WRAPTIE™ Launches Crowdfunding Through Indiegogo Marketplace

by Mark Blackburn November 27, 2017

A fundamental challenge when starting a company (other than fear) is trying to find enough funding to get off the ground. 

Traditionally, money comes from savings, friends, and family — or maybe even the bank. If you are business savvy enough, angel investors or a formal funding round may even be possible.

But, in the last ten years or so, a new form of funding has become more and more popular: Crowdfunding. 

What Is Crowdfunding?

Crowdfunding, as the name suggests, is a method of obtaining funds from a 'crowd' or the general public. You can raise funds for anything, too! New movies, books, charities, dream vacations, and much more. But the majority of crowdfunding is for new products.

It is a method of raising much-needed funds without having to give up equity in your company. But it is not easy. 

Only one in four projects ever get fully funded and the amount of work that goes into a successful campaign can be immense. These days, it is becoming more common to hire marketing companies to take care of all this hard work, allowing you to concentrate on running your business.

The only problem is, after discounts, marketing company fees, crowdfunding company fees, postage, and shipping, sometimes there is no profit left. There are many instances when successful campaigners have failed to deliver because their costs were too high. 

This wasn't an option for us as we are only two guys with limited resources. So, we decided to 'bootstrap' our campaign!

Err, What Is Boot-Strapping?

This is a term for small teams that typically handle everything involved in running a business with limited resources. Essentially, doing everything on their own.

This is a term for small teams that typically handle everything involved in running a business with limited resources. Essentially, doing everything on their own.

Not only are you responsible for setting up the company, but also online marketing, sales, accounting, production, design, packaging, the list is endless.... 

So, How Did We Do? 

It was hard work but ultimately worthwhile. Not only did we learn a whole lot about how to market our tie down straps, we also learned how to engage our customers. We discovered what they liked and didn't like to see and also (most importantly) what they thought about the products. This information alone was invaluable. 

We managed to avoid all (well, most) of the scams and ended up with a winning formula.

And the Numbers? 

• Funding: Over 300% of target
• Total # visitors: More than 14,000 people
• Total # of Backers: More than 400 backers supported us!
• Total # of Countries supporting the campaign: 30 Countries from all over.

And Now? 

It has been a wild ride but a great experience. We have learnt so much and at the same time humbled by the support shown by our supporters. With such a good start, we are hopeful and excited as we move into the next phase of the WRAPTIE™ journey and start full production for the very first time! 

 

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