#ProductDevelopment #Prototype #DFM #ProductLaunch #FundingNeeded
Hey everyone! 👋 I’ve been hard at work on my consumer kitchen product prototypes, and I’ve finally got a winner on my hands. It works great, looks amazing, and has been generating a lot of buzz on social media. But now comes the big question – what’s next?
Here are some stats and considerations to help guide your suggestions:
– Organic web traffic: 250 visits/month
– “Waitlist” signups: 50/month
– Target retail price: $399-459
– Final cogs at scale: $75-150/unit
– Breakeven point: 1500-2000 units
I’m contemplating Kickstarter, but the costs and scale are a bit daunting. Here’s where I need your help – how can I turn this prototype and positive feedback into actual revenue for DFM work and a successful product launch? 🚀
One possible solution that comes to mind is exploring different avenues for funding and pre-sales, such as:
– Crowdfunding campaigns on platforms like Kickstarter or Indiegogo
– Strategic partnerships with retail stores or distribution channels
– Licensing agreements with larger companies
– Angel investors or venture capital firms
– Small business grants or loans
What do you think? Any other ideas or suggestions on how to move forward? I’m open to all insights and appreciate your support in this exciting journey! Let’s brainstorm together. 💡🙌
Thank you in advance for your help! 🙏
Beautiful product that costs 3x market price is not a product market fit unless people are willing to pay 3x. Also 75 parts sounds crazy but if it could be simplified it’d be cheaper.
Investers wait for revenue as they need to know their money is safe. They can only know that if you have paying customers.
You need to either sell at a loss to prove the price people will pay or sell the alphas as alphas and let people support you in building in public.
Either way, you have to bring your cost down.
Good job.
I think you need angel investors who would like to take a risk. They will need a major percentage of the business or something similar an option ro buy at lower valuation.
Keep pitching is I would say. Try all sites if possible. Family and friends
Also beautiful product is good. Many people can pay for aesthetics. Don’t be deterred by cost. If it’s beautiful, people can buy it inspjte of cost.
If possible install a few free ones in upscale neighborhood.
Friends and family can take a stake . Be clear of all the risks . If you have friends with money do pitch to them. Leave the decision to them . Say if interested call me. Don’t follow up.
There are a few ways to source funding (I don’t know where you’re based so some of these suggestions might not be suitable).
Government – often have schemes to help startups including cash, mentoring, support.
Banks – Yes. Well. They may have something but you might not get expert guidance or doors unlocked in the same way as a VC or private investor.
Publicity – Local media like ‘Local about to crack the world’ type stories. Easier if you have a contact rather than cold call.
Directories – Get on the main ones like Crunchbase. See if there is a trial version to search investors of similiar.
LinkedIn – Keyword and cold approach. Potentially frustrating.
Friends – Especially those in finance. They may help point you in the right direction.
Chambers of Commerce – Have to put in to get out so don’t expect instant results. However, depending which one, this will expand your network.
Social media – may have to bolster your profile so when potential investors research you, there’s something for them to read and build trust. (I don’t know what you’ve done with social media already).
There are 18,000+ funds and funds of funds out there.
Good luck. You’re almost there and I wish you the best.
Have as many as possible parts joined in the same family mold to reduce the mold cost if the quantity is not big.