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Mar
14
2017

How to raise funds on a crowdfunding platform? Catchbox's experience

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 Many companies have tried their luck on a crowdfunding platform, but only a few have managed to raise the projected amount. One of such success stories in Latvia is Catchbox, the throwabls microphone.

 Catchbox was founded in 2012 by Latvian Miķelis Studers and two Finns, Timo Kauppila and Pyry Taanila. The company is registered in Finland but its research, development and production all take place in Latvia. Catchbox is the world’s first throwable microphone designed to increase audience engagement. The microphone can be thrown anywhere in the room and is a great addition at lectures, seminars or conferences, where passing a handheld microphone may be slow and irritating.

In the early stages, the company also used a crowdfunding platform to attract financing, and it managed to raise the amount projected. What was the key to the success of the campaign? Miķelis Studers comments on the website of the DNB project Latvija Var (Latvia Can).

1. Choose a platform that targets potential buyers

The platform has to be used by the given product’s target audience. In most cases, such platforms are designed for those buyers of consumer products who wish to have something stylish and be the first to use a new technology.

2. The campaign message has to be perfected to the last detail

It is very important for the campaign to have a well thought-out story, and it has to be featured on the campaign’s website. Hiring a designer is highly recommended. Great attention has to be paid to filming the video. It is definitely worth cooperating with professional video producers, script writers, etc.

 3. Communicate, communicate, and once again communicate

There has to be communication with the backers and future clients during the campaign. Clients must be informed about any problems (for example, delays with product shipments) as soon as it is clear that they will be impossible to avoid. Communication is better than silence. Likewise, what happens after the campaign closes successfully (as we all hope it will) has to be well thought out.

For more information, see the website of the Latvija Var (Latvia Can) project.