Betting your money on an artist or entrepreneur through a crowdfunding platform is always a bit of a gamble, but Arrow Electronics, Inc. is working with one of the more popular platforms to help products see the light of day.
The global technology company has partnered with Indiegogo to launch what the companies call a “crowdfund-to-production service” designed to accelerate the pace of innovation for technology and Internet of Things (IoT) entrepreneurs.
This latest partnership builds on an alliance struck in May between the two companies after Indiegogo entrepreneurs had been increasingly turning to Arrow and Arrow.com to help transition innovative ideas into successful commercial products.
Entrepreneurs can now apply for Arrow certification on the Indiegogo platform; the certification period runs until the end of next year. Arrow Electronics’ engineers will analyze the design and manufacturability of each application, and if they decide a project is ready for manufacturing, it will be denoted with official “Arrow Certified” badges on its Indiegogo campaign site. This will let potential backers know the project is ready for production.
Every campaign on Indiegogo that’s certified by Arrow and meets certain eligibility criteria can compete to receive a share of $1 million in flash-funding that Arrow will give away to 20-50 campaigns during the next 12 to 15 months.
“Arrow Certified” campaigns on Indiegogo will are eligible for other benefits worth as much as $50,000 that help entrepreneurs succeed in prototyping and manufacturing their products, including direct, online access to the prototyping tools available through Arrow.com and Silicon Expert; comprehensive technical reviews of the raw materials, sub-assemblies, intermediate assemblies, sub-components, parts and the quantities of each needed to manufacture a product; and, professional design-for-manufacturing product reviews and certification, among others.
A handful of projects that Arrow experts deem exception will qualify as “Arrow Innovator” campaigns will receive additional support, including the potential for a supply chain services and contract manufacturing support worth up to $500,000, up to $10,000 in materials for prototype development, and a fast-tracked review with Arrow’s in-house financing team to help fund the cost of getting production up and running.