TY - GEN
T1 - The design of crowd-funded products
AU - Song, Chaoyang
AU - Luo, Jianxi
AU - Hölttä-Otto, Katja
AU - Otto, Kevin
AU - Seering, Warren
N1 - Publication details (e.g. title, author(s), publication statuses and dates) are captured on an “AS IS” and “AS AVAILABLE” basis at the time of record harvesting from the data source. Suggestions for further amendments or supplementary information can be sent to [email protected].
PY - 2015
Y1 - 2015
N2 - Crowdfunding is an emerging phenomenon where entrepreneurs publicize their product concepts to raise development funding and collect design feedback directly from potential supporters. Many innovative products have raised a significant amount of crowdfunding. This paper analyzes the crowd-funded products to develop design guidelines for crowdfunding success. A database of 127 samples is collected in two different product categories from two different crowdfunding websites. They are evaluated using a design project assessment scorecard, the Real-Win-Worth framework, which focuses on the state of maturity on various customer, technical and supply chain dimensions. Our analysis identified key RWW factors that characterize successful design for crowd-funded products. For example, success at crowdfunding is attained through clear explanation of how the design operates technically and meets customer needs. Another recommendation is to not emphasize patent protection, for which crowd-funders are less concerned. Also, evidence of a strong startup financial plan is not necessary for crowdfunding success. These key RWW factors provide guidelines for designers and engineers to improve their design and validate their concepts early to improve their chances for success on crowdfunding platforms. Copyright © 2015 by ASME.
AB - Crowdfunding is an emerging phenomenon where entrepreneurs publicize their product concepts to raise development funding and collect design feedback directly from potential supporters. Many innovative products have raised a significant amount of crowdfunding. This paper analyzes the crowd-funded products to develop design guidelines for crowdfunding success. A database of 127 samples is collected in two different product categories from two different crowdfunding websites. They are evaluated using a design project assessment scorecard, the Real-Win-Worth framework, which focuses on the state of maturity on various customer, technical and supply chain dimensions. Our analysis identified key RWW factors that characterize successful design for crowd-funded products. For example, success at crowdfunding is attained through clear explanation of how the design operates technically and meets customer needs. Another recommendation is to not emphasize patent protection, for which crowd-funders are less concerned. Also, evidence of a strong startup financial plan is not necessary for crowdfunding success. These key RWW factors provide guidelines for designers and engineers to improve their design and validate their concepts early to improve their chances for success on crowdfunding platforms. Copyright © 2015 by ASME.
KW - Crowdfunding
KW - Design Process
KW - Product Development
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UR - https://www.scopus.com/record/pubmetrics.uri?eid=2-s2.0-84979066510&origin=recordpage
M3 - RGC 32 - Refereed conference paper (with host publication)
SN - 9780791857175
VL - 7
T3 - Proceedings of the ASME Design Engineering Technical Conference
BT - 27th International Conference on Design Theory and Methodology
PB - American Society of Mechanical Engineers
T2 - ASME 2015 International Design Engineering Technical Conferences and Computers and Information in Engineering Conference, IDETC/CIE 2015
Y2 - 2 August 2015 through 5 August 2015
ER -