Harvard Case - Devium's Dash: Crowdfunding a Venture on Kickstarter
"Devium's Dash: Crowdfunding a Venture on Kickstarter" Harvard business case study is written by Simon Parker, Ken Mark. It deals with the challenges in the field of General Management. The case study is 11 page(s) long and it was first published on : Oct 29, 2012
At Fern Fort University, we recommend Devium proceed with their Kickstarter campaign, leveraging the platform's reach and community to secure funding for their innovative product. However, we advise them to refine their strategy, focusing on building a strong brand narrative, engaging with potential backers, and managing expectations effectively.
2. Background
Devium, a small startup, is developing an innovative, eco-friendly, and affordable personal transportation device. They are considering using Kickstarter to fund their initial production run. The case study explores the challenges and opportunities associated with this crowdfunding approach, examining the potential benefits and risks involved.
The main protagonists are the founders of Devium, who are passionate about their product and its potential to disrupt the transportation industry. They face a crucial decision: whether to rely on traditional funding sources or embrace the power of crowdfunding.
3. Analysis of the Case Study
The case study presents a compelling scenario that highlights the complexities of launching a new product in a competitive market. We can analyze the situation using a combination of frameworks:
SWOT Analysis:
- Strengths: Devium's product offers a unique value proposition, combining sustainability, affordability, and innovation. The founders possess a strong entrepreneurial spirit and a deep understanding of the target market.
- Weaknesses: Devium lacks significant funding and brand recognition. The product is still in its early stages of development, and there are potential manufacturing and production challenges.
- Opportunities: The market for sustainable transportation solutions is growing rapidly. Crowdfunding platforms like Kickstarter offer a direct channel to engage with potential customers and build a community around the brand.
- Threats: Competition from established players in the transportation industry is fierce. Devium faces the risk of not meeting funding goals on Kickstarter, and potential manufacturing delays could impact the project's timeline.
Porter's Five Forces:
- Threat of New Entrants: The market for personal transportation devices is relatively easy to enter, increasing the threat of new competitors.
- Bargaining Power of Buyers: Customers have a wide range of choices, giving them significant bargaining power.
- Bargaining Power of Suppliers: Devium's reliance on external suppliers for components and manufacturing could create challenges in negotiating favorable terms.
- Threat of Substitutes: Traditional transportation modes, such as bicycles and scooters, pose a significant threat to Devium's product.
- Competitive Rivalry: The market is highly competitive, with numerous established players and emerging startups vying for market share.
Marketing Strategy:
- Devium needs to develop a compelling brand story that resonates with their target audience.
- They must leverage digital marketing channels, including social media and content marketing, to reach potential backers.
- Building a strong online presence and engaging with the Kickstarter community is crucial for campaign success.
Financial Management:
- Devium must carefully analyze their funding needs and set realistic fundraising goals.
- They need to develop a comprehensive financial plan, including projected expenses, revenue, and profitability.
- The team should explore alternative funding sources, such as angel investors or venture capitalists, to supplement the Kickstarter campaign.
4. Recommendations
- Refine the Kickstarter Campaign: Devium should focus on creating a compelling campaign narrative that highlights the product's unique value proposition, its environmental benefits, and its potential impact on the transportation industry.
- Engage with the Kickstarter Community: Actively engage with potential backers, answer questions, and address concerns. Build a sense of community and excitement around the product.
- Manage Expectations: Clearly communicate the product's development stage, potential risks, and the timeline for delivery. Set realistic funding goals and be transparent about how the funds will be used.
- Diversify Funding Sources: Explore alternative funding sources, such as angel investors or venture capitalists, to mitigate the risk of relying solely on Kickstarter.
- Develop a Strong Brand Identity: Create a memorable brand name, logo, and messaging that resonates with the target audience.
- Leverage Digital Marketing: Utilize social media, content marketing, and email marketing to reach potential backers and build brand awareness.
- Build Strategic Partnerships: Collaborate with relevant organizations, such as environmental groups or sustainable transportation advocates, to increase visibility and credibility.
5. Basis of Recommendations
These recommendations are based on the following considerations:
- Core Competencies and Consistency with Mission: The recommendations align with Devium's mission to develop sustainable and affordable transportation solutions. They leverage the company's core competency in product innovation and its commitment to environmental sustainability.
- External Customers and Internal Clients: The recommendations address the needs of both external customers (potential backers) and internal clients (the Devium team). They focus on building a strong brand narrative, engaging with the community, and managing expectations effectively.
- Competitors: The recommendations take into account the competitive landscape and aim to differentiate Devium from its rivals by emphasizing its unique value proposition and its commitment to sustainability.
- Attractiveness ' Quantitative Measures: While the case study does not provide specific financial data, the recommendations are based on the assumption that a successful Kickstarter campaign can generate sufficient funding to launch the product and achieve profitability.
6. Conclusion
Devium has a strong product concept with the potential to disrupt the transportation industry. By leveraging the power of crowdfunding and implementing the recommended strategies, they can increase their chances of success in securing funding, building a strong brand, and launching their product into the market.
7. Discussion
Alternative Options:
- Traditional Funding: Devium could pursue traditional funding sources, such as angel investors, venture capitalists, or bank loans. However, this approach may require a longer timeline and involve more stringent requirements.
- Pre-orders: Devium could offer pre-orders of their product through their website or other channels. This approach would provide valuable market validation and help secure funding, but it carries the risk of not meeting sales targets.
Risks and Key Assumptions:
- Risk of Not Meeting Funding Goals: Devium faces the risk of not meeting their funding goals on Kickstarter, which could jeopardize the project's viability.
- Manufacturing Delays: Manufacturing delays could impact the product's launch timeline and negatively affect customer satisfaction.
- Competition: Devium needs to be aware of the competitive landscape and differentiate itself from existing players in the market.
- Assumption of Market Demand: The recommendations are based on the assumption that there is sufficient market demand for Devium's product.
8. Next Steps
- Refine the Kickstarter Campaign: Devium should develop a detailed campaign plan, including a compelling video, engaging visuals, and a clear call to action.
- Build a Strong Online Presence: Create a website and social media accounts to promote the product and engage with potential backers.
- Develop a Marketing Strategy: Implement a comprehensive marketing strategy that includes social media marketing, email marketing, and content marketing.
- Secure Funding: Launch the Kickstarter campaign and actively engage with the community to secure funding.
- Manage Production: Develop a robust production plan and secure reliable manufacturing partners.
- Launch and Market the Product: Once the product is ready, launch it to the market and implement a comprehensive marketing strategy to drive sales.
By following these steps, Devium can navigate the challenges of launching a new product and achieve its goals of disrupting the transportation industry with its innovative and sustainable solution.
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Case Description
A hybrid entrepreneur working at a full-time job has come up with the idea for his first product, a smartphone car stereo. He has invested $10,000 of his own money plus $3,000 from an early investor to develop his prototype. He needs to put together a viable commercialization plan and is considering crowdfunding as a viable funding source. He also needs to decide whether to distribute his product through direct sales or a traditional retail mode
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