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: , , , , , , , , , ,

HEADLINE NEWS

Daily MailNick Clegg crowdfunding former Deputy PM appeals donationsDaily MailOn his website, there is a section which appeals for 'crowdfunding' to help bankroll the publication of thousands of Lib Dem leaflets. He's appealing for £25 donations. Yet Clegg, who has take [...]

Android Authority (blog)Crowdfunding project of the week: BIKI is an underwater drone that looks like a fishAndroid Authority (blog)We are back with another 'Crowdfunding project of the week', where we highlight some of the hottest tech coming from websites like Kickstarter [...]

Hall alone in vote against rape kit crowdfundingRockwall County Herald Banner“Rape kit testing is far too important to rely on an undependable funding source like crowdfunding. This is a core function of government and as such it should be funded by government. Victims deserve to know [...]

Virginia Tech launches its own crowdfunding site to reach new generation of donorsRoanoke TimesOne of the first four pilot projects that went live on Jump, Tech's crowdfunding website, lets users pay for as little as one local child to attend educational programming by the Moss A [...]

New York MagazineFacebook Rolls Out Crowdfunding to EveryoneNew York MagazineDepending on your perspective, the rise in popularity of crowdfunding is either a fantastic new way that the internet lets strangers help each other out, or emblematic of the decay of institutional safeguards [...]

Youris.comCrowdfunding boosts green powerYouris.comWith state subsidies falling, crowdfunding platforms are increasingly stepping in to help make green power projects a reality. For individual investors, injecting anything from a few euros to hundreds of thousands, they are a tangiabl [...]

Tech City NewsWhy are more and more tech firms turning to crowdfunding?Tech City NewsWhen Facebook bought virtual reality firm Oculus VR for £2bn (£1.3m) in 2014, the crowdfunding world looked on with amazement. Oculus, founded in California in 2012, had raised its crucial first $2m o [...]

Crowdfund InsiderResearch on Risk Shows Crowdfunding Has Significant Fraud Immunity: Here's WhyCrowdfund InsiderIt may be counterintuitive but the research has been done and the results are now in – and it's as we've been saying for almost five years. Fraud in crowdfund [...]

Finance MagnatesEthereum Alternative Æternity Starts Phase Two of Crowdfunding CampaignFinance MagnatesÆternity's blockchain is built from scratch with most of the transactions done off-chain for speed and efficiency. Avi Mizrahi | News (CryptoCurrency) | Monday, 29/05/2017|14:55 [...]

Devon LiveCrowdfunding page set up for family of boy who died after drug use ...Devon LiveA fundraising page has been set up in memory of a 15-year-old boy who died on Friday night after taking a recreational drug at a youth disco. Yesterday Devon ...and more » [...]

CFB Finance

Marketwired

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

Press Release

CrowdFund Beat Media

Teacher turns to crowdfunding to buy greenhouse for Nunavut students upflow.co/l/bqoI pic.twitter.com/chHa3MnCfT

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 |