Here on iBusinessAngel we are picking crowdfunding winners!
The aim is to pick projects that we like and write up a review of them – before they raise their money so that business angels can choose to invest (or not).
We’ve just been alerted to Magic Cooking Gloves which you can view on Kickstarter.
Here’s how we assess this project
The product idea – a fire resistant glove – is an excellent idea.
The product is well presented with great colour photography which immediately shows its use as a Barbeque device.
The price point – US$20 is perfect for Kickstarter – this is clearly in the gift territory and I can imagine buying a pair of gloves.
9 /10 – great product, well displayed, clear benefits and a good fit with Kickstarter’s audience.
The video is a good quality video but takes too long to get to the real essence of this product. The images of moving hot coals aside to place a baked potato into the fire – using just the gloves – is an excellent demonstration of what the product does. However, this image appears at the end of the video – it would be better if it were at the beginning.
The video also repeats much of imagery that I had already seen on the Kickstarter page – therefore, the video was mainly repetition and didn’t bring much extra knowledge or comfort.
However, the images on the webpage are great – particularly the image of the gloves coming clean out of a dishwasher – which answers a potential product of objection of ‘are they hygenic?’
The different colours and designs are fun and the sizing information adds a degree of credibility and authenticity.
This type of consumer product sells well in a Kickstarter environment and hence, they are well matched.
6/10 – the video is a key opportunity to connect – emotionally – between the founders and the supporters – this video failed to achieve this, hence we deducted 3 points.
Okay, Kickstarter is not raising funds for an equity share – but the amount that the startup entrepreneurs are seeking to raise – US$8,000 seems reasonable and achievable. This helps the campaign gain momentum.
The campaign launched on 29th November, we reviewed it on the 4th of Dec and it is gaining momentum with 30 backers and 10% of the target achieved so far.
Our sense is that successful crowdfunding pitches don’t launch until they already have promises of 20%+ of the money they want to raise – that means the momentum builds very quickly and draws in cash fast – which pushes the momentum faster.
The deal is not strictly an angel investor deal as their is no equity offered, but for US$20.00 you do get a pretty cool pair of BBQ gloves.
8/10 – Magic Cooking Gloves is selling well on Kickstarter
I don’t know who the team are. I don’t know the name of the guy in the video and I can’t find a link to the New York based Simple Ideas Studio. I suspect that this company is actually based somewhere else and has a virtual address in New York.
This is the real achilles heal of this project – as it is for many startup ideas. Don’t forget that experienced business angels place 40% of their decision making on the quality or lack of quality of the team.
Given that we can’t assess the team based on the info provided, we can’t give a score.
0/10 – no credible information provided
It’s a great product and if you can put your concerns about the team to one side, then invest – after all, its only US$20 and it seems that 28 out of the 30 backers so far agree with this view. However, we’d want to know more about the startup entrepreneurs before we’d trust them with our business angel money. Perhaps they can use the update facility on Kickstarter to put this right?
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