Crowdfunding has increasingly risen in popularity over the last couple years as a new way to take your product from concept to market. You see fresh campaigns all the time, popping up on your social media stream and landing in your inbox. You might be tempted to think that running a successful crowdfunding campaign is easy, but often getting your idea for a hardware product off the ground is a complicated task. Whether you are brand new to manufacturing or you are a seasoned veteran, you’re bound to learn a few important lessons along the way.
- Developing a product is expensive
The true cost of manufacturing is often much higher than people anticipate. The set up costs for some parts alone can run many businesses into the ground. Without an accurate expectation of the true costs of manufacturing, many crowdfunders are walking into a difficult situation.
- You need accurate and reliable resources
Even big companies can run into supply chain problems. Having resources that can truly scale to fit your needs, and in a timely manner, can be a lifesaver.
- You need expertise
Experience is absolute gold in hardware startups. Having someone on the team who knows the ins and outs of getting parts made can go a long way to making a successful launch.
Arrow Electronics has partnered with Indiegogo to help alleviate some of these problems for hardware startups with their Arrow Certification program. Through this program, they are offering expertise, resources and even funding for eligible Indiegogo campaigns. This year, Arrow Certified campaigns on Indiegogo have a shot at their share of $1,000,000 for their product development.
The program is free of charge or obligation and it’s easy to get started.
Submit your idea
After Arrow engineers look at your design and bill of materials, you’ll find out if your campaign qualifies for Arrow Certification benefits. You’ll even get immediate savings, 10% off and free shipping on Arrow.com while your campaign is being reviewed.
If you become Arrow Certified, you’ll receive:
- Feedback on all aspects of your idea, from design to manufacturing access to many tools and engineers from Arrow such as SiliconExpert Part Search, EnVision, and more.
- Savings on Arrow products and up to $1,000 toward your bill of materials
- Marketing from the Arrow network
- An “Arrow Certified” badge on your Indiegogo campaign
- Your chance at a share of $1,000,000 in Flash Funding
While there are other certification programs out there, one thing that really sets the Arrow approach apart is that it is completely free to the applicant. You don’t have to pay to be part of this program, though you do have to qualify. If you’re launching a new hardware product and hoping to go the crowdfunding route, you should hop over and apply. It might be just the partnership you need to get you all the way to a final product and retail distribution!
Arrow is Flash Funding now, so get Arrow Certified to have a chance at a share of $1,000,000 today.