How to raise 5M on Kickstarter and Become an instant Millionaire

[Dmitri]

1) Choose a common product that is used by millions of people but has not been innovated for decades
2) Make it cool again
3) Find a manufacturer and get a prototype made
4) Start a Kickstarter campaign

Link to Kickstarter: https://www.kickstarter.com/projects/ryangrepper/coolest-cooler-21st-century-cooler-thats-actually

Thought I would post this because I think there are great lessons here for someone who is actively looking for what product to sell.

 

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[SJVC]

Wow that is really cool!

I think this just reinforces the fact that you don't have to reinvent the wheel, just alter it a bit, make it a bit (or a lot) better.

And they have raised $5m+... That is insane, they had a 50k target!

Going to be a case of keeping up with demand for them now, thanks for sharing.

 

[splok]

It's even more interesting because his first attempt failed: https://www.kickstarter.com/projects/ryangrepper/the-coolest-cooler-with-blender-music-and-so-much

 

[randomnumber314]

Hopefully the production cost estimates were close, they have 21,000 cooler orders to fulfill

 

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[LeftBench]

Amazing!

 

[SJVC]

Hmmm I wonder why this new page was vastly more successful

 

[Iwokeup]

Hopefully the production cost estimates were close, they have 21,000 cooler orders to fulfill

27,000 now, 5.2 million dollars pledged!

Version 2.0 of the product looks so much better.....and I want one!

 

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[PHowey]

Copy, Copy, & Innovate... The best business successes I have personally had have always been from taking a well known service, copying what I liked, omitting what I hated, and adding my own innovation.

I forget what the percentage is but most first to market products/services fail. This is a great example of copying an existing product, leveraging an already educated customer base, and adding innovation that people want.

 

[DaRK9]

Hmmm I wonder why this new page was vastly more successful

The second looks way better and goes for benefits not only features.

 

[AllenCrawley]

Thread moved to the outside.

This makes for a killer case study.

 

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[Michael Raphael]

It really is something interesting. I would love to know the secret sauce to the success. It is still very interesting to note that he did raise over 100k which would be considered a lot.

1. He lowered asking price, thus I believe he was able to complete his goal faster and thus have a 100% completed project at a sooner date.
2. The 100k was a sign that he would be able to copy it, so if he made it 50k and raised 100k it shows demand. Which probably helps with other media outlets.
3. Cooler design, and video upgrade?

 

[MJ DeMarco]

I would love to know the secret sauce to the success.

Uh... a product that people want? A product that demonstrates well? A product that is shareable, tweetable, and postable? A product that solves problems and makes things more convenient? Don't the "the secret" is the free t-shirt.

 

[MJ DeMarco]

1) Choose a common product that is used by millions of people but has not been innovated for decades

One of the Fastlane book recommendations is "Inside the Box" (by Goldberg)-- this product innovation is an exact study in what that book explains.

 

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[1step]

Uh... a product that people want? A product that demonstrates well? A product that is shareable, tweetable, and postable? A product that solves problems and makes things more convenient? Don't the "the secret" is the free t-shirt.

I think hes referencing the fact that 6 months ago the guys same campaign only made 100k on kick starter and now he's at 5 million in a week or so.

 

[MJ DeMarco]

I think hes referencing the fact that 6 months ago the guys same campaign only made 100k on kick starter and now he's at 5 million in a week or so.

I understand that, but even the "failure" garnered $100K which in my book shows demand. I thought both campaigns looked well done, the 2nd definitely showed better, but 5000% better?

 

[Magik]

I think hes referencing the fact that 6 months ago the guys same campaign only made 100k on kick starter and now he's at 5 million in a week or so.

5000% better

6 months ago was the dead of winter, at least in the States and Canada it was. Now, we are in the middle of summer, when more people are thinking about coolers, seeing coolers, using coolers. This is a seasonal product (and a product that probably won't get used in Winter) and the demand is currently higher, which not only increases the odds of someone buying, but also that people will share it.

 

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[PHowey]

6 months ago was the dead of winter, at least in the States and Canada it was. Now, we are in the middle of summer, when more people are thinking about coolers, seeing coolers, using coolers. This is a seasonal product (and a product that probably won't get used in Winter) and the demand is currently higher, which not only increases the odds of someone buying, but also that people will share it.

You beat me to it

I think timing had a lot to do with it. Not to mention, the new version looks like a very high quality product. The old version looks like an existing cooler that had been modified.

Clearly the refined campaign/product along with the proper timing made a huge difference.

 

[Determined2012]

I saw this on FB. The video he had on there was awesome!

 

[1step]

I understand that, but even the "failure" garnered $100K which in my book shows demand. I thought both campaigns looked well done, the 2nd definitely showed better, but 5000% better?

Yeah the 5000% is insane, the changes that are evident from the campaigns are minor and don't seem like they should reflect that massive of a difference.

Another thing on the timing issue, the last one was launched around thanksgiving and christmas time, it seems like that would be an advantage but maybe the seasonal aspect of the product mixed with the fact that we all have so much going on in our lives (vacations, travel, people off work) maybe it just got lost in the shuffle and couldn't get the press needed.

In addition you would have to imagine his promotion strategy was much better this go around.

 

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[NicoleMarie]

Wow, this thing is a powerhouse of features...no wonder ha.

 

[1step]

Ah another thing I just noticed about the previous campaign was that $75,000 of the $100,000 was raised from his most expensive pledge levels. This was 15 people who spent 3k-7k each for various bonuses including meeting Brendon Burchard author of the Millionaire Messenger.

In essence this means he sold 80 coolers last time as opposed to 25k+ this time.

Its interesting that he removed all of these high price point pledge offers from this new campaign when that is how he made the vast majority of the money the last time.

 

[eqttrdr]

It's even more interesting because his first attempt failed

according to the story I saw yesterday about this product on the local news... they said it was because he hired a really expensive PR firm (over $7k/mo).. dont know if thats true or not but thats what they said on TV

 

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[1step]

according to the story I saw yesterday about this product on the local news... they said it was because he hired a really expensive PR firm (over $7k/mo).. dont know if thats true or not but thats what they said on TV

Thats the Press Release I would generate if I was that PR firm!

 

[Milkanic]

"the power of compound interest the most powerful force in the universe." -Albert Einstein

I think this hit some kind of tipping point around 1-2M where people started sharing for the dollar value alone, not because of the product and the exposure grew exponentially.

y=2^x is a beautiful thing.

 

[BGLefty]

His product is awesome!

The only thing it's missing is a LoJack because I'm sure people will be trying to swipe this thing right off the beach!

 

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[Vigilante]

Now he's got to deliver.

 

[sle3pyguii]

I unfortunately read some of the YouTube comments on the video.

Lots and lots and lots and lots of people saying how it's stupid to buy something that combined things that already exist. There was also one person who was angered by the fact that people were willing to pay for the convenience, while another was infuriated because the creator was looking to make millions by selling a product that basically combined a bunch of things into an existing product.

Guess there's always gotta be those people who think they know better than the one making the money.

 

[Magik]

43 days still left and at 5.5 million. He's going to set a new Kickstarter record, might even clear 20 million. It's amazing to me that a cooler is going to beat Reading Rainbow and Neil Young's Pono. The record is 10.3 million, and this guy is going to smash that.

 

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[Magik]

Most successfully funded Kickstarter campaigns: http://www.cnbc.com/id/101829861?slide=1

 

[MyronGainz]

Wow that is really cool!

I think this just reinforces the fact that you don't have to reinvent the wheel, just alter it a bit, make it a bit (or a lot) better.

And they have raised $5m+... That is insane, they had a 50k target!

Going to be a case of keeping up with demand for them now, thanks for sharing.

Look at that subtle off-white coloring. The tasteful thickness of it. Oh my God, it even has a watermark!