“Crowd funding offers two major benefits for us compared to traditional venture funding models, in that we can test our market while raising the capital needed to launch the product.”
Each set of magnets contains over fifty pieces that can be mixed and matched to create characters. The sets include a magnetic frame and five printed backgrounds that you can use to complete the scene. Replacement backgrounds can be downloaded from www.friendsonthefridge.com.au. Older children can use the speech bubble magnets with a whiteboard marker to tell jokes or leave messages for friends and family.
“The closest product on the market that we have found is the magnetic paper doll sets. Our product is unique in the fact that you can change the position of the characters to create more expression. If you want to tilt the head a little to the right, you can do it with our set.”
Friends on the Fridge is using Pozible, a Melbourne based crowd funding website to generate interest. The target for the project is $5,000 and this needs to be met by May 25 if the project is to go ahead.
The crowd funding model involves publishing an idea and asking people to pledge their support. If enough people pledge and the target is achieved or exceeded by the deadline, then the pledges are processed and the project creator receives the funds to create their idea. If the target is not met, then none of the pledges are processed and the project fails. When a project succeeds, people who pledge their support are given rewards based on their contribution.
“Most of our rewards are for sets of the Friends on the Fridge magnets. We have rewards as low as $1 and you can get a full set of magnets with backing scenes from $20. That price includes shipping worldwide. We really value our backers and we want to make sure they receive great value for money in their rewards.”
The first print run of Friends on the Fridge will be manufactured here in Australia. “We would like to keep the manufacturing here in Australia as long as we can. Naturally we will have to assess the options as we scale.”
If the project is successful, there are already plans afoot for expansions in the range. “Once we’ve got these first sets up and running, we would like to start work on some new designs with a new die cut. Ideas on the table include sets for princesses, fairies and pirates. The new sets will be compatible with the current sets and kids will be able to make all sorts of fun characters. But we need to get this first run moving before we can do anything else.”
In order to reach the target, Friends on the Fridge needs to sell around 200 sets. There are reward levels that are targeted at small retailers who would be happy to stock the sets in their stores. “Ultimately it would be great if we could find a distributor, but that’s further down the track. For now, we’re just trying to get as many sets into households as possible.”
More information on the Friends on the Fridge project can be found at www.pozible.com/fotf.
Note: High resolution images are available for download from http://www.digitallamb.com.au/files/FOTF-image-CMYK.zip
Additional images can be supplied.
Steven Ready is a serial entrepreneur with his first business ventures starting in early primary school. He founded Digital lamb at the age of 19 and has fostered its growth over the last decade. Digital Lamb provides graphic design and website development services to national and international clients. Business ventures include Facebook games, online games, printing and promotional products.
Digital Lamb's website: www.digitallamb.com.au