Widely covered crowdfunding success Lumawake – dubbed the first docking station compatible with all iphones – recently indicated in their first backer update that they hit a hurdle.
In contrast to the Kickstarter approach where funds committed are available for the project upon successfully attaining the stated goal, Lumawake decided to access the funds only when the product was ready to ship. Stymied by the lack of working capital to fund production Lumawake is currently searching for short term financing;
As many of you know, we have committed to charging our backers only when Lumawake is ready to ship – not when we met our funding goal as is with the more traditional Kickstarter model.
From day one we planned to launch on Kickstarter so the short term cash flow issue that we are up against isn’t something we had originally planned for. That said, we’re weighing several options and moving as fast as humanly possible.
Having already generated over $160,000 in committed funding (with a goal of $150,000), it would be surprising if an angel or another source of cash does not step up to the plate relatively soon, contingent upon the details.
Lumawake, which is far more than a docking station, had originally intended to crowdfund on Kickstarter, a rewards based crowdfunding portal, but was rejected. Undeterred – Lumawake chose a different path and selected Selfstarter as their crowdfunding platform to fund their project. Selfstarter had originally evolved from another project, Lockitron, which in search of crowdfunding- and being rejected by Kickstarter – went about and created their own crowdfunding platform. Selfstarter has quickly evolved into a dependable option for white label or do it yourself crowdfunding.
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