Xiaomi is not just a smartphone company or an electronic giant but is also a hub of innovation. With its innovative products released every other month, it has given the signal to the world that it will enter every sector that has any space for innovation. Recently Xiaomi-backed Yunmai launched a new wearable called the Yunmai smart training watch for INR 7200. If we take the clock back a few days to February 15, 2019, Xiaomi Mi Men’s Sports Shoes 2 were launched in India that featured Fishbone Structure and shock absorbance for INR 2500 and a Mi Luggage suitcase for INR 2,999 in September 2018. Now, Xiaomi is back with another innovative product. This time it has launched a crowdfunding campaign for smart fingerprint lock (AreoX Smart Fingerprint U-lock) that obviously operates on the fingerprint sensor but comes with a physical unlock key as well if the battery runs out.

Now, the important thing to notice here is that most of these products were launched through the crowdfunding campaigns, has innovation speak its best, are in budget and also curated keeping Indian customer requirements in mind. The crowdfunding project on Xiaomi’s crowdfunding platform YouPin has already crossed 1,011,000 Chinese Yuan (>Rs 1 Crore), which is almost 2.5 times of its set target. You can crowdfund and get the U-Lock with the shorter beam priced at 199 RMB(INR 2050) and the other one with the longer beam priced at 219 RMB (INR 2256) which is likely to start shipping from May 23, 2019.

Key features Xiaomi’s AreoX Smart Fingerprint U-lock Sports

As per the crowdfunding page, the U-lock can be used to lock bikes and even cars. The U-lock sports a stainless steel lock beam for which the company claims, can’t be easily cut with the help of a hacksaw and comes with “an anti-theft lock body”. The body of the lock is IP65 certified that makes it resistant to water and dust. The biometric identification can unlock within about 0.55 seconds and as to serve the purpose of any lock, to keep your belongings secure, the company claims that the lock detects dummy fingerprints within seconds. Its battery can last up to 12 months and you get a USB Type-C port in case, it gets discharged.

A smart lock that costs INR 2000 to save your precious belongings isn’t a bad deal? What are your views on this thing?

Sources:

Xiaomi announces the AreoX Smart Fingerprint U-lock priced at 199 yuan (~$29) – Gizmochina

Xiaomi launches AreoX Smart Fingerprint U-lock as part of crowdfunding program – BGR

AreoX smart fingerprint U-lock – YouPin

Main Image: ©

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VidAngel, an American streaming video and production company released a concept pilot of The Chosen, a story of Jesus, on social media that ended up being viewed 15 million times. Yes. That actually happened. No kidding.

This is what Dallas Jenkins, director and co-writer of the series, who recently directed The Resurrection of Gavin Stone for Blumhouse Productions and Walden Media, has to say on the miracle:-

“We started this campaign with no built-in audience and we based it on a short film I made on my friend’s Illinois farm for my church’s Christmas Eve service after my previous film had disappointed at the box office,” Jenkins said. “What’s happened has blown us away, but it’s an indication that there’s tremendous demand for something like this. I love binge-watching original series, so why not one about Jesus and his followers?”

The project utilised “equity crowdfunding” to raise money for the scripted show, offering one share for each dollar invested. The production company artfully issued equity to investors making the use of a provision made in 2016 in President Obama’s so-called JOBS Act. The “equity crowdfunding“ is highly regulated by the Securities and Exchange Commission(SEC), but has stated that production companies and other entities can offer a share of the profits to online strangers who financially invest in their projects.

This project called “The Chosen” is live and has raised more than $9 million. They are seeking $13 million to produce a full series.

Here are the historical statistics of crowdfunding in any TV show:

Super Troopers 2, the record-holder for film and TV category in Indiegogo raised $4.6 million. Mystery Science Theater 3000, which was later picked up by Netflix had raised $5.8 million on Kickstarter. None of these projects at Kickstarter or Indiegogo offered equity to investors.

What shall we learn from it?

Equity crowdfunding and rewards basics. 

• It should be noted that these shares can’t be resold at this time, but managers of the production company have guaranteed that they shall not accept any profits — should there be any — until all investors make at least 120 percent on their investment made. Investors could also potentially make more money, as they are the partial owners in perpetuity. VidAngel and crowdfunding investors are hoping to make a profit via streaming and broadcast licenses, DVD and VOD.

• Instead of the usual reward schemes, like tickets to screenings, DVDs or one on one interaction opportunity with actors, they chose to go with equity crowdfunding and the results are in front of you.

You can watch the pilot of “The Chosen” and listen to the team behind the project in the following videos below.  

Do let us know your views on the matter discussed. If you also have any idea that has been lingering in your mind for long and has not manifest just because of lack of funds, you can launch your campaign with Catapooolt – India’s largest crowdfunding platform.  

Main Image: ©VidAngel

The post The Chosen, A TV Show About Jesus, Issues Equity, Making It The Largest-Ever Crowdfunded Campaign In The Category appeared first on Catapooolt.

Mark Cuban called the idea crazy whereas another Shark Tank judge, Kevin O’Leary, said the founders were out of their minds to make a product that claims to be reusable. He asked them how did they intend to make money with such a product. The question was why would anyone buy it again if it is reusable?

Today, the Rocketbook Everlast is Amazon’s best-selling wire bound notebook. How did they do it? They did it with crowdfunding. The company has shipped more than 75,000 notebooks to its crowdfunding backers and their customers.

 That’s it. I know it is hard to believe, but I promise you, it is all true and happened here on Earth. Go watch their Shark Tank video. When you are done with it don’t forget to read ahead because here are our top 10 hacks that will help you crowdfund your campaign like a rockstar. Are you ready?

Here is the ‘After the tank’ video.

1. While launching your campaign, set the automatic contribution amount to INR 2.5k instead of zero.

When you do this, it increases your chances of raising a bigger amount quicker. Keep INR 100 as an option as well. This will help them show their support and appreciation for your project. They might not leverage the reward benefits but they would be the ones who would bring more contributors from their circle.

2. Surpass the progress bar.

For a moment, just think of yourself as a potential contributor for a random project you saw on a crowdfunding platform. Would you just like that put your money into it? Most probably, no. A stranger doesn’t do that but people in your friend circle and near ones would. So, how do we make strangers contribute? The answer to this is to pass the contribution progress bar which usually lies between 20% to 30%. Your job is to get your project funded in between that range from your near ones as quickly as possible. They will be your early adopters and so will pave the path for others as well.  

3. Leverage the power of bloggers and influencers.

Do you ask why? They are the people with huge numbers of followers and whom people believe in. Isn’t that what you were looking for? Way before you launch your campaign, start getting in touch with influencers who represent your domain. Build a relationship and ask them for a favour or their services. Make them understand your project and then see the magic. Also, don’t get so choosy with follower numbers, whether it is 5k or 500k, all would do.

4. Email marketing is no underdog.

When it comes to crowdfunding campaigns people often take it as the underdog of marketing. Well, as per Indiegogo, the first 30% of your funding goal can be achieved by the people who are passionate about your project and would also email their networks on your behalf.

You can also ask for a favour from people close in your network to share their email contact list. The bigger your email list grows the nearer your crowdfunding goal seems. Also, do not forget the timely follow-up job. After all, it takes 6 to 8 impressions to generate a viable sales lead. 

5. Social media hacks.

After you have successfully launched your campaign with an awesome pitch, backstory and video content and have also surpassed the contributor’s progress bar it is to time go godspeed. Do proper research about your customers and demographics. Get the help of social media experts and go for paid marketing. A few bucks won’t hurt when you will see the buzz it creates and profit it brings in. Export all your contacts from your social media profiles and add them to your email list.

Here is how you can download your Facebook contacts.

6. Engagement is the key.

As soon as you have launched your campaign and are done creating the buzz with the help of your social media outreach, you should not miss the chance of carefully listening and engaging with your potential backers. On one hand, you get their instant feedback on your campaign and on the other hand, you will see many requesting for adding this or that to your product or service. You might get leads for your next product and they would be the one gladly waiting for your next product launch. Hence, engagement is the key. Make each and every one of them feel special.  

7. Gamify your rewarding game.

Rewarding your backer is the sweet spot where you would want to hit. It can make them click on the ‘contribute’ button almost instantly. It could be as simple as merchandise or as special as the passes to your live event. Try to make it an experience for them to cherish and something cool which will make them flaunt it on their Instagram profile. I hope you got the idea.

8. Go live on Instagram

While the campaign is still in progress share the progress of your product prototype or how excited are you for achieving half of your goal. Get your creative juices to work. Go live on Instagram with your influencer friends using “Go Live with a Friend” feature. You got to create your own buzz.

9. Give an option of ‘Refer to your friends’

10. Attend events and attract several eyeballs for your campaign.

The last but not the least, go local. Approach anyone in your network where you feel you can showcase your product and get lucky. Attend relevant events and talk to people about your campaign. This is how you get people talking and you know, people bring business.   

Other than that you can create your own comic series and share it on social media channels, opt for mentor consultancy, or go for a press release. Do not forget to embed multiple payment options and make it super easy for your backer to support your campaign.

Conclusion:

No jargons, no repetitions. I know you are smart folks and have remembered it all. Just remember, what Elon Musk had to say, “When something is important enough, you do it even if the odds are not in your favor. 

Let me know what do you think of the above points. Criticise it, or ask questions if you think I can answer them. Let’s have some intelligent conversation. Over to you.

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