Here is the latest update regarding the Assassin Kayak Paddle project and our funding efforts.
Well…so much for the crowd funding plan. The Indiegogo Assassin Kayak Paddle project did not meet expectations. We came up way short on our goal of $100,000. Basically, we failed miserably!
Of course I accept all responsibilities for the failure. I had no idea how much marketing was required to promote our new paddles to potential investors. Marketing is money. We spent around $4,000 on the project and received 3% funding. We advertised on Facebook, Twitter, Kayak Angler and Adventure Kayak magazine newsletters, Paddling.net banner ads, and professional PR article writings.
Crowd funding has been around a few years. However, now, like all things inter-web oriented, the whole crowd funding concept has become inundated with projects. Most of which are simply designed on a whim to facilitate someone’s ego. The process loses its attraction to serious investors. It simply takes too long to separate the bullshit from the cream.
Now you have the “vulture crowd funding marketing companies” contacting you everyday your campaign is running. They tell you how they will provide you the necessary contacts for your project to succeed…for a substantial fee!
Wow, trying to extrapolate the necessary marketing budget to get 100% funding…around $50,000? It makes no sense! The paddle project would have had to gone viral to get all the necessary exposure, inexpensively.
Nevertheless, below is the Indiegogo campaign we ran:
So we are moving on with Plan “B.” We have just sent the project to a potential investor named Marc Portney for evaluation and consideration. Mr. Portney is an investor with All American Makers. This would be an equity investment should he decide this project is worthy of his attention. We will have to give his team a week or so to do their discovery, and await a response!
Plan “C” is to solicit other potential angel investors, private investors and other venture capitalists who would be interested in backing our project. Think “Shark Tank”
Plan “D” is non-bank funding options. I attended a very interesting lecture at our local college. It was presented to entrepreneurs about seeking funds from sources other than banks. The SBA, Small Business Administration, backs these loans from select small investment companies.
Plan “E” is to source the project through some other established paddle sports manufacturing company for an equity stake in our company.
As you can see, we already have a backup plan in action, and others available if required. If anyone knows of a potential investment source, please feel free to contact me.
Thanks for all your continued support and dedication! Failure is not an option!
So now we wait…again!