Lessons From A Failed Campaign - Kickstarter
Podcase has announced the end of its campaign to raise a sum of three hundred thousand USD on Kickstarter. This announcement was made not under the air of victory but that of loss.
The company had, on an announcement on its website, stated its intent to pull out of the process, just being able to raise a tenth of what they had hoped for.
PodCase is an iPhone and AirPod charging case with a built in backup battery. It keeps your iPhone and AirPods in one place and charges them with a single cable. The company is based out of California.
The brains and creators of the product had the likes of Avegant co-founder Allen Evans, Pebble lead designer Steve Johns and the bygone smartwatch startup’s founder, Eric Migicovsky.
Having such a stellar cast with such pedigree and still coming up short has left quite a few people, including the creators, themselves in an odd spot. The notable feature of the project was their clever solution to the issue of carrying an extra pair of AirPods case.
All hope is not lost though maybe, with the creators stating “Unfortunately it will not be funded and we will not be able to manufacture PodCase as it stands today, at least on the timeline that we were aiming for”, implying they might look for other options too.
Pebble, at the moment, commands three out of the coveted top five positions of most successful Kickstarter projects of all time. Podcase had tried to hedge its bets by making its presence felt in the press early on. The company was not exactly a company but a group of industry veterans attempting to change the conversation around what it means to be a hardware startup.
As per Migicovsky there are certain products that do not need the helping hand of an entire company backing them up, which is what Podcase was supposed to be. Podcase was to be launched with all the funding in place in a single fell swoop. This basically implies that the team would never look out for funding from other outside sources such as venture capital and private equity. Each project under Podcase would be a self contained entity. The company was to operate under a create, fund, release, next repeat model.
Migicovsky, on answering questions to a reporter, stated that they (the creators) had gotten their answer to whether it would be possible to raise the money required in a single Kickstarter campaign. He states that creators need to look for investors that will post the required cash to fund the same operation that the creators have assured with the Kickstarter backers too.
He believes that Podcase was a little too honest and upfront with people. Stating that he doesn't negate the costs that such projects entail with huge upfront costs being the majority. The demand for the product too was present in the market as the company had cleverly managed to pull in 325 backers on Kickstarter.
To an outside observer, it might appear as team's intentional lack of resources was the primary factor at play whereas the creators very steadfastly believe that every company doesn't require a PR agency for a successful Kickstarter campaign.
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