Flip the Switch for Crowdfunding: SwitchID
Written By: Dan Steininger, President and Co-Founder of BizStarts
As seen on the February 9, 2016 post in Milwaukee Business Journal OnRamp Blog.
If you come up with an idea for a product that you think will sell in the marketplace, the next question you will face is how to get funding to make it happen.
Angel investors are often not interested in new product ideas because they do not yet meet the basics of an investable company.
One alternative is a crowdfunding campaign, which is precisely what partners Matthias Bollmus and John Schlick are currently launching through Kickstarter. They formed a company to launch a new way to identify light switches in our homes and businesses. They call their product SwitchID
They began by identifying a problem. They observed that wall switches in our homes and offices remain largely un-labeled, which often leads to wonder, irritation, and frustration.
SwitchIDs are domed labels that are attached directly to switch wall plates indicating what the switch does with a graphical picture. A recent MIAD graduate created the graphics which come in two design families – a 2D line drawing version that is easier for some to identify, and a 3D version with visual depth that look great in any home. They are made of automotive-grade polyurethane that is easy to clean, scratch resistant, and long lasting. SwitchID will be manufactured at Tailored Label Products in Menomonee Falls.
BizStarts helped Napkin Innovations with a referral to SCORE member Jack Hill for guidance and introductions, as well as, the business planning tools available through the BizStarts Entrepreneur area of its website.
They plan to raise enough money through a Kickstarter campaign to set up business operations, pay for IP protection already underway, and get favorable pricing on the first run of product.
It’s far easier to launch a new product nowadays than at any time in history. BizStarts is glad to help entrepreneurs who are equally creative in identifying problems and coming up with solutions.
View Dan’s blog post on OnRamp >>
About the Author
Dan Steininger is the president and co-founder of BizStarts. BizStarts facilitates the creation of new companies in southeast Wisconsin. He currently teaches courses on innovation for the UW-Milwaukee School of Continuing Education for business leaders. Contact BizStarts >>
OnRamp offers conversation and connections among the entrepreneurs who are shaping Wisconsin’s economy, and brings corporations and start-ups together at statewide events. View other OnRamp blog posts >>