In one week, we have reached 88% of our funding goal. We decide, nevertheless, to cancel our Kickstarter operation. Our contributors will of course not be deducted of the amounts invested.
First of all, the good news! The production of FALCONS is not canceled. We just push off its launch. We are convinced that this type of product has its place in the set up of players.
We would like to thank infinitely the 142 contributors for their trust in our project. With their commitment, the prospects of financing after 30 days of campaign exceeded the goal of 9000 €!
Unfortunately, our financial goal is not sufficient to finance the project in the long term.
Let us explain the reasons.
1st point : Kickstater and the success of a campaign
This crowdfunding platform is an incredible tool for presenting new projects. Our objective was double :
- explain the steps that led us to propose socks
- finance the production and promotion of our new product
There is one element, however, that we did not take into account to achieve the second part of our target. Kickstarter has evolved over the years and organic growth is now almost impossible without investing significant amounts on marketing.
The success of a campaign is decided in the first 48 hours. If a project reaches 150% of its objective, for instance, it will be put forward on the platform, thus generating more organic traffic and contributions. In such cases, it is not uncommon to see campaigns exceed their funding by 300%. That’s why most projects have weak goals.
And that’s why our target was € 9,000: to finance the production and give a boost to the project!
We are lucky to have a large community of followers and a first product that meets a real success. However, we have not succeeded in getting everyone to join this new project, and, therefore, missed the benefit from this wave.
2nd point : no success without an important investment
If the funding goal is not rapidly reached, you need to implement other ways to communicate about your campaign. This is where it gets complicated !
We actively defended our project for a week, paying extra amounts for advertising. The problem is, budgets to be invested are huge for a start-up. Many agencies, mainly in the United States, have specialized in the promotion of Kickstarter, but the budgets requested by these agencies are also much too high for small businesses.
Investing these amounts, without guarantee of success, was a risk for the project and for all those who had already contributed. It seems obvious to us that the best solution is the outright cancellation of crowdfunding.
3rd point : What’s next
We are now focused on creating our new website and prototyping new products!
Socks designed for gamers will be available in the coming months.
We listen to our community and constantly adapt our creations to the needs of the players. They will, therefore, probably be different than the prototypes presented on Kickstarter.
Once again, we thank you all for your support. The Bequipe adventure goes on !
Hugo & Remi, founders.