5 Crowdfunding Truths Only Drone Aficionados Would Understand

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There are plenty of reasons tech aficionados have a lot to be thankful for with the entry of crowdfunding into the market. The platform has allowed a lot of products to enter the market including gadgets that would have otherwise been left on the sidelines because of lack of funds. Now, there are revolutionary gadgets out in the market that paved the way for a few others to follow suit and enjoy success.

One of which are drones that seems to have been the next best thing to happen with cameras. Though there are a lot of them that are asking for financial support through crowdfunding, two of the biggest players started out quite differently. They carved their name and dominated the game outside the crowdfunding scene.

DJI and GoPro are two of the leading drone makers for consumer use and they are neck and neck with their latest product offering. DJI released their latest addition to their drone line-up, the Mavic Pro while GoPro came out with the Karma drone as its first foray into aerial gadgets. They are now the top two choices in the drone industry.

Drone wars and crowdfunding

Although the two companies were able to make their way to the top on their own, their competition can give project initiators an insight on how to manage their respective projects.

  • Competition will always be there. Competition will always be present and these two companies are going head to head with their drones. This is inevitable in a free market and the same goes for your crowdfunding project. There  will be campaigns similar to yours asking for the same funding. You just need to be able to highlight your strengths to stand out and be noticed by your market. 
  • You need to conduct due diligence. This is already a standard practice with big companies and it would benefit you as well with your crowdfunding campaign. The idea is to know if you are coming into an industry with projects similar to yours. This can help you differentiate or tweak your campaign to come out better than the crowd. 
  • You have to stop comparing at some point. You need to understand that you cannot go on just comparing yourself with others. It is a good start and one that can help you find your identity but that same identity will be lost along the way if you constantly change just to get ahead. You need to stick to an identity at some point because continuous change might confuse and turn off potential investors. 
  • Focus on your strength and market. Once you start moving forward with your campaign, you need to remember to put emphasis and focus on your strengths and keep an eye out on your market. These two factors need to be aligned to give you the chance to be noticed. Just like how the drones are marketing their unique edge over competition such as battery life, weight, and controls and continuously talking to their market to communicate these to them. 
  • Develop and evolve as you proceed. The latest drone offerings by the two leading companies are products of previous successes as well as failures. As you move forward with your crowdfunding project and eventually the business, you need to understand that change is constant. This is different from continuously changing an existing project which can lead to confusion. The idea is to include in your plans the chance to make improvements down the line to keep up with the demand.

 

This article is written by the Crowdfunders Editorial Team. In Asia, Crowdfunders.Asia is a leading portal on providing news related to crowdfunding, start-up, property and business. It is operated by CoAssets.com. CoAssets is South East Asia’s first listed and largest real estate crowdfunding platform. If you have any Crowdfunding news or stories to share, please email [email protected]

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