Crowdfunding is a useful system. It allows companies, especially smaller ones, to gauge interest in a product before actually putting it into production. Unlike big corporations, smaller companies can’t afford to fail, so using crowdfunding to see if people actually want to buy a product before putting in more money is never a bad idea. Now, it looks like Google is getting into it with Kickstarter in a venture called Next Wave Fund.
Google and Kickstarter team up for the Next Wave Fund
According to the Google and Kickstarter Next Wave Fund, selected founders get a $10,000 pledge toward their Kickstarter goal when their project goes live. They also get hands-on campaign guidance from Kickstarter’s Design and Technology team. That includes free Grow with Google training and access to the Google AI Professional Certificate, plus a spot in the community forum for design and tech entrepreneurs. Projects that gain traction can also apply to join Google Accelerators down the road.
The fund is open to US-based entrepreneurs and small business owners with fewer than 20 full-time employees. Projects need to cover hardware, software, gaming, or connected technology. The primary contact must be a US citizen, resident, or O-1 visa holder, and the project’s bank account needs to be in the United States. Applications are open now on a rolling basis, and Kickstarter says applicants will hear back within six weeks. There’s also a free webinar on June 2 where the team walks through what a successful campaign looks like.
Why crowdfunding matters
If you think that crowdfunding campaigns are limited to small projects or products, think again. Some of the most recognizable names in consumer tech used that exact path. The original Oculus Rift raised $2.4 million on Kickstarter in 2012 before Facebook acquired the company for $2 billion. Oura Ring got its first round of backer support through crowdfunding before it became the go-to smart ring. Let’s not forget the Pebble smartwatch, one of the most successful Kickstarter campaigns to date.
Even recent campaigns show the appetite is still there. The XGIMI Titan Noir Series just launched on Kickstarter with a full 4K projector lineup, and backer pricing is already well below retail. The Next Wave Fund is essentially a bet that the next product in that conversation is still out there waiting to be built.
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