The Design of Crowd-Funded Products
Chaoyang Song,Jianxi Luo,Katja Hölttä-Otto,Kevin Otto,Warren P. Seering +4 more
- 02 Aug 2015
TL;DR: In this paper, the authors analyzed the crowd-funded products to develop design guidelines for crowdfunding success using a design project assessment scorecard, the Real-Win-Worth framework, which focuses on the state of maturity on various customer, technical and supply chain dimensions.
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Abstract: Crowdfunding is an emerging phenomenon where entrepreneurs publicize their product concepts to raise development funding and collect design feedback directly from potential supporters. Many innovative products have raised a significant amount of crowdfunding. This paper analyzes the crowd-funded products to develop design guidelines for crowdfunding success. A database of 127 samples is collected in two different product categories from two different crowdfunding websites. They are evaluated using a design project assessment scorecard, the Real-Win-Worth framework, which focuses on the state of maturity on various customer, technical and supply chain dimensions. Our analysis identified key RWW factors that characterize successful design for crowd-funded products. For example, success at crowdfunding is attained through clear explanation of how the design operates technically and meets customer needs. Another recommendation is to not emphasize patent protection, for which crowd-funders are less concerned. Also, evidence of a strong startup financial plan is not necessary for crowdfunding success. These key RWW factors provide guidelines for designers and engineers to improve their design and validate their concepts early to improve their chances for success on crowdfunding platforms.Copyright © 2015 by ASME
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Citations
How Do Accelerators Select Startups? Shifting Decision Criteria Across Stages
Bangqi Yin,Jianxi Luo +1 more
TL;DR: Analysis of a unique dataset of the real profiles of the startups that applied to the first seed accelerator in Southeast Asia and the accelerator's decisions to uncover the selection process and latent criteria revealed that accelerator managers’ implicit decision criteria shifted from eight real or win criteria in the initial screening of many startups to another four win or worth criterion in the final selection of a small number of startups.
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Identifying challenges in crowdfunded product development: a review of Kickstarter projects
Lasse Skovgaard Jensen,Ali Gürcan Özkil +1 more
- 01 Jan 2018
TL;DR: In this paper, an empirical review of the reward-based crowdfunding platform Kickstarter.com is presented, with the aim to explore and identify challenges in crowdfunded product development, which consequently can lead to failure of the crowdfunding campaign.
Design by Prototyping in Hardware Start-ups
Lasse Skovgaard Jensen
- 01 Jan 2018
TL;DR: Surprisingly, researchers have identified that despite its importance, prototyping is currently one of the least understood aspects of product development.
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Critical Factors in the Selection of Start-Up Incubator Residents
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TL;DR: In this article, an assessment method based on the Real-Win-Worth framework was proposed to evaluate a data set of 280 application profiles of start-ups submitted to JFDI.
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Jianxi Luo,Kin Leong Pey,Kristin L. Wood +2 more
- 02 Nov 2018
TL;DR: In this article, the authors developed an approach to use an online crowdfunding campaign as a pedagogical approach to intensify the experiential learning of students in a technology entrepreneurship course, and found evidence of increased prototyping quality; learning intensity; empathy toward users, manufacturers, marketers and other stakeholders; and an increased interest in pursuing an entrepreneurial career.
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