Chinese smartphone developer Xiaomi announced plans to launch a new crowdfunding platform in India called Mi Crowdfunding. India is reportedly the second country Xiaomi has introduced crowdfunding to test new products. Through the new funding portal, Xiaomi can fund and sell the products launched. Xiaomi stated:
“We have been listening to you and your requests to bring innovative lifestyle products to India. To address the same, we have developed a platform ‘Mi Crowdfunding’ where you can support the products which can be launched in India. When 100% support is achieved within a stipulated timeline, a project will be considered successful for a specific product.”
Xiaomi reported that each project requires a certain number of supporters for it to be declared successful. Project is declared successful once the progress bar reaches 100% within the defined timeline. If the project is unsuccessful, backers get their entire money back. There are currently two projects listed on Mi Crowdfunding:
- Mi Selfie Stick Tripod Black: A selfie stick and tripod stand that is combined into one unit that has a bluetooth shutter remote.
- Mi Bluetooth Audio Receiver White: A single-key operation that is professional headphone amplifier chip.
Both projects will ship within ten days after the completion of the campaign.