The client obtained a patent for a revolutionary piece of fitness equipment. However, she was cash strapped from covering the costs of the patent process, and needed a cash infusion to begin manufacturing the items.
With specific insights into the client’s needs, we prepared a game-plan. First, we needed to determine the value proposition of the equipment. Once that was done, through market research we had to determine how this product is different and better than it’s alternatives.
Business Model Canvas
As the inventor was not in a financial position to be eligible for a loan, we had to consider alternate routes. The route that caught the most traction was crowdfunding. We walked her through the process, and assisted her with a brand identity to resonate with her client base. We also dived deep into the business model canvas, to ensure that all the bases were covered from an operational perspective, before launching the campaign.
The campaign raised over 80% of the necessary funds, and although it didn’t reach the full 100% needed, as only 3% of crowdfunding campaigns do, the product caught the eye of an investor who decided to fund the remaining 20% and stay on as a silent partner. The product is now being produced overseas and first batches will arrive on US soil within few weeks.