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PLEASE PROVIDE AN ANALYSIS FOR THE TWO RESPONSES GIVEN WITH A 150WORD COUNTDUE 2/27/2017
I find crowdfunding very interesting. I have not seen it a whole bunch apart from people trying to raise money for the burial of a family member or friend. However I did see a post recently that caught my eye. I have been blessed to work with a lot of great artists over the years. I was introduced to the sister of my bassist from a band that I worked with for a few years previously and she had the great pleasure of working with Prince in his hay day. She was the blonde from Vanity 6 and Apollonia 6. Recently with the sad passing of Prince Brenda decided that she was going to go back to a project that was place on the burner over the years that she was working on directly with Prince and finish it in honor of her friend and mentor. She put together a crowdfunding page on Facebook to help fund this project. The incentives were what really got me. She had special prizes for those that donated various increments which went from $20 all the way to $5000. The higher the monetary value the better the prize including rare autographed 45s of the works of Vanity 6 and Prince. Some of the prizes even included vintage clothing worn by Prince. I thought this was a brilliant way to raise money for the project.
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With the insect repellent being more effective and environmentally friendly investors will be swarming in to invest in the newproduct. Especially because of the diseases associated with certain insects such as mosquitoes whichare known to transmit the Zika virus malaria and other serious diseases. I believe that the answer to how to get financing for the product depends on whether or not the person has an already established company. If the individual does not I believe the best way to bring the new product into production and to market is to seek out already established companies that specializein repellent manufacturing. Two large companies that may be interested are OFF (an SC Johnson Company) and Coleman; licensing the product will allow you to continue making a profit. After obtaining a patent for your product this may be the most costefficient method because you would not have to finance the product (depending on the terms of agreement).
If licensing the new product to a larger company is not an option then I believe opening up a business line of credit can be helpful. Prior to seeking any type of funding it is imperative that the individual have a business plan in place as well as product samples for potential investors.