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Tag Archives: Rewards-based Crowdfunding

BidOkee Adds Auctions, Draws, Referral Competitions and Traditional Gamification Services for Do It Yourself (DIY) Crowdfunding Campaigns

20 Mar

Elements of points, badges, leaderboards (PBLs)  engages and motivates people to achieve goals and enhances acquisition, retention and monetization of backers

 By Robert Hoskins

Vancouver, B.C. – BidOkee has launched a beta version of what will be a do-it-yourself crowdfunding platform based on a cooperative model the company is calling “Crowdfunding for Crowdfunding.”  With BidOkee customers own their own crowdfunding site and their crowdfunders information from the start, and there isn’t a time limit on crowdfunding campaigns.

BidOkee provides backers with reward points to compete with in auctions and contests. If a crowdfunding campaign manager’s contacts can’t afford to donate, they can still earn loyalty points for referring people, which makes it possible to grow a crowdfunding campaign’s social network. 

BidOkee’s CEO, Eyal Lichtmann, contends that a major problem with crowdfunding is that small campaigns are being pushed aside as big corporations look to dominate the industry.  

Dr. Richard Swart, the director of research on crowdfinance at UC Berkeley, recently said that “that there are 10 to 20 Fortune 100 companies participating in Berkeley’s new Crowdfinance program that are thinking about launching a corporate crowdfunding campaign.”

Bidokee DIY Crowdfunding for Crowdfunding Business Model

BidOkee DIY Crowdfunding for Crowdfunding Business Model

Approximately one million crowdfunding campaigns are launched annually. Over $20 billion in crowdfunding transactions will occur this year – a 100% increase over last year – according to Equitynet. Another research report from the World Bank estimates that, by 2025, this number will spike to $300 billion annually, while others estimate as high as $500 billion that will contribute up to $3.2 trillion in economic development activity.

Entrepreneur.com reports how difficult it is for start-ups to get funding despite the proliferation of crowdfunding worldwide. Currently 90% of the world’s online population has access to crowdfunding and $1,400 is raised in donations every minute. Still, only 3% of all start-up funding comes from crowdfunding.

And E-commerce Times reports that Fortune 500 firms are actively experimenting with crowdfunding as a product launch and testing platform, potentially pushing out the small players. UC Berkeley is actually looking into providing courses for corporate executives wanting to launch crowdfunding campaigns. In addition, many charities, NGOs and scientific and health research projects are also looking to crowdfund their projects.

“As a result, traditional crowdfunding platforms, and the industry as a whole, are becoming very crowded,” Lichtmann says. “With more and more competition, including consultants and corporate campaigns, the bar is getting higher for small businesses. The cost and effort to successfully execute large campaigns is becoming prohibitive for many small firms and entrepreneurs. As crowdfunding platforms get bigger, start-ups are getting pushed out.”

“Breaking through the barriers is an uphill battle,” Lichtmann continues, “especially now, as small start-ups are being eclipsed by hundreds or thousands of campaigns launched by deep-pocketed Fortune 500 companies and established organizations. The biggest advertising and marketing firms, scientists and crowdfunding consultants are taking over. The bigger the crowdfunding site, the less a small start-up can compete.”

Dr. Richard Swart, the director of research on crowdfinance at UC Berkeley, indicated there are Fortune 100 companies that are thinking about launching a crowdfunding campaign.

Corporations have enormous resources to launch and build support for their crowdfunding campaigns and that is driving the cost of crowdfunding services higher for the little guy. Companies such as Coca-Cola, Microsoft, Dodge and DC Comics are using crowdfunding for marketing purposes, with the deleterious effect of marginalizing smaller players seeking to raise funds on the same platforms while at the same time driving up marketing, PR, consultancy and production costs within the industry.

“Crowdfunding was intended to enhance the start-up experience and bypass the onerous process of finding traditional investors to launch an idea or product,” says Lichtmann. “It was not intended as a marketing platform for established or already successful companies.”

An example, he says, is the Pebble watch, which already had sufficient cash on hand for their project but wanted the additional exposure Kickstarter offered.

“And now the biggest consumer companies in the world are moving into crowdfunding as a platform to market-test and pay for their product launches,” says Lichtmann. “This is counter to the whole notion of crowdfunding, which was supposed to assist start-ups penetrating the vast expanse of the marketplace.”

Some activist-commentators are calling out the commandeering of crowdfunding by multinational behemoths, though not everyone agrees, and a healthy debate is beginning.

“The survival of crowdfunding requires a true cooperative model that has the best interest of the small player in mind,” he says.

Lichtmann’s company, BidOkee, has launched a beta version of what will be a do-it-yourself crowdfunding platform based on a cooperative model.

“The DIY model we are building allows people the freedom to share, cooperate, assist, collaborate and utilize more human resources through cross-pollination of projects and ideas to yield infinitely more unique possibilities,” he says.

Scott Steinberg, author of The Crowdfunding Bible, featured BidOkee on NewsWatch TV. He declared: “This could change crowdfunding as we know it.”

Combining DIY with a cooperative model may sound contradictory, Lichtmann acknowledges.

“But a do-it-yourself model is about being wholly independent,” he says. “And the cooperative model is about relying on the goodwill and assistance of others. And that is the exact formula BidOkee is looking to propagate.”

BidOkee is establishing a cooperative model through which networks, resources, wisdom, advice, connections and best practices are shared between campaigns.

“If we reach our goals, we hope to share over $100 million annually back with campaigns,” he says. “But that number can grow higher. In addition, we are looking at cross-pollination opportunities that allow one successful start-up crowdfunding campaign to assist another start-up campaign with backers, users and other resources. Also, with the integration of loyalty rewards through a gamified system, campaigns can have access to tens of thousands of additional leads for their campaigns. We want to change 60% failure rates to 80% success rates. That is what we are striving for.”

As Darryl Burma, CEO of Crowdmapped.com says, “BidOkee will definitely disrupt the industry. It is doing something we have not seen before and is a game-changer.”

BidOkee is currently developing the beta platform into a software-as-a-service (SaaS) model, which will give anyone the opportunity to launch their own independent, self-directed crowdfunding campaign with tools and features no other platform offers.

“We are now crowdfunding for crowdfunding and hope people will support our campaign to get this model to market” says Lichtmann. “We think this is the future – a future that realizes crowdfunding’s original potential.”

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Reward-Based Crowdfunding Seminar: Everything You Need for Success! – Presented by the NYC Crowdfunding Meetup Group in New York

24 Mar

Crowdfunding Subject Matter Experts Will Be Covering the “A-to-Zs” of Crowdfunding Strategies Including Important Case Studies, Research Strategies, Buzz Generation Techniques, Shooting Viral Pitch Videos as Well as How to Protect Intellectual Property

By Robert Hoskins

New York, NY – To meet the demand from entrepreneurs, startups, and small businesses, the NYC Crowdfunding Meetup Group will be hosting a special Crowdfunding Seminar on April 1, 2014 at 6:00 pm to 9:00 pm. The event will be held on the 60th floor of the Empire State Building in the 1800 Accountant Office, which is located at 350 5th Avenue, New York, NY 10118.

Lucy Norris is a British correspondent who is now based in NYC. She freelances at a variety of media outlets including Alleywire, Millennium Magazine, the TV show “On Deck With Lucy”

Lucy Norris is a British correspondent who is now based in NYC. She freelances at a variety of media outlets including Alleywire, Millennium Magazine, the TV show “On Deck With Lucy”

Alex Feldman, the event organizer, has assembled an excellent team of crowdfunding subject matter experts that will be sharing tips, tricks and strategies on how to research, plan, and launch successful Rewards-based Crowdfunding campaigns. The event will be videotaped by the Reality Crowd TV crew.

Featured Speakers:

  • 6:00 pm – 6:30 pm
    Registration
  • 6:30 pm – 6:40 pm
    Introduction to Reward-Based Crowdfunding Campaigns
    Alex Feldman, CEOCrowdsUnite
  • 6:40 pm – 6:50 pm
    Crowdfunding Case Study: How I raised over $22,000!
    Alicia HansenNYC Salt Founder & Photographer
  • 6:50 pm – 7:00 pm
    How to Research Existing Crowdfunding Projects
    Helen Donnelly, CMO, CrowdFunding4All
  • 7:00 pm – 7:10 pm
    How to Create a Successful Crowdfunding Campaign
    Brian Meece, CEO, RocketHub
  • 7:10 pm – 7:20 pm
    How to Make a Viral Crowdfunding Pitch Video
    Lucy Norris, Managing Editor, AlleyWire
  • 7:20 pm – 7:30 pm
    How to Create Buzz for Crowdfunding Campaigns
    Howard Sherman, President, CrowdFundBuzz
  • 7:40 pm – 8:30 pm
    Crowdfunding Question & Answer Session
  • 8:30 pm – 9:00 pm
    Social Mixer & Business Networking Event

Reservations:
Tickets are $50, but early birds who sign up before Wednesday, March 26th will receive a $20 discount. The event is open to the general public, but seating is limited, so sign up ASAP at: http://www.meetup.com/NYC-CrowdFunding-Networking/events/171128902/.

Media:
Reporters get in free, but need to RSVP prior to the event with Crowdfunding PR Campaigns by sending Press RSVP request in order to enter the Empire State Building and proceed to the 60th floor. Members of the press should email rhoskins@frontpagepr.com for more information.

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Zivix Launches Indiegogo Music Crowdfunding Campaign for JamStik, which Won a Popular Science 2013 Invention Awards

29 Apr

By Robert Hoskins

Zivix, LLC announced it has partnered with Indiegogo to launch a crowdfunding campaign for its  popular JamStik, a portable, easy-to-use guitar-like instrument for iOS. Recently named a winner of the Popular Science 2013 Invention Awards, the JamStik enables a new dimension for learning, experiencing music and giving both novice and experienced players access to hundreds of existing midi-based applications. Over a span of 40 days, the campaign aims to raise $100,000, which will go toward prototypes, tooling, manufacturing set-up and consumer experience enhancements.

JamStik enables a new dimension for learning, experiencing music and giving both novice and experienced players access to hundreds of existing midi-based applications

JamStik enables a new dimension for learning, experiencing music and giving both novice and experienced players access to hundreds of existing midi-based applications

Making its debut in Las Vegas at the 2013 Consumer Electronics Show (CES) in January, Zivix demonstrated for attendees how JamStik bridges music with mobile technology to provide consumers with a real-time, life-like guitar experience on the go. The easy-to-use instrument transforms your mobile device into a guitar speaker and musical interface with real strings and frets that users can pluck and play while experiencing the real “feel” of a traditional guitar. Based on the company’s multi-patented IR fingertip-sensing technology, JamStik delivers an authentic guitar experience in a mobile-friendly style and with mobile-friendly connectivity.

IR Fingertip-sensing Technology at Heart of JamStik

Zivix’s proprietary, multi-patented (more than 90 claims), optical fingertip-sensing technology, which makes guitars compatible with the digital world, is at the heart of JamStik. This technology is unique in being able to precisely locate the position of the user’s fingers even before they touch the strings. High-speed scanning of all finger positions ensures there is virtually no latency. Since JamStik is a digital instrument, users do not have to tune it, which makes it easy for beginners. When they are ready, users can transfer the skills they learn on JamStik to a guitar.

JamStik Complemented by Bundled Apps, MIDI Apps

Zivix has developed a suite of bundled apps that broaden the appeal and depth of JamStik:

  • JamTutor is a truly interactive system that teaches entry-level guitar. Users can actually see where their fingers are on JamStik’s frets, get instant feedback, and learn at their own pace.
  • Using a variety of interactive game-like activities within JamTutor lets users learn and play songs in fun, engaging and rewarding way.
  • JamMix is a hybrid experience that combines guitar and DJ elements for instant action for both beginners and advanced players. JamMix enables players to mix loops, sounds and instruments on the fly to explore and create original music.

Over the past couple of years, crowdfunding has emerged as an alternative to the traditional Venture Capital or Angel investment route for start-up companies or products looking for funding. Launched as a collective public effort to fund companies and products, individuals have the ability to invest money in a product or cause based on tiered investments. In most cases each investment tier is accompanied by a return for the investor with the reward being early product access, mention as an investor in the campaign product campaign, or the ability to show support at an early stage for a new and exciting idea. Indiegogo, an international crowdfunding site and crowdfunding partner of JamStik, is headquartered in San Francisco, Calif., and has hosted over 100,000 funding campaigns in the music, charity, small business and film space.

The Zivix team, located in Minneapolis, Minnesota, needs funding to get the JamStik in the hands of guitar players, both expert and novice, throughout the United States. For contributing to this Indiegogo campaign, Zivix is offering various rewards in appreciation. Everyone who donates $25 will have their name creatively displayed on the Founder’s Page at JamStik.com, which will be incorporated into the JamStik Founder’s Poster design, as well as exclusive progress updates and a JamStik-backer T-shirt.

Those who donate $50 to the campaign will additionally receive a $35 discount coupon towards their future purchase of a JamStik. Other rewards include owning the JamStik prior to in-store and online availability, an option for an exclusive numbered version of the JamStik, receiving developer credit and being personally invited to attend Zivix’s official JamStik release party as a VIP.

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