Entrepreneurs and startups are sometimes so hyper-focused on designing a new and innovative product that's never been seen before, that they overlook the notion of improving an existing tool and making it substantially better.
The crew at Misen decided it was time for somebody to revamp one of humankind's staple tools: the kitchen knife. Their achievement of raising more than $750K on a goal of $25K is an indication of the success of the campaign. And while the knife itself is interesting, the crowdfunding success this startup has had is even more incredible.
Trying to redesign a familiar implement that's been in existence since probably about 2 million years ago can be a bit of a challenge. How many different ways can you combine sharp metal and plastic? Apparently, most of what's out there isn't designed nearly as well as this one. Team members used computer modeling to create a comfortable handle and blade angles so effective, that people have paid attention with their pocketbooks.
Just Another Crowdfunding Success Story
Are you surprised that even such a simple (but beautifully designed) item can be this successful on a crowdfunding platform? We've heard about so many of these stories that we've become numb to how incredible this type of funding method is.
As an entrepreneur, the thought of being able to raise nearly $750K without giving up a single percent of equity in your business is tantalizing. Consider what's been done in just the past few years. Here's just a small sampling of the many hundreds of huge success stories out there.
· Pebble Time - A smartwatch you might have heard of. It had a goal of raising $500,000 and finished its campaign with 20,338,986.
· The Dash - Wireless in-ear headphones. Had a goal of raising $260,000. Their final amount raised was $3,390,551.
· 3Doodler - A 3D printing pen. Had a conservative goal of $30,000. The company raised $2,344,134.
· Divinity: Original Sin 2 - A PC game in development by Larian Studios LLC. The company raised $2,032,434 on a goal of $500,000.
· Glyph - A mobile personal theater with a funding goal of $250,000. The company raised $1,509,506.
· Airing CPAP - This is one that I myself contributed to because I have sleep apnea and would like to use it some day. This tiny, hose-less, mask-less CPAP could replace the bulky, inconvenient contraptions most people are forced to use these days. It has raised more than a million dollars on a goal that was less than a tenth of that.
There are dozens and dozens of success stories. The success of a knife company is just another reason for entrepreneurs and startups to pay attention to this revolutionary form of funding.
Crowdfunding Intro is Just a Spark
Just as with any of the thousands of people who've used these sites in the past, the key to long-term success has little to do with a stellar crowdfunding campaign. It's more about building on that initial success and using it as a mechanism for growth. Crowdfunding gives these companies a pretty good start - but that's all it is - a start.
These numerous success stories point to the power of crowdfunding and the social economy, and we'll no doubt see many more before the year ends.