I’m not sure Ryan Grepper saw this coming: Launching his project on Kickstarter with a pledge target of $50,000, the funds he received from 62,642 people exceeds $13 million ($13,285,226, to be exact) – breaking the previous record held by Pebble watch.
What’s interesting is, he has actually launched a similar funding campaign last year, and failed to meet the funding target. What makes things different?
Well, let’s just say that the Coolest cooler project serves as a case study of how timing and positioning can make or break your startup launch.
But first things first – why Coolest cooler is probably the coolest cooler of all? (pun intended) Other than the typical cooling function, the waterproof Bluetooth speaker, the USB charger, the convenience in carrying it around, and some other features make it an all-in-one tool for summer fun.
So, let’s get back on topic: Why this crowdfunding campaign is a major success?
You see, last year, the Coolest cooler has made its appearance on Kickstarter. It was failed to reach the pledge target. However, it was winter, so Ryan assumes that his project is launched on time this year (on Summer.) He hasn’t released any official statement, but reading the FAQ, he mentioned that the funding success – especially compared to the previous one – is due to these factors:
- People want coolers in the summer, not winter.
- The previous campaign’s supporters are ready to take another shot to bring Coolest cooler into production – and they share their support with their friends.
- Improvement on the design and focus on marketing effort, especially in term of targeting and the use of video to feature the product.
To add, don’t forget the coverage by the media: Forbes, Today, BuzzFeed, CNN Money, and many other big name media.
This is a really fascinating success story which leads us to a new question: Is crowdfunding really becoming mainstream for consumer products, as it’s effective in helping companies to gauge interest and gain funding, even before the products are manufactured?