Traditionally, entrepreneurs are full of ideas – but they aren’t always so full of money.
So often, ideas come and go from the minds of the innovative, purely because they see no realistic way to fund their pipe dream.
But that’s where crowdfunding comes in.
What is Crowdfunding?
It’s hard to find a small amount of investors who are prepared to cough up large amounts of money. As an alternative, crowdfunding lets you leverage the internet in order to find hundreds (if not thousands) of investors who can provide much smaller injections of cash.
Popular crowdfunding platforms like Kickstarter and Indiegogo are perhaps the two most popular crowdfunding websites. In their own ways, both sites allow entrepreneurs to pitch ideas to the masses, set a cash target, and offer incentives to those who want to help fund the venture.
That incentive could be anything from a personalized t-shirt to actual shares in the future company.
Now that we’ve cleared up the confusion over crowdfunding, here are five amazing crowdfunding success stories to inspire your journey.
Pebble is a big name in the smartwatch industry, but not many people know that their roots are to be found in the world of crowdfunding.
The Pebble Original Smartwatch was a huge hit when it hit the crowdfunding scene back in 2011, raising a colossal $10 million.
In fact, after finding success with crowdfunding the first time, Pebble re-engaged their loving crowd by crowdfunding the Pebble Time Smartwatch. This time, the Pebble team raked in an astonishing $30 million.
Ever wanted a cooler that can double as a bluetooth speaker, a blender, and a picnic storage unit? Well then allow me to introduce you to The Coolest Cooler.
They began their crowdfunding campaign by asking the public for $50,000, but the digital crowd felt that this was a modest figure, so they dished out a mouthwatering $13 million instead. Now that’s cool.
Travelling can be a trying process, and so the BauBax Jacket was invented by husband and wife duo In the hope to make the entire experience more manageable.
Their jacket boasts no less than fifteen features, including the ability to act as a neck pillow, face mask, smartphone pocket, tablet pocket, and a pair of gloves.
When they first started out, their crowdfunding campaign has a target of $20,000. They ended up with just over $9 million. That’s enough to keep anybody warm on a long-haul flight.
4. The Glif
The camera on the average modern smartphone is pretty darn good. They’re so good in fact, that photographers and filmmakers everywhere want to make better user of them.
The Glif is a tripod mount that’s designed to work with smartphones in landscape and portrait mode, boasting an innovative quick-release lever. They initially requested a humble $10,000 to get their venture up and running, but they ended up raising over $137,000 The rest is history.
5. Oculus Rift
Virtual Reality is all the rage at the moment, and the emergence of Oculus Rift played a big role in that.
Today, you can buy an Oculus Rift to immerse yourself in virtual games, movies, and to hang out with friends in a virtual world.
But it was only back in 2013 when the Oculus team were pitching this dream to the masses, asking for $250,000 to make it a reality. Just months later, they started shipping Oculus Rifts after raising $2.4million.
When someone knocks at your front door, you want to see who it is without delay – no matter what time it is.
The team behind SkyBell developed an affordable camera system with speakers and a microphone, that works through their smartphone app. With it, you can see who’s at your door without having to do anything except glance at your phone. You can then decide on whether you want to talk to that person, give them instructions, or ignore them.
When they asked the crowdfunding community for help, they responded with over $600,000 – which is over 500% more than what SkyBell initially asked for.
The Power of The Crowd
If you have an idea that you believe in, but can’t invest in, then take heart from the list above – because with the help of crowdfunding – your dream could be very much alive.
Would you ever crowdfund a project of your own? Let us know your thoughts in the comments section below!
About the Author
Kaya Ismail is a wordsmith and founder of Employ the Internet. He is a seasoned content marketer with a love for video games and coffee.