Crowdfunding is a way to raise money from a large number of people to fund a business. In recent years, many start-ups have launched cool and innovative products using crowdfunding.
Raising money through crowdfunding does two main things for a business. It tests out how many people are interested in the product and it also allows the company to reduce risk, and keep cost low so the product can be offered at the best price possible.
Where to crowdfund?
Businesses can launch their products to the public on IndieGoGo. If you are interested in a campaign, you can back them by contributing a certain amount, each amount you contribute is linked to a benefit called a perk. This benefit can range from a T-shirt with the logo of the company, all the way up to an upgraded version of the product you are interested in. All you need to do is contribute, and select the perk you want.
Backing a project on Indiegogo offers some security as you are able to request your contribution back after a certain amount of time if you change your mind. You can also follow closely with the progress of the project. This means you as a backer have more protection should things go bad.
We choose to go through the crowdfunding route as it allows us to raise enough money to then be able to produce and ship the bikes at a lower cost allowing us to pass on the savings to our backers in the form of a very competitive price. With Indiegogo, we would be able to build a strong community around our bike and listen closely to the feedback we get.
We hope to see you back us on IndieGoGo when we launch in June. Till then, secure your bike and get $500 off the launch price by preordering with us.
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