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.

logo_full_TM_vector

“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.

Tags: , , , , , , , , , ,

nov2017-fintech confernce-dc

HEADLINE NEWS

Former Blink 182 Guitarist Crowdfunding SpaceshipThe Onion (satire)UFO enthusiast and Blink 182 co-founder Tom DeLonge is crowdfunding a “public benefit corporation” whose first project is a proposed intergalactic spaceship. What do you think? “I've thrown away money on worse mus [...]

Real Estate Crowdfunding Firm Targets Institutional InvestorsInstitutional InvestorFirst RealFund has begun offering real estate deals to institutional investors on a crowdfunding platform. The New York-based firm will provide short-term real-estate investments in high-growth neighbor [...]

AOLThis 94-year-old WWII veteran is crowdfunding a tour of refugee camps across the worldAOLBut there's still a challenge Smith wants to complete: traveling to refugee camps across the world. For this reason he's launched a crowdfunding campaign on GoFundMe to help him fund [...]

This Farming Robot is Looking for Crowdfunding to Plant its SeedsInverseThe Salk Institute may have cured polio in its heyday, but these days it needs help funding its research endeavors. The San Diego-based nonprofit science hub is seeking $313,840 through crowdfunding efforts in ord [...]

Crain's Detroit BusinessSouth Oakland Shelter acquires HandUp crowdfunding platformCrain's Detroit BusinessIn what's being called a bold move, South Oakland Shelter, a Lathrup Village nonprofit that provides services to the homeless, has acquired San Francisco-based Han [...]

AdweekThe Brewers Association Is Launching a Crowdfunding Campaign to ...AdweekThe Brewers Association has released a tongue-in-cheek video to promote its crowdfunding efforts. YouTube: Take Craft Back. Share. By Erik Oster. |. 23 hours ...and more » [...]

ForbesThe Recipes For Crowdfunding Success On Kickstarter -- And What To AvoidForbesToo little is known about the recipes for a successful crowdfunding drive for a new product. And there is even less known about online drives, despite its meteoric success over the past decade. A 2013 [...]

LeaflyCrowdfunding Site Cancels Aid to California Wildfire Victims - LeaflyLeaflyWith the most devastating wildfire in California history laying waste to its members' homes and livelihoods, the California Growers Association responded in the ...and more » [...]

The SunMum slammed for setting up crowdfunding page asking people to ...The SunA MUM has come under fire for setting up a crowdfunding page requesting cash instead of presents for her son's birthday. Paramita Sarkar says nine-year-old ...Mum starts crowdfunding page so her son ca [...]

Tom DeLonge's new UFO academy is crowdfunding a spaceshipConsequence of Sound (blog)Now, DeLonge's first major initiative with the group is a crowdfunding campaign to launch a spaceship. A message on DeLonge's Facebook account announces the project: “Hello, my name is T [...]

CFB Finance

Syml
Lst Val
+/- Val
+/- %

Marketwired

  • Crowdfunding
  • Crowdfund
  • Peer to Peer Lending
  • FinTech
  • Reg A+
  • Reg CF
  • Crowdfunding USA

Press Release

CrowdFund Beat Media

lnkd.in/gXvUdRw On November 6th & 7th 2017, global thought leaders will convene at the 2020 #Fintech at Nati…lnkd.in/gQ62iJ5

Live Crowdfunding .tv

What's Next Step in Regulation A+ JOBS ACTS Title IIII :L Interview : Steve Cinelli with Brian Korn Securities and Crowdfunding/Peer-to-Peer Lending Lawyer, Watch more video library | Conference | Interview | Campaign Showcase | Research | Education |