Guest Post from Richard Neby, Content Writer for HokkuPR
Crowdfunding serves many purposes, from raising capital for a business to marketing a new product. French telecom giant, Orange, is using crowdfunding to test the market for a novel telephone that meshes the old with the new. The product, the NeoRetro, is a rotary-style phone built for today’s users with smart tech, and ergonomic design in mind. Because of the nature of the crowdfunding campaign, the designers are utilizing user feedback to optimize the device to consumer desires.
The campaign has reached more than 133% of its funding goal and is still growing. What’s interesting about this crowdfunding campaign is that Orange is an established company using Ulule, not as a platform to make money, but to evaluate public interest in a product. Most companies use crowdfunding to either launch a product, or to earn money, but Orange is using it to test the market.
Additionally, Orange is making use of one of Ulule’s unique funding goal types, which is a funding goal by number of backers rather than by amount of money earned. Ulule’s initial goal was 500 backers, and they have well surpassed that goal. As a campaign to test the market Orange felt it made sense to have a crowdfunding platform that supports a backer-based goal, which, for Orange is a better indicator of consumer interest than is money made.
Orange expects to see continued support for the NeoRetro, even beyond the crowdfunding campaign.