulating Success phx-pen - $69,000 Apr 2012 [md] pen $6,000 Aug 2012 Pen proj.- $46,000 Aug 2012 Ti pen - $220,000 Aug 2012 Render K - $69,000 Jan 2012 Ti2 pen - $77,000 June 2012 Minimal metal pens for Hi Tec C cartridge

  9. Media Coverage – Enthusiast Sites • Details announced • one week before launch • engadget.com • ign.com • reddit.com • kotaku.com • etc, etc, etc. Headline A $99 hackable Android game console designed by Yves Behar

  10. How did you hear about Ouya? “I first saw this on Engadget.” “I saw a story on IGN and I jumped in right away.” “I heard about Ouya from reddit (/r/gaming)” “Most would have seen the Kotaku story and followed it here.... Like me.” and “I look at Kickstarter almost daily “ “browsing the most popular kickstarters “

  11. Planning and Preparation & Communication with Backers Funded Sept 2010 No product delivered Some backers angry Some backers supportive Last update July 2012 Funded May 2011 No product delivered Backers outraged Currently being sued Last update Nov 2011

  12. Looking Ahead • Crowdfunding is growing. • People are learning how to make it work. • Awards: Sell what people are buying • Media: Enthusiast sites • Planning: Expect cost overruns • Communication: Never stop

  13. Epilogue • Next year – Equity Crowdfunding! • (courtesy of the JOBS Act)

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