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elctrnx_lyf
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Technology
elctrnx_lyf   1/12/2014 5:47:11 AM
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This device seems like great combination of technology and looks. Definitely a good looking product and will generate enough interest among the enthusiasts.

djrinyvr
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Rookie
Re: Did you go Indiegogo
djrinyvr   1/2/2014 1:42:38 PM
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Mojio used Indiegogo which was invaluable for leading us to some important strategic relationships that continue to help our company.  Besides the opportunity for consumer funding, we also had an opportunity to poll our backers for key insights into their perception of our primary value propositions. Indiegogo helped us learn more about our target market than a pre-lunch company ever could have over such a short period (and for free).

We also made valuable connections with venture financiers, distributors, carriers, corporate customers and app developers for our platform who all watch the crowdfunding sites. Our inbound interest created by the campaign was more valuable to us than the money we ultimately raised.

It's been a really interesting path as our offering has significantly improved from our original focus as a direct result of crowdfunding.  This has lead to our launch being pushed out, but ultimately we have a much stronger solution that has much more to offer than we had originally planned. 

goafrit
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Manager
Re: fitness
goafrit   1/2/2014 8:52:58 AM
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You are correct Junko. I have actually tested this crowdfunding thing. It is never "crowd". It is largely a "network". There are people that will not help you without a network connection. So anyone that thinks that he can go online and expect to raise $1m from strangers because he has a great idea is living in another planet. That said, we will not know until the Acts takes off. It is becoming that some VCs will devote some funds into crowdfunding investments. It could blow up or it could work for those that are well networked and connected. 

junko.yoshida
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Blogger
Re: fitness
junko.yoshida   12/23/2013 9:54:22 AM
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Amen to that, goafrit.

But if crowdfunding is to be used as series A by VCs, I think the hurdle for startups has just gotten higher, than lower. As the story says, crowdfunding isn't something you can do on the side. And just as you are at the whim of VCs (to get that much needed Series A funding), you are at the mercy of the crowd's likings, which isn't necessarily easy to read.

goafrit
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Manager
Re: fitness
goafrit   12/20/2013 12:31:45 PM
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It is possible that crowdfunding can have Series B,C, etc that we do not need VCs anymore. These crowdfung guys will specialize (series A, B, etc) as time goes on with some focusing on growth phase etc. I just wish we break the power of VCs and their big guy club.

rick merritt
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Author
Re: fitness
rick merritt   12/20/2013 12:27:32 PM
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@Goafrit: This picture I get from Jose's story is that VCs see crowd funding as a kind of Series A, demonstrating there is a market for an idea before they jump in.

I'd love to hear how this is working (or not) for others.

goafrit
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Manager
Re: fitness
goafrit   12/20/2013 11:41:27 AM
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One hopes this trend will make VCs to wake up. They have ruled decades as LORDS. Imagine if we do not need them anymore - at least very often!

rick merritt
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Author
Did you go Indiegogo
rick merritt   12/19/2013 6:29:45 PM
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I'd love to hear other tales from folks who have used crowd funding and emerging crowd funding sites.

zewde yeraswork
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Blogger
fitness
zewde yeraswork   12/19/2013 5:25:02 PM
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This makes a lot of sense. With all of the fitness devices out there, there is clearly a demand for and interest in developing apps for muscle enthusiasts. Most of the attention in the fitness market has remained in cardio, but this is definitely an area to watch as people tend to me be very careful about body fat percentages and muscle mass when working out.



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