Worldwide technology company and Indiegogo partner, Arrow Electronics, Inc. (NYSE: ARW), announced on Thursday the launch of its new crowdfund-to-production service. This new service reportedly aims at accelerating the pace of innovation for technology and internet of things (IoT) entrepreneurs.
Those interest in applying for an Arrow certification may do so through the Indiegogo’s platform. Projects that are ready for manufacturing will receive an Arrow Certified badge on their campaign website to assure backers that the project is production read. Arrow noted that every certified Indiegogo campaign that meets eligibility criteria would also be allowed to compete for a share of the company’s $1 million flash-fund.
Arrow stated it would also be giving away the funds to 20-50 initiatives during the next 12 to 15 months. Those who are Arrow Certified will also lock-in up to $50,000 in benefits, which will help campaign organizers create a prototype and manufacture its projects. Arrow then revealed that a handful of Arrow Certified initiatives will qualify as an Arrow Innovator campaign and will receive addition support, which includes supply chain service, up to $10,000 for prototype development, on-call or on-site support, and even perk protection.
Arrow chief digital officer, Matt Anderson, stated:
“Arrow is leading IoT design and production for many of the world’s largest companies. We are broadening these capabilities to support the rising wave of innovation coming from crowdfunding. The comprehensive design, manufacturing and go-to-market support that Arrow will provide Indiegogo campaigns will help IoT and technology innovators succeed in even greater numbers, making Indiegogo the only game in town when it comes to launching an IoT or technology idea.”
Indiegogo CEO, David Mandelbrot, added:
“This collaboration improves the experience for both entrepreneurs and backers on Indiegogo. Supporting the entire lifecycle for technology entrepreneurs—from idea, to funding, to manufacturing and ultimately retail selling—is a priority for Indiegogo and this collaboration with Arrow allows us to build on those efforts in an incredibly impactful way. At the same time, this alliance will enable backers to have greater confidence that they will ultimately receive their perks.”
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