Why I'm Launching on Kickstarter and How it Works
SwitchLok is using Kickstarter for its initial product launch, but why? What is Kickstarter?
Kickstarter is a crowdfunding platform. This is how it works
- Someone has an idea for a product. It could be a gadget, a movie, a font almost any 'thing' qualifies
- The creator needs money to make that 'thing', say it's $5,000
- They create a Kickstarter 'campaign' with a goal of raising $5,000
- People can go see their thing and if they like it, they 'back' the campaign by pledging a certain amount of money. They are now a 'backer'.
- If the campaign generates $5,000 in pledges, the creator gets $5,000 minus Kickstarter's fees and the backers get a 'reward'. The reward is typically the 'thing' that the creator wanted to make but it could be something else like a t-shirt or just a thank you note.
- If the campaign does not generate $5,000 in pledges, no money changes hands. The creator gets nothing, the backers pay nothing and Kickstarter gets nothing.
Maybe this seems convoluted--why not just make the 'thing' and sell it on Amazon or at Walmart? Why am I doing this? Making things requires that you spend a whole bunch of money before you make any money back. Crowdfunding significantly reduces the amount of cash you need up front.
Traditionally, the cash needed up front has been a major barrier to getting 'things' made in any commercially viable volume. Crowdfunding is helping to democratize the ability to manufacture a product. SwitchLok is a prime example of this. The cost of making the parts of SwitchLok is too high for me to personally fund. By using a crowdfunding campaign, I can remove that cash requirement and get this product kicked off.
For more details about SwitchLok, go to our home page at www.SwitchLok.com and please consider signing up. You'll get SwitchLok for the lowest price ever when it launches on our crowdfunding campaign!