Consumer co-creation and crowdfunding go hand in hand. Consumers co-create value by funding the entrepreneur’s project on crowdfunding platforms. These platforms have brought forth awesome products: the Pebble Time watch, the OUYA videogame console, MaKey MaKey and many more! In this blog I would like to go into more depth about another awesome product brought to life through crowdfunding: the Coolest Cooler!
The Coolest Cooler, sometimes called the most successful campaign on Kickstarter ever, raised 13,285,266 dollar from 62,642 funders during its 52-day campaign. That equals to more than 265 times the projected goal. Pretty impressive!
What is this Coolest Cooler? Yes, it is a cooler, but not your average one. This cooler is ready for the 21st century! “The Coolest Cooler is 60 quarts of AWESOME packed with so much fun you’ll look for excuses to get outside more often.” Its founder Ryan Grepper calls the Coolest Cooler a “portable party”. It contains a lot of practical functions a traditional cooler lacks. With the Coolest Cooler comes a built-in ice crushing blender for those margaritas or smoothies on the beach, a removable waterproof Bluetooth speaker, an USB charger for when your electronics are running low on battery, a cooler divider which can also function as a cutting board, a bottle opener, integrated storage for plates and knives, extra wide easy rolling tires (which makes it easier to use it on sandy beaches), gear tie-downs and built-in LED lights to light up the contents for when it is dark outside.
Given those impressive statistics about the funding this project received, you would think it was an instant success. However, what if I told you that before raising more than 13 million dollar in August 2014, it failed to raise 125,000 dollar in December 2013?
What turned this failure into a major success? According to the question “What did you do differently this time around?” in the FAQ section on the campaign page it was a combination of multiple factors. First of all, seasonality played a role. People are much more interested in coolers in the summer than in the winter. Naturally, when it is freezing outside, the last thing you will do is spending a day with your friends at the beach or at the park. Secondly, crowding in effects were present. They had a group of passionate supporters from their first campaign, who were willing to actively promote the project. And finally, of course, they learned from the feedback about the first concept and turned it into an improved product. Also, they lowered the bar to 50,000 dollar.
Nowadays, you can sign up for a waiting list to buy the Coolest Cooler when it is for sale to the public.
What do you think about the Coolest Cooler? Do you know any other awesome products created through crowdfunding?
https://www.kickstarter.com/projects/ryangrepper/coolest-cooler-21st-century-cooler-thats-actually (all three images retrieved from this page)