The purpose of this course is to introduce you to current global challenges in conservation and development, including changes in both sectors. This course will inspire you to rethink assumptions to address global challenges in conservation and development, and introduce you to new models and approaches that harness technological, behavioral, and financial innovation. This course will equip you with the insights, skills and approaches necessary to successfully overcome these obstacles. In addition, this course will provide participants with the tools, models, and approaches to address global grand challenges in conservation and development, to question fundamental assumptions, and to create and execute new solutions. Course participants will be trained in the processes around innovation and design to address global grand challenges. This includes content focused on constructing innovation pipelines, principals of design and engineering unique to the developing world and to conservation (Design for the Other 90%), on harnessing and developing disruptive technologies, principles of behavior and marketing, and on overcoming the challenges with setting up social ventures. The course format will facilitate the development of a global community of innovators who will help solve the current and future grand challenges our planet faces in conservation and development, and will encourage thinking about how to do so that rethinks traditional assumptions and approaches within both conservation and development. This course will leverage the incredible idealism and interest in social entrepreneurship, design, and innovation among the millennials, in the US and abroad, and is intended to appeal to those interested in the maker movement. It also seeks to engage individuals in the developing world who are closest to the problems of conservation and development, who would benefit from the approaches taught in the course, and who can leverage their own knowledge of local culture.
How Crowdfunding Works
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Del curso dictado por Duke University
Innovation and Design for Global Grand Challenges
31 calificación
De la lección
Exponential Technology and Open Source Innovation
The democratization of science and technology has given us powerful new tools to apply to the grand challenges identified in previous modules. Technology has gained exponentially in processing power, memory capacity, sensor density and number, pixel capacity, and storage. Current advances in molecular biology are rivaling (and in some cases overtaking) the rate of change that we have seen in computing and information technology. The democratization of information technology, coupled with the global spread of mobile platforms, particularly smartphones, allows for revolutionary new approaches in conservation and development that were impossible a decade ago. We have new ways of monitoring the planet from low cost sensors on artisanal fishing boats, to drones and to nanosatellites, that allow us to monitor the planet at multiple scales with unprecedented resolution and cadence. 3D Printing allows for faster prototyping and decentralization of manufacturing. Greater degrees of global connectivity allow us to crowd source the world for new ideas through open innovation. Open source approaches can help develop and/or source new ideas or products, distribute the burden for collecting and analyzing data, co-design new solutions, and share in the burdens of research, publication, and funding, while simultaneously engaging the public. <p>This module is an introduction to these new tools and technologies for conservation and development through lectures, technology demos, and interviews with leading engineers, innovators, and entrepreneurs who are at the cutting edge of some of these areas. These interviews include leaders at Indiegogo, XPRIZE, Planet Labs, and USAID. You will receive an in-depth look at open source innovation, including how to run a crowdfunding campaign. You will closely examine the internal mechanics of two of the Grand Challenges for Development programs: maternal and child health, and using innovation to design a better protective suit for Ebola. <p> To get started, view the video "Emerging Technologies for Conservation and Development, Part 1."</p>
Conoce a los instructores
Alex Dehgan, J.D., M.S., Ph.DThe Chanler Innovator in Residence and the Inaugural David M. Rubenstein Fellow
Innovation & Entrepreneurship
So crowdfunding is the ability for anybody around the world to raise funds for
whatever they are interested in.
Whether it is an entrepreneurial venture or a cause venture or
an artistic venture, it is a platform.
Indiegogo is a platform so people can come to our site and they can
create campaigns and they can raise funds for whatever they're interested in.
>> And how is it different than venture capital funding or other types of finance?
>> That's a great question.
So Indiegogo was created essentially as a step back from that.
Because we believe that access to capital should be given to people
who have great ideas and have passion audiences.
Venture capital is a great way to raise funds for what you're interested in but
there are serious barriers to entry to getting venture funds.
And on Indiegogo, we believe that if you have a passionate audience and
a great ideal you shouldn't be held back from getting those funds and you should be
able to achieve anything you want just by accessing the audiences passion about it.
And in some ways, Indiegogo is more than just finance.
But there's actually other benefits that you get from launching
a campaign on the platform, right?
>> Absolutely, I would say that in fact,
if you come to Indiegogo specifically just for the funding, you're doing it wrong.
There's so many amazing benefits you can get from running a crowdfunding campaign,
like having an audience, building up marketing momentum, establishing a brand,
and reaching out to the people who are passionate about what you're doing and
connecting with them and getting their feedback.
Because ultimately your campaign is a direct to a consumer model so
when you launch a campaign you're not just getting the money,
you're building an entire business.
And you're building an idea and
you're getting the support from people that are so passionate and
enthusiastic about what you're doing, that you have so much more than just money.
In fact a lot of the people that run really successful campaigns,
when I ask them hey what was the most valuable thing you got from the campaign?
Rarely do they say it's the money.
Because having a lot of money is great but having customers, having an audience,
having a marketing and a brand and
being recognized around the world, that's almost priceless for them.
>> What was Misfit?
>> Misfit is an activity tracker.
It's founded by Sonny Vu who's a former Apple engineer and, or
Apple designer I should say.
And he came to the platform with his first design for
a wearable fitness tracker, and it was beautifully designed.
And for him what he wanted to do was he wanted to gauge the market.
He wanted to obviously take the product to market and sell them and pre-order them.
but at the same time he wanted to what people were interested and
learn from the people that were going to buy his product.
And interact with them in a powerful way via crowdfunding so
that when he goes to market he's making the best product that people want.
And for him, he always says that his Indiegogo experience allowed him to get
smarter faster.
Because instead of traditionally going to Best Buy or Apple Store or any retailer or
he would have had to go to market and then get market feedback in a longterm route.
He went directly to consumers via Indiegogo and he learned so
much through the campaign that.
>> Can you give me an example like what did he learn?
>> Yeah, I mean one of the things was the accessories.
So for him, he obviously had the activity tracker, and
he had initial ideas of how people were going to wear them.
But through the campaign, he learned about color variations,
and other accessories for the product that were incredibly profitable for him now.
But he didn't even know that demand existed until the campaign came out.
And people were writing comments on the page, and sending him notes,
and saying hey, I want to wear this as a bracelet or a necklace,
or I want it in jet-black or pink.
And because of that, now all the Misfit Shines, they're in different colors,
there's tons of accessories, which are incredibly profitable for him.
This is an entirely new business that he didn't even know
existed before the campaign launched and
he was able to interact with the customers and hear what they wanted.
And now, I mean this sort of raised nearly 50 million in venture funding
since the campaign in 2013.
>> What was their target for the campaign and what did they end up raising?
>> I believe that their target was around 150,000 but
they ended up raising 850,000 from nearly 8000 funders.
>> Can you talk about Ubuntu edge?
I think that was sort of another example that most people,
their original support did not, they couldn't raise that support, right?
>> Sure. >> What's the story?
>> The Ubuntu Edge is a Linux-based cell phone created by Canonical,
which is one of the backing partners of Linux.
Linux, obviously is an open operating system.
It's been around for decades and people use it all the time on their computers.
And Canonical wanted to bring to market the first Linux based mobile phone.
And so they launched a crowdfunding campaign for the Ubuntu Edge.
And it raised over $12.8 million which at that point in time was the largest
crowdfunding campaign every in history, reward based.
So and they garnered several, several thousand people to support them.
It was all over the news.
It took over social media for I believe a month and a half.
And for them they set a $32 million goal.
So they actually didn't even hit the goal that they initially established.
And for their founder, he had always wanted to make a Linux phone.
And he had pitched the idea to several OEM and contract manufacturers, and
handset manufacturers.
And all of them were saying, well we have iOS, we have Android, Windows phone is on
the rise here, is there room for another operating system in this market place?
And for them it wasn't worth the dollars because they couldn't demonstrate
the demand.
They're saying, hey this is a great product.
You're right, you could probably make something awesome.
But is it worth our time and energy because there's already a competitive
market out there and we don't know if it's worth investing in Ubuntu or Linux.
>> And it's also open source.
>> Exactly, and it was open source.
So they came to Indiegogo, they raised $12.8 million.
They didn't hit their goal, but they had several thousand, over 30,000 backers.
So people were super excited about this product.
The second that campaign ended, sure everybody got refunded through
the campaign, but Canonical was reached out to nearly every single
handset manufacturer because everyone now wanted to make the Linux phone.
And in fact, they're now taking pre-orders as of Mobile World Congress in February
for the first generation Linux phone.
So it's being made.
So for them, it was proof of concept and proof of demand.
They needed to validate the market before these handset makers
would actually take a risk on them.
And now we're seeing that paid off and that's what crowdfunding can do.
It can validate an idea and it puts money where people's mouths are.
Because it's one thing to say, hey that's a cool idea, I'm interested.
It's another thing to say, I will put money down and support this.
And when people put money down, that's what everyone is interested and
that's when people are willing to take the risk in supporting new endeavors and
new entrepreneurs.
I'm going to talk a little bit about Indiegogo and
I'm going to talk about the evolution of no to yes.
Because again the ethos if Indiegogo
because the access to capital is difficult.
And you all know that, you're applying for grants and VC funding and
even getting a small business loan is difficult.
And before Indiegogo was started in 2008, the traditional route was
you would go to the bank and you would present your idea to some guy who sits
in a suit behind a table who probably has no idea what your business is about.
So I like to give the example of someone creating, or
actually I'll do a new example.
Someone is opening an Italian restaurant in your town.
And you go up to the bank with your business plan and
your idea and you say, look, this is how long I've been cooking Italian food.
Here's my menu, here's my budget, etc.
And you present this to a guy who's wearing a suit, behind the table,
who's never opened a business his entire life and probably eats at McDonald's.
Or may and he spends his weekends with his family at the beach or at his house and
has no idea what the industry is regarding the italian food world in your local town.
But yet, he is the one that is going to decide whether your business
gets the money it needs to succeed or fail, which seems propostureous.
This exchange of ideas for money between someone who has no idea what your
business is doesn't make sense for most people.
And that's where Indiegogo comes in because we believe that why should the guy
who has no idea about your business be determining your success or your failure.
And why should he be determining whether you can get access to capital?
So Indiegogo comes in Actually I'll take it back.
So most of the time if you're a business guy like me, that Italian restaurant
owner, and I go to the bank, the bank's probably going to say no.
And really what he really means is hey entrepreneur, you suck.
It's a polite way of saying it but it's true and
it's the reason why small business loans are so difficult in this country.
So I think this is preposterous and thinks this is preposterous, so
that's where we come in.
I'm going to talk about how access to capital is more important than
almost anything else for a businessman or a business entrepreneur because
without it, you're not going to be able to do much.
I mean having prizes is great,
having the ability to partner with amazing organizations, these are steps
to being successful but access to capital is the root of that.
This is the theme I guess we've all been talking about all day.
It's not about the money.
And I don't think I can say it any more than I have already and
we have talked about it.
It's really not about the money but,
it's about figuring out a way to make the money matter.
So, the reason why I have something called the feedback loop up here is because this
is what we refer to as the most important part of Indiegogo and crowdfunding.
Yes, dollars are important.
Having money in your pocket and getting to the next level of your business,
we understand that's important.
We also understand that there's a million other things that are really important
about crowdfunding.
And understanding the feedback in gaining product and market validation.
Building a brand and awareness.
Capturing data.
identifying influencers and raising money are all really important aspects for
your business to be successful.
You can't just think about the money, because you're not going to go anywhere.
You gotta be thinking big and you gotta be thinking small.
And you gotta be thinking overall the whole loop matters.
Without one of these things your company is going to fail.
And the business person,
the banker the guy you're pitching your idea to, he doesn't care about this.
He only cares about what he's going to get in his interest and
what he's going to be getting at the bottom line.
So, partnering with him is not beneficial to you in really any way other
than having money.
Where crowdfunding gives you all of this,
plus a thousand more things and non-equity.
Amazing, you don't have to pay it back.
It's crazy.
So, it's been successful.
Indiegogo has had some amazing partnerships.
These are just a few of them that have utilized Indiegogo in the past
six years since we started.
We've had Sony run campaigns, Marvell, multi-billion dollar running campaigns.
We did an X Prize campaign.
We've done Google, we've done IDO,
we've got partnerships with many accelerators around the world.
This is a really,
really amazing idea that is changing the way that people can get money.
Access to capital is now essentially democratized, because of crowd funding.
And just to show you how amazing the changes been when crowdfunding in
2013 which is five years after Indigo was founded it was a $2.6 billion industry.
Last year it was $5.1 billion industry, so it doubled in two years.
In 2020 it's projected to be a $95 billion industry
I sort of talked about it in my last slide, in my last presentation why it's so
important to have that direct to consumer feedback.
This is demonstrating how the growth is changing the way that all business
operates.
We have a belief that eventually banks are going to start working with us.
They're going to want to see campaigns so
that they can hedge their bets on investments.
We're already seeing venture firms come to us, and ask us, hey, like,
I talked to these five amazing companies.
They are really cool.
I want to invest in them.
Will you help them run campaigns so that we can?
Because, for the investor, it's like, man, now my investment feels like a good
investment, 'because there is market validation.
For the company, they're, like, now I can negotiate on better terms.
Because I have leverage and customers and money.
And it's a win-win for both because everyone wants the company to succeed but
they all want to hedge their risk.
And this is why the industry is growing so rapidly.
I mean, we've had already over 300,000 campaigns on the platform.
We have over 10,000 campaigns live at any time from all around the world.
We distribute millions of dollars a week.
This is just a growing trend and I would be very,
very surprised to see none of you on campaigns next year.
Just telling you right now.
So one of the campaigns that I love talking about which really hits at
home on the eco crowdfunding is the next generation fly swatter.
Which I'm sure all of you guys,
really smart people who are obviously here at Duke.
This sounds like really stupid idea.
The next generation fly swatter.
Come on, the fly swatter has pretty much been perfected.
It was designed over 150 years ago.
There's been no innovation to it.
Flies are annoying.
You swat, you swat, you kill.
When there's a guy in Florida,
I'm sorry in there's a guy in California who has a high school diploma.
Actually he works as a fry cook.
And his entire life was dedicated to creating the next generation fly swatter.
He really thought that he had perfected it.
He had a better idea.
He saw the innovation it had died.
No one was really improving it.
So his dream was to create the next generation fly swatter.
And he had saved up his money, working in the fast food industry,
he had raised over $25,000 of his own money, but
he needed another ten to make the prototype finally exist.
So he went to a bunch of banks, and they all rejected him.
He went to a couple of angel investors, he posted on angel list, nothing happened.
Essentially, the next generation of fly swatter,
if you pitch it like that, you guys all know it sounds like a pretty poor idea.
Well, this is a next-generation fly swatter.
It's called the Bug-A-Salt, and it's actually, you use table salt on the top,
and it shoots in a spray pattern, so it will kill the fly, but
it shoots just hard enough to kill it, but soft enough to not splatter.
And it's amazing, right?
It's pretty incredible.
This guys walked into VC firms and banks and
tried to pitch this idea and he got rejected.
But he came to IndiGoGo and he raised $577,000 from 10,700 people.
Now you guys are all saying wait, it's actually not that bad of an idea.
Right?
Exactly, because this is what crowd funding does, is it turns an idea that
people generally would reject or say hey it's not worth my investment.
And now people are going to buy it and everyone here, it's in retail.
You can go buy it at Target, it's crazy.
And this guy has a full business, he's got five employees.
He just launched his second campaign for a camo version.
It's pretty killer, you can buy it.
>> [LAUGH] >> So again, this campaign perfectly
>> It identifies crowd-funding.
Because it is the idea that's so outlandish, that no one wants to invest in
it, but clearly 10,000 people thought it was a good idea enough to buy, enough for
this person to have a sustainable business.
He was a fry cook with a high school diploma, and
now he's got a business with five employees.
This is just one campaign.
300,000 campaigns on Indiegogo.
This is an expanding industry and you guys all are able to take part of it.
So another example, and I'm going to run through this really quickly, is Andrew,
he's 35 year old software engineer, he lives in Orange County.
>> And he pretty much hated his job.
And in 2008, he decided to start a company called Skybell.
Which is a connected doorbell, it has a camera on it and an iPhone ap.
And he designed it with a couple of his friends.
Pretty amazing, he's just a guy, he did the nine to five for ten years,
didn't really think it was going anywhere, and decided to start his own start up.
Good for him.
Most of you are in that entrepreneurial state right now.
You want to start your own startup.
You don't want to work for the man.
He didn't either.
He's a good guy.
So he came up with SkyBell.
He talked about it.
He ran a campaign.
It went really well.
He raised almost $600,000.
Got 5,000 people. 70 countries.
This is an amazing example of a company, a guy.
And by the way, this all happened in May of 2014 or 2013,
so this is last year or two years ago.
So in May of 2014 he launched his campaign.
In June of 2014 he had over almost 600 thousand dollars, almost five thousand
customers, 70 countries, and a really successful startup that was on the rise.
The most amazing thing about this campaign is that he fulfilled his orders within
six months.
Which is amazing.
He had essentially gone within six to eight months of his campaign beginning,
he had en entire customer base.
A whole new product.
A manufacturing line.
And a really successful business.
So this is what can happen in less than a year for
one person who took to crowdfunding and took his idea to the next level.
Now, I'm not going to say everything was great for him because there were some
realities that came for Andrew, which was the realities of new hardware.
There were early bugs, firmware updates, troubleshooting, real world testing.
He was a hardware startup.
He had things he needed to learn.
The company was only eight months old and people were starting to test it, and
there were some bugs.
But something amazing happened.
Something that would never happen to any other company.
His customers wanted to actively help him solve the problems.
His help feed and his forum feed on his website were full of early adopters that
were going through and programming and fixing his problems.
He was getting help from all of his customers.
It wasn't like a bad Amazon review where people were saying, this product sucks.
We're never going to buy anything again.
Crowdfunding is different.
People are invested in the company and the future of the company.
So, for him, he had now 4,000 people that were supporting his success.
So he had customers.
He fulfilled his product.
Now they're using it, and now they're beta testing.
And he's still selling them.
And it was incredible for
him, because he never thought this was going to be the case.
He thought he was on his own.
But crowfunding allows you to use your audience as leverage to continue building
your company for the next level.
Now, something even more amazing happened to him
nine months after his campaign launched.
SkyBell was featured in the Apple home kit launch last June.
So again, these are not small start-ups.
We have Phillips.
We have Haier.
We have iHome, Honeywell, Texas Instruments.
And SkyBell, the just a year old long company was able to
get into the Apple keynote 12 months later.
He went from 12 months to start up to Apple Keynote.
>> [LAUGH] >> He's a lot younger, right?
>> [LAUGH] >> So
this is just a great example of what can happen when you utilize the crowd.
Because without that, he would've been screwed.
He would have had to go to retail.
He would never have known his customers.
His product would have failed.
The Amazon reviews would have been horrible.
People would have been pissed off.
He would have had to do refunds and he would be broke.
But with crowdfunding, his customers were more interested in his success, and
they propelled him to success.
It's revolutionary.
$95 billion in 2020, that's a conservative estimate in my opinion.
When stuff like this happens, it's just growing.
So, I talk a lot about success stories.
It's part of our talk track.
Indiegogo loves to talk about campaigners, but
there are a few misperceptions that I want to clear up.
And the biggest one is that a lot of people think this is easy.
They think that you have a great idea, you have a great product, you put it on
a platform and random people around the world are just going to give you money.
Well, I hate to be the burden and tell you this, but it's not true.
You have to work for it.
These campaigns, they don't just come out of nowhere.
Sure there are a couple of uniforms that get lucky, but
as an entrepreneur you don't want to play the lottery.
You can be successful and you can determine your own success.
We can help you do it.
I spend my entire day working with entrepreneurs and startups,
helping them not deal with this misperception, but instead focus them on
doing the right things so that when their campaign launches they are successful.
It's not a lottery.
It's not a luck of the draw.
It's not a 50/50 dice game.
You can entirely determine your success if you work with the right people and
you strategize properly.
So, talk about these.
These are all great examples of campaigns that a lot of people have told me,
they're like, how did do they do this?
How did they raise 1.6 million?
Which by the way is a tricoder in Qualcomm tricoder competition.
How did they do it?
They're like, they raised all this money, it was amazing.
These campaigns that we worked with,
we spent at least six weeks working with them before they launched.
They built out their email lists, they prepared.
They were ready to go and get their validation so that when they launched and
they hit the platform, they had 30 to 40% of their funds already locked in.
For them it, was perfect.
It was the validation they needed to get to the next level.
So, obviously, this looks like a terrible slide.
Great ideas don't equal automatic money.
But it's true, they don't equal automatic money.
But great ideas can equal lots of money if done and executed properly.
So this is where Indiegogo comes in.
We work with our campaigners.
It's my job, it's our team's job that you have an idea, you can work with us.
We have tons of educational material.
We can give you case studies.
I've done this to the moon and back.
So, if you're interested, work with us.
What makes a good campaign?
Obviously, having a compelling pitch, an attainable, reasonable goal,
unique perks, and proactive communication.
I put proactive communication at the bottom,
it's because it's the one I like to talk about the most.
You should be talking about your campaign at least six weeks before you launch.
You should be telling everyone you know.
You should not be in stealth mode, because that doesn't help anybody.
You need to be out there.
You need to be pushing and hustling.
Because when your campaign launches,
you should be able to get there really quickly.
In my last presentation I talked about goal setting.
Reasonable goals are really important.
When I talk with campaigners on the phone the first thing I ask them is,
what do you need to raise?
They always say $250,000 to $500,000.
And I say, hey wait, let's take it back some.
What do you need to raise is the question.
Not, what do you want?
And nine out of ten times, they lower their goal by $200,000.
And they're like well, I only really need $50,000.
Then why are you setting a $250,000 goal?
Set what you need, and raise what you need,
because campaigns consistently overfund.
No one's going to say man, great product and they hit their goal,
I don't need to give them any more money.
If people believe in what you're doing, they're going to support you.
Solar Roadways, $2 million on a $1 million goal.
SkyBell, $580,000 on a $150,000 goal.
Campaigns overfund all the time, but at least they hit their goal.
And that's what people care about.
People want to be part of a campaign that looks successful.
Stranger dollars like to fund things that are successful.
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