On Tuesday (March 3rd), Florida-based MsGenuity launched a reward-based crowdfunding portal developed solely for the mom and family consumer. The site enables both funding and consumer input into the development of innovative product designs, creative projects and worthy community events.
By serving an untapped market, the mom community that controls 85% of the $1.5 trillion discretionary income of U.S. households, MsGenuity plans to expand crowdfunding beyond its current male-consumer focus.
CEO of MsGenuity, Marcia Christ stated:
“We want to balance and expand crowdfunding, by adding more Yin to the industry’s over-abundant Yang. By empowering moms and the family consumer as backers and active participants sharing ideas with product designers and project creators, we’re adding consumer input which will result in greater market success. We’re designing MsGenuity to become another trusted source of good ideas and innovations that matter.”
The MsGenuity site is being launched with seven crowdfunding projects. They range from funding a documentary on the Petticoat Painters (a group of women artists organized in the 1950’s to overcome the male bias within the art exhibition market), to launching the Matte (a patent-pending portable make-up platform for home and travel usage), to funding a new album for the Lauren Mitchell Band (a regional blues group expanding to national coverage), and more.
Each project owner is reaching out via social media to their family, friends and followers to financially “back” their campaign by contributing funds ranging from $5 to $1,000. In return, backers receive a reward which can include a simple thank you on social media, to a copy of the product being funded, to a dinner with the product development team or even the opportunity of naming the product under development.
The MsGenuity crowdfunding platform features a “Neighborhood” facilitating collaboration and idea generation. It includes live chat among backers and project owners, an entrepreneurial-oriented blog on how to successfully launch startups, a mom video blog and forum, as well as an outreach program for mom bloggers.
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