We often get questions about why we chose to raise money to develop Airing on a crowdfunding platform, and particularly why Indiegogo. People have suggested that we go on Shark Tank. Others wonder why we didn’t use venture capitalists or banks.
Crowdfunding gives Airing direct access to the very people who want to see this concept become a product. Unlike more traditional funding sources, the “crowd” reacts very quickly and passionately. Many people recognize that while a contribution to a campaign is a big risk, it’s one they are willing to make because when the product becomes a reality it will really be beneficial to them. Their contribution is a sort of bet—huge upside potential but not so much money that they could not afford to lose it.
Another benefit of crowdfunding is market validation of a product concept. With over 20,000 contributors, we can check that box. Our donors come from over 120 countries—literally from every corner of the globe!
And the publicity we have gotten on through this campaign has attracted the attention of many world-class companies—suppliers, manufacturers, regulatory experts, and distributors. We are well supported in our work to bring Airing to market.
When we were considering a rewards-based crowdfunding campaign we did our research. Several companies were offering crowdfunding platforms but Indiegogo and Kickstarter were the clear leaders in this emerging segment. They had the name recognition, the most followers, and generally the best reputation all around. We eliminated Kickstarter because at that time, they did not allow companies that were raising funds for medical devices to use their platform whereas Indiegogo did not have that restriction. (Since Airing’s launch on Indiegogo, Kickstarter has removed this restriction.)
Another reason we chose Indiegogo is because they reached out to us very early on. They thoroughly vetted us before we were permitted to launch, and conducted another review of our campaign and progress in the second year of our campaign. Indiegogo has offered us great support. The team that they put together to support us is professional, very helpful, readily accessible, and quick to respond. It’s been a great platform for us.
Click here to learn more about our Indiegogo.com campaign: Indiegogo.com
When we launched our crowdfunding campaign on Indiegogo rewards-based crowdfunding was the only option available. In the past year, however, this has changed. New provisions, known as Regulation Crowdfunding (Title III) have been adopted to allow smaller investors to buy shares in private companies on the same basis that had previously been limited to accredited high net worth investors.
In response to this development, new platforms have emerged that provide small investors the opportunity to buy shares in startup ventures alongside the more traditional larger players. Since many people have asked about the possibility of making an equity investment in Airing we decided to explore this option. The most successful, and most experienced, of these platforms, is Wefunder.com. After extensive discussions with the Wefunder team, we concluded this would be a good way for us to complement other sources of financing for the continuing development of our breakthrough micro-CPAP device.
Please take a look at our Wefunder.com campaign.