FwdForce Releases First Challenge-Oriented Crowdfunding Platform

CrowdFund Beat News Wire,
Closed beta of new platform that supports only challenges that gain a critical mass and introduces the element of competition available to limited individuals

BOSTON — April 7, 2016 — FwdForce today announced the closed beta release of its crowdfunding platform for crowd-powered open challenges. As the first challenge-oriented crowdfunding platform, FwdForce flips the traditional model of crowdfunding by supporting only challenges that gain a critical mass and introducing the element of competition into the model. The closed beta will be available for a limited time to a select number of individuals and companies seeking to get involved.

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“Current crowdfunding platforms fail to bring to viable products to market,” said Moshe Baum, co-founder and CEO of FwdForce. “The products being promoted are often over-promised and under-delivered, with no guarantee of delivery if funded. We’re looking to shake up the space with our new model that will dramatically increase the products that go to market.”

 

According to Kickstarter Statistics, only 36 percent of the campaigns conducted actually get funded. Of the products that do get funded, only 20 percent of the products get shipped to consumers on time, and quality often leaves a lot to be desired.

FwdForce is designed to create challenges that entice participation and lead to product creation. There are two different types of challenges available on FwdForce:

  • Crowd-Powered Challenges: The contenders is funded by the crowd and the IP belongs to the contenders.
  • Sponsored or Company-Issued Challenges: The sponsor initiates a challenge, funds the minimal prize and sets the criteria, and also owns the full IP at the end. Alternatively, sponsors can fund a portion of the challenge as a component of an overall solution.

Contenders interested in participating must first submit concepts, then backers will vote for a short list of challenges to get funding for prototyping. All prototypes created are required to be submitted for testing by given deadline. FwdForce uses a certified third-party lab to conduct tests and declare a winner. Backers get voting rights on the shortlist concepts, and typical perks like future discounts of the result product.

At launch, FwdForce will have more than 50 contenders on the site, including:

  • Truly Wireless Earbuds with Carrying Case. Design an elegant, affordable and usable wireless solution. This has been a long awaited concept, but there are not enough commercially available products. The product must provide at least 3 hours or listening with 8 standby hours and offer an easy fit.
  • Better Bicycle Lock. Create a lighter, more secure bicycle lock with GPS and an alarm. The lock should use a more convenient unlocking mechanism that does a better job of deterring criminals, while weighing less than 3 pounds at a price tag under $100.
  • Portable 3D Printer. 3D Printers are a crowd favorite, but there is a need for a well-designed, portable version that fits the needs of on-the-go freelance industrial designers and hobbyists. The product must fold into a backpack in less than 2 minutes, weigh less than 14 pounds, cost less than $2,500, and have a modular design that can scale for larger volumes.
  • Home Surveillance Drone. Classic surveillance systems use fixed cameras that are often easy to spot and trick, whereas a smart dedicated drone can provide more views with fewer cameras that are less predictable. This creation must be small yet have the ability to carry a high-resolution camera with night vision, self-charging, capable of monitoring multiple drones that operate 25-plus minute flights, and cost less than $1,150 for a drone/base unit combination (additional drones for $800 or less).
  •  This lawn mower creation must be fully robotic, not just remotely controlled or self-propelled. In other words, it must be fully operable on its own without control from a user. It needs to have all the features of a regular lawn mower and have safety measures in place. No price limit.

For more information about FwdForce or sign up to be a part of the closed beta version, visit www.fwdforce.com.

About FwdForce

FwdForce is a challenge-oriented crowdfunding platform. Unlike traditional crowdfunding platforms that results in only few products that become reality, FwdForce flips the model by issuing challenges to members of its community, supports only challenges that gain a critical mass, and introduces an element of competition. For more information about FwdForce, visit www.fwdforce.com.

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