Much has been written about the disruptive power of crowdfunding. Websites such as Kickstarter and Indiegogo have given innovative products a viable alternative to traditional funding models. But a recent walk around the 2014 New York Toy Fair revealed a much more important value for opening up your product to community investment -- social engagement that puts traditional social platforms to shame.
Take, for instance, the story of the High Roller. This adult-sized "Big-Wheel-Like" toy took to Kickstarter in 2011. Founder Matt Armbruster not only built up the funding he needed to launch, he also committed to the follow-through. He connected with his highly engaged audience throughout the production process via email and blog posts, creating a wealth of rabid fans along the way and continued product buzz three years later. As one advocate put it, "It's genius. Social is baked in. You're always recommending to your friends, because who wants to ride one of these things alone?"
Then there's the new startup, SoapSox. In any other scenario these plush bath toys that have a pocket for soap would have been just another cute idea that was quickly forgotten. But the crowdfunding campaign by Ray Phillips and Alvin Uy allowed them to tell a backstory. Their heartwarming tale about how these toys were developed to help make troubled kids in a southern California group home feel more comfortable is inspiring. Now a financially invested audience is not just recommending a product prior to launch, they are part of a continuing story and ongoing dialog about helping kids in distress.
Toy-Fair Lesson: Crowdfunding Is Much More Than Child's Play
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