Tile location Device Skips Big Crowdfunding Platforms to Use Selfstarter Becoming the Most Successful Selfstarter Crowdfunding Campaign Ever.
The tiny blue tooth device to keep track of your belongings both large and small launched a super sized crowdfunding campaign foregoing crowdfunding giants Indiegogo and Kickstarter by using open source crowdfunding platform Selfstarter.
The campaign closed at 12 midnight PST having raised $2,681,297 Million from 49,586 supporters with funding coming in up to the last hours of the well executed crowdfunding project. The previous record for crowdfunding on Selfstarter was by Lockitron, a keyless deadbolt system, which previously raised over $2.2 Million using the white label platform.
Reveal Labs, the company that created Tile, was founded by two entrepreneurs in 2012 – Nick Evans and Mike Farley. Evans had previously worked for Lockitron, as well as Pebble, bringing a rare combination of crowdfunding pedigree to the Tile project.
The initial target of $20,000 was quickly surpassed in the first 8 hours of the crowdfunding campaign as the organizers quickly realized they had captured a hit product. The campaign hit a cruising speed in the last weeks averaging $100,000 raised per day. The rewards based crowdfunding initiative offered the devices at a discount price, starting at $18.95 which created a low entry for interested consumers. The top reward tier was for 12 Tile’s for $170.55. The founders expect the Tile to retail for $25 following the campaign with sales continuing from their site.
The Tile item finder differentiated itself from other similar products on the market by networking with all other Tile devices to crowdsource the search for your missing item. This means that if someone else with a Tile app comes within range of your lost object, the Tile app will discretely and securely identify your item and send you a notification of its location.
“The enormous, positive response we’ve received from everyone during the Selfstarter campaign has been very exciting and encouraging,” says Tile co-founder and COO Mike Farley. “The Tile community has grown significantly over the past month, and we’re very much looking forward to significantly increasing its reach in the years to come!”
Tiles can still be ordered even after the crowdfunding campaign ends, and units will begin shipping in Winter 2013/2014.
The founders indicated there are an endless number of features they are considering for the Tile. Presently they are very much focused on delivering a rock solid Tile version 1. Tile version 2 may incorporate additional features.
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