Portland-based Crowd Supply will not only manage the fundraising campaign, but it will also help funded projects with a website to sell their wares, and assistance with warehousing and business development needs.
Crowd Supply is partnering with project creators to speed up the development, manufacture, and delivery of products. Currently, the platform has a staff of six engineers who will work closely with project creators.
According to Crowd Supply’s website: “Our goal is for all products launched on Crowd Supply to blossom into successful hardware companies which continue to innovate.”
“To support that goal, Crowd Supply provides a foundation of relationships and services. Of course, creators keep total control of the direction of their products, and full rights to any past, present, and future intellectual property.”
For its work, Crowd Supply charges a fee of 5% of the raised funds.
Birth of a New Platform
The co-founder of the new platform is e-commerce executive and entrepreneur Lou Doctor. He said the idea came after Kickstarter’s blog post titled ‘Kickstarter’s is Not a Store’ in which it outlined plans to tighten up rules on projects that were intending to go into manufacturing.
In this article in the Portland Business Journal, Lou Doctor explains some of the key differences between Crowd Supply and Kickstarter including swifter release of funds.
To find out more about the platform, including details of the 11 projects currently on its front page, click here.