Devium's Dash: Crowdfunding a Venture on Kickstarter
(7 pages of text)
In 2010, a hybrid entrepreneur working at a full-time job has come up with the idea for his first product, a smartphone car stereo. He has invested $10,000 of his own money plus $3,000 from an early investor to develop his prototype. He needs to put together a viable commercialization plan and is considering crowdfunding as a viable funding source. He also needs to decide whether to distribute his product through direct sales or a traditional retail model.
- Understand the benefits and limitations of crowdfunding compared with other sources of finance.
- Understand the costs and benefits of using remote outsourcing of technical tasks and product manufacture over the Internet through virtual product development and virtual supply chains.
- Learn the pros and cons of entrepreneurs selling new products through existing retailers or directly to consumers.
- Understand the pricing of a new product when no benchmark price exists.
- Understand the transition of a part-time hybrid entrepreneur to a full-time entrepreneur and the implications of hybrid entrepreneurship when exploiting an entrepreneurial opportunity.
- Learn the tasks required to move from a new technical idea to its commercialization into a viable consumer product.
United States, Small, 2010
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