The Grommet loves watching the innovation pouring out of crowdfunding and we follow the crowdfunding space very closely. In fact, as a company we actually invest in ideas that we think have real, long-term potential.
Crowdfunding platforms can be a great feedback mechanism for consumer demand. The feedback product creators receive from the community is so valuable as they iterate their concepts and designs. Five of our Product Pitch participants launched Indiegogo campaigns after their big day at Fenway last month (quick, check them out, funding deadlines closing soon!) and they have received great feedback from the community.
Once crowdfunded products are ready for retail launch, we love introducing their story to the world and actually helping them to sell on our site and off-site through our retail placement partners.
It's amazing to see how the crowdfunding business model has exploded. This time last year, the insertion of crowdfunding into conversation was typically met with blank stares. Today, Indiegogo and Kickstarter are household names, and there are newer companies popping up with similarly disruptive models.
For instance, we recently spotted Crowd Supply.
We love CEO Lou Doctor’s bold response to Kickstarter’a now famous blog post entitled “Kickstarter Is Not a Store”. He believes the crowdfunding industry is ready for a platform that is a store! By marrying crowdfunding with e-commerce, his new site is looking to make a new path for product development, taking products all the way through their first year of development and sales.
And they have launched with some really cool new-to-market products. We have our eye on this jacket. It’s a stylish jacket created for the street, yet made from waterproof, breathable corduroy and insulated with 700 down fill.
Creator Daniel Tiegs explains that the biggest barrier to entry into the technical apparel market is being able to meet the fabric weaving and color dying minimums as well as the factory production minimums. These minimums are very cost prohibitive, which is why the market is dominated by deep-pocketed corporations.
We're rooting for Daniel’s product! Read more him and support his effort here.
Know of a new product that we should launch on The Grommet? Be sure to submit it to our Citizens' Gallery here.