Kickstarter, founded in 2009, has been providing a platform for crowdfunding for entrepreneurs and innovators alike. Crowdfunding works by creating funding for a company through a variety of contributors by utilizing online websites on the Internet such as Kickstarter.

            Roo Wyda, a prospering businesswoman, who made her success in the waterproof bedding and underwear industry, is now expanding a new branch of her business into the Rain Gear poncho business for dogs, children, and adults. However, before expanding into the dog retail industry Wyda conducted market research through Kickstarter. She manipulated Kickstarter beyond just crowdfunding and used the feedback section of the program to see if there was demand for Rain Ponchos, and also what improvements there were to be made. Wyda did not achieve her crowdfunding goal but she did successfully save money in the market research she conducted.

            This technique may not be provide guaranteed information but it does “’provid[e] another opportunity to validate”’ (Paul Cubbon cited by Serebrin, 2014). Cubbon, a professor at Sauder School of Business, states that this approach allows for entrepreneurs to gain quick feedback on their products which than prevents production of an item that has no demand. Wyda had shown through her business that Kickstarter is more than just a crowdfunding program; Kickstarter also provides great market research that can be crucial for entrepreneurs.

To read the full article click here.

-Gurinder Mahal

Works Cited: