Why Being Another Face in this Crowd is a Great Thing
We have had such a great response to the concept and the innovative nature of the product. However, we started thinking that most of the people we have spoken with over the last year have no idea what “croudfunding” really is. Here is an attempt to provide a short explanation.
Most businesses raise the money they need to build the foundation of their business through a bank, venture capital company, or an angel investor. Start-up companies don’t normally qualify for a bank loan and the venture and angel investors want a large chunk of the company’s equity (just watch Shark Tank). Today’s internet alternative is to raise the money through “crowdfunding”. We put together a campaign that lays out how much we need and what we are going to do with the money (we wrote a very detailed algorithm). The goal is to pre-sell products which will raise the needed capital to get us off the ground.
We know that we need $169,500 to purchase the high quality injection molds and develop the manufacturing/marketing infrastructure to get started. Instead of asking people to just donate money, we offer “pledge levels”. Companies can’t sell equity in their company to the public (yet) unless you are a “public” company. These pledge levels range from $1 or $5 for a big thank you, $30 early bird special for CVs, all the way up to $1650 to join the Beta Test Team and be flown to Orlando, put up in a luxury hotel at Disney, and join us for the CV Kickoff Party and a bunch of other levels in-between. Each level offers the pledger something in return for their pledge. Normally the perks for the pledge levels come later down the road, which allows us the time to transform our great prototype into a super quality product. This takes a little time and money. Basically, you are our Shark Tank. But instead of equity in the business you get a perk for helping us out.
On our Indiegogo.com campaign page, you can click the “Contribute Now” button and either make a donation (much appreciated) or select a perk depending on what you would like. As we are a Veteran owned small business, we are hopeful that we can encourage others to help us get going by pre-buying our Reader CVs or Sun CVs, which will in turn motivate more to pledge as well (the snowball rolling down the hill concept).
Just so you understand the math, there are more than 34,000,000 people who wear reading glasses in the U.S. Our goal is to pre-sell about 4,400 Reader and Sun CVs over the next 50 plus days. For you math folks that is 0.01%. As you can see this is a numbers game. Gotta get the word out so others see us moving the needle on our campaign goal. Doesn’t have to move much, but it needs to move. We spent a bunch of money to get to this prototype point and need your help to get to the next step.
For those that already purchased CVs or made a small donation, thanks. Let us know if you have any questions.