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Crowdfunding Your Invention II Mark Nowotarski (Patent Agent) 203 975 7678.

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Presentation on theme: "Crowdfunding Your Invention II Mark Nowotarski (Patent Agent) 203 975 7678."— Presentation transcript:

1 Crowdfunding Your Invention II Mark Nowotarski (Patent Agent)

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 dont meet your funding goal: You get your $ anyway (IndieGoGo) You get nothing (Kickstarter)

3 Three classes related to inventions Mechanical Design Electrical Technology Games

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

5 Awards Token Product Special honor $1 $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 Ti2 pen - $77,000 June 2012 Render K - $69,000 Jan 2012 phx-pen - $69,000 Apr 2012 Ti pen - $220,000 Aug 2012 Pen proj.- $46,000 Aug 2012 [md] pen $6,000 Aug 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 May 2011 No product delivered Backers outraged Currently being sued Last update Nov 2011 Funded Sept 2010 No product delivered Some backers angry Some backers supportive Last update July 2012

12 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 Looking Ahead

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


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