Technology & Fashion: Part 1 - Footwear

To the average consumer technology and fashion are two entirely separate industries, rarely coexisting or collaborating. But if we pause, and think about where our clothing comes from, we will find that without technology the brands that we adore and love today would struggle to exist.

Technology - A Key Selling Point for Footwear

These days, major brands like Nike, Adidas, and Under Armour are using scientific technology to position themselves as leaders of the footwear industry. To be clear, this is nothing entirely new. In 1988, Reebok was one of the first companies to use technology as a key selling point, claiming that their Reebok Pump could be quite literally pumped up to fit your foot in the most ideal way possible, giving consumers a shoe that felt more natural to the design of their feet. Never before had a shoe been designed with a fully adjustable fit, and it didn’t take long for the shoe to gain national attention: when Dee Brown pumped up his shoes right before throwing down a monster dunk in the 1991 NBA Slam Dunk Contest, Reebok knew it struck gold and quickly developed a new line of Pump’s dedicated for all major sports, ranging from the tennis court to the golf course.

Since then, technology has played a major role in the development of these major brands. Nike captivated an entire generation with their line of Nike Shox, a basketball and training shoe that came out in the early 2000’s with one simple promise: you’ll jump higher than ever before with a pair of Shox on your feet. I myself had a few pair of Shox’s, and I can vividly recall the feeling of owning a pair. Did they make me jump higher? Absolutely not. But I felt pretty cool wearing them, and my 10 year old brain trusted the technology enough to buy into their promise of making me a better basketball player.

Shoes like Nike Shox, or the Reebok Pump, made large promises to the consumer with little scientific research to back it up. Yes, it was new and exciting, but did it really make a difference? There wasn’t, and still isn’t any hard evidence that the shoes truly lived up to their competitive advantages, but that didn’t stop Americans from rushing into retail stores to get their hands on the latest drop.

10 Years Later - Things Have Changed

Gone are the days of gimmicky promotions, at least to a certain extent. Industry leaders are now backing up their competitive advantages with impressive, detailed reports of scientific research that neatly outline the technology behind their high-end products. Nike continues to dominate the shoe game thanks to their advanced Flyknit series, a shoe designed by a team of engineers, and programmers. The Flyknit material is woven and ran through computers with immense processing power, creating a lightweight shoe that has taken the market by storm thanks to it’s key influencer's like Kobe Bryant.

It’s not just Nike, as Adidas continues to release shoe lines with impressive technology behind their footwear. In hopes of disrupting the industry the company infamous for it’s 3 stripes recently collaborated with BASF, the world’s leading chemical company. The two industry giants created the Ultra Boost, a shoe that is now often regarded as the most comfortable and fashionable shoe on the market. Engineers and developers blew up a material known as TPU, then remolded it in a way to capture and give back the most energy possible to the wearer of the shoe. The Boost has been so successful that Adidas has adopted it to all major sports: if you’re a basketball fan, you can currently see James Harden rocking his own version of the Boost in the NBA playoffs.

Taking It One Step Further

Following the success of these major companies, entrepreneurs and angel investors have quickly realized the benefits of combining technology with footwear. But they’re not interested in creating a shoe like the Boost. Instead, they want to take things one step further and bridge the gap between footwear and online connectivity.

Iofit has revolutionized the golfing industry with their smart shoe served to improve a golfer’s game. If you’ve ever golfed, you know how important it is to have a balanced and smooth swing, appropriately shifting your weight as you follow through and drive the ball towards the green. But if you’re like me, you struggle with consistency: you’ll drive a ball 250 yards only to come back and slice a ball 30 yards in the wrong direction. That’s where Iofit comes in. The impressive shoe deeply submerged in technology can relay data that details the golfer's motions while hitting the ball. You can find out how much pressure you’re putting on each foot, which heel is supporting your swing the most, and how evenly balanced your hips are. The shoe not only relays this data back to the user, but it also makes suggested improvements that fit the golfers style of play.

If you’re not a fan of golf but love the idea of a smart shoe and enjoy outdoor activities then you’re in luck, as the company Aria has recently developed an insole dedicated towards maximizing your comfort during outdoor activities. The smart-sole is controlled through an app on your phone that allows you to customize it however you please. It has plenty of cool features that incorporate social media and data tracking, but what really makes it stand out is it’s adjustable temperature that can either cool or warm the user. Yes, you read that right, insoles can now literally warm you up or cool you down by integrating technology and online connectivity.

Onward & Upward! 

Remember going to the mall and seeing the pop-up stores that sold shoes that had lights on the bottom of the soles? Not too long ago, that was a pretty big deal. Entrepreneurs could turn a quick profit by simply putting in some cheap LED lights that lit up when a person’s foot would touch the ground. At the time, that was kind-of-sort-of considered cutting edge technology, because there had yet to be a healthy amount of shoes deeply integrated in the tech world. But oh how things can quickly change. In 10 years, we’ve gone from gimmick to woah, it can do that?! My feet are tingling just thinking about what will come within the next decade!

Beyond reality: the future of human interface

Virtual Reality, the once thought of next-in-line booming technology appears to be at a standstill. Even with the support of heavy-hitting corporations the technology has yet to explode like many experts predicted it would. It’s still early, but the experiment stage is over with. Billions of dollars have been poured into this industry and if the results continue to be underwhelming it will soon be looked at a quirky trend that never lived up to its potential.

Gaming Industry Plaguing VR

Thanks to sci-fi novels and blockbuster hits the average consumer typically associates VR with the gaming industry. Because of this, tech leaders have invested billions of dollars into the most coveted VR companies like the Oculus Rift, but even with the influence and money behind these major companies the VR gaming industry has yet to experience significant growth.

One obvious reason behind this lack of growth is the limited amount of games offered by these VR companies. None of the world’s highest grossing video games can be played through virtual reality. Users cannot throw a pass in the newest Madden, nor can they shoot down an enemy tanker in the latest Call of Duty. What they can do is play games like Job Simulator, or Farm Harvester.

Eight out of ten homes own a next-gen console. The numbers for how many virtual reality headsets have been sold have yet to be discovered, but it doesn’t reach beyond hundreds of thousands. One serious disadvantage VR gaming has is that it cannot compete with the graphics offered by consoles like the Xbox One or PS4. Players who are used to playing games like FIFA or Halo are used to the selling point of better graphics equals better gameplay. How do you reverse an entire generations thinking? The gaming industry has only itself to blame as they are the ones who developed this ideology in the first place.

Lack of Modernization

For how futuristic it’s supposed to be virtual reality severely lacks the sleek modernized look that should come with a new and exciting advancement of technology. As of now, popular headsets like the HTC Vive are extremely bulky. Users have to place chunky devices over their eyes and use controllers that look eerily similar to the first versions of the Nintendo Wii. There has yet to be a virtual reality device that doesn’t look like giant head-goggles attached to a phone. Oh, don’t forget, if you want to play online with other users you’ll have to connect to a computer and sit right next to your processor.

Not Enough Benefits

When you first put on a virtual reality headset you’ll likely be impressed. It’s exciting, how can’t it be? You just entered a new world! But give it ten, maybe fifteen minutes, and that rush will soon wear off. Not to mention the possible motion-sickness and discomfort that many users have reported of feeling after just 30 minutes of activity.

The fact of the matter is that virtual reality isn’t a new world, and users can easily tell that after a few experiences with any given VR device. Our eyes have been trained to stare at one flat screen, but now we’re being asked to turn 180 degrees within every minute of the game? That’s a hard sell for many consumers. Our days are already long, and most people will choose to get in their exercise the old-fashioned way. When you come from a long day do you want to strap on your 5 pound headset and move around your living room, or do you want to sit down and become a couch potato like the rest of us decent Americans.

As VR Stalls AR Thrives

While virtual reality has yet to reach the average consumer augmented reality is taking over the streets and your pocket cell-phone. You know those silly snapchat filters that you love to use? Or that beloved app known as Pokemon Go? That’s augmented reality, and it’s expected to have over 1 billion users by 2020, with revenue projected to be four times greater than VR. What’s the reason for this? It’s simple: augmented reality is much more user-friendly. Unlike VR, a user does not have to strap on any device over their head or eyes as they can simply use their current smartphone. It’s much more social and can be used in almost any setting, not limiting users to their computers or consoles. Graphics across both platforms are generally the same, but AR has more facial recognition capabilities. AR is not only user-friendly, it’s corporate friendly too. Advertising within virtual reality is dead, but AR advertising is just getting started. From virtual tours in brick and mortar shops to a primary medium for storytelling, AR advertising will soon be submerged within every major city. Don’t worry about finding the cheapest sweatshirt in NYC as it will soon find you through augmented reality!

VR Potential Beyond Gaming

The VR gaming industry is never going to take off like experts thought it would, but that doesn’t mean virtual reality is useless. In fact, where VR makes its biggest impact is far beyond the computer screen and mind of a 16 year old. It’s already being used in hospitals across the country as it acts a key resource to train young surgeons. But it doesn’t stop in the training field, VR can also be used to perform major surgeries: by using VR doctors across the globe can communicate and operate as if they are all standing in the same room, giving patients the ability to have insight and feedback from more than one doctor. It’s also being used to treat soldiers suffering from severe cases of PTSD, and so far, the results are nothing but positive. Virtual reality will soon be widely used across our educational and healthcare sectors, and for good reason as collaboration is almost always a good thing and something that this country could use more of.

Conclusion

Both virtual and augmented reality will continue to receive billions of dollars from investors hoping to become the next Apple or Microsoft. Many of these startups will fail, but the few that succeed will become global influencers. The race is on, whose going to make it to the finish line?

Vertical farming: the future or a fad?

The Problem

200 years ago there were less than 1 billion humans living on earth. Fast forward to 2018 and the human population is above 7 billion with no indication of slowing down anytime soon as experts expect it to be over 12 billion by 2050. This rapid growth can be attributed towards a number of positive developments and improvements within the technology space and medical fields, but with all that growth comes plenty of problems. One of the most critical problems that a rapid growth in population brings is food. Because of the growing demand for food humans are currently overfishing oceans and without drastic measures to prevent this we could see every seafood species fall below commercially viable levels as soon as 2048. You don’t need to be a math wiz to understand that more people means more food, begging the question: how will we continue to address our rising populations as we have less space to work with and more people to feed?

The Solution

Vertical farming. It’s as simple as it sounds: grow crops vertically instead of using great plains and open fields. Sky scrappers, schools, apartment buildings, the potential hosts of vertical farms are nearly limitless. It’s a solution that is already being implemented within major cities across the globe with a wide variety of leading experts believing it to be the most effective way to combat the growing food crisis. A major bonus that comes with vertical farming is how environmentally safe it is. Indoor farming reduces the waste of fertilizers and water and because of the controlled climate it also requires ef pesticides and harmful toxins that can often be found in expansive outdoor crops. One of the world’s largest vertical farms currently produces heads of lettuce using 40% less power, 80% less food waste and 99% less water usage than their outdoor competitors, clearly indicating the eco-friendly benefits that come with vertical farming.

The Promise

What type of food can be grown and how much of it greatly depends on the availability of space and resources surrounding the vertical varm. However, almost every vertical farm will aim to work around developing a plan that includes greater water preservation, an increase in yield, more efficient use of urban space, and renewable production on top of being environmentally friendly. Vertical farms are also weatherproof and can feature year round crop production, something that many outdoor fields fail to accomplish through blistering winters or scorching hot summers.

How It’s Done

When it comes to vertical farming there is no one-size-fits-all solution. But there a few practices and commonalities found within every vertical farm, including:

  • Stacking crops

    • Instead of laying out crops in an open row farmers instead stack them on top of each other

  • LED lighting

    • Used as a energy and light source, replacing the need of a Sun.

  • Using technology to aid the growing process

    • Humidity and temperature control

    • Control monitoring of nutrients and fertilizer

    • Timed treatment of crops

  • They feature some type of “ponics”

    • Every vertical farm will include some variation of a nutrient and water delivery system intended to feed the crops (Aeroponics, Hydroponics, Aquaponics, etc.)

While these features can be found in almost every vertical farm a number of newer developments are including plans that collect their own rain water and produce their own energy for the entire building through wind turbines and solar cells. As vertical farms continue to develop, a greater sense of community involvement continues to arise; these farms aren’t just looking to maximize their profits, they’re looking to give back to their communities and help pave the way for future generations.

The Benefits

The U.S. manages to waste $165 billion in food each year. 40% of the food in the U.S. today goes uneaten, much of which finds itself in local landfills contributing towards a large portion of our current methane emissions. Vertical farming combats this growing crisis by providing food for only one city rather than shipping it off to people across the globe. A large portion of food is wasted through transportation and quality standards that overemphasize appearance, which results in less profits for the farmers and higher prices for the consumer. Vertical farms eliminates all of these problems by eradicating the need for shipping and transportation: all of the food that is grown will go towards feeding the city, so there is no need for large shipping containers that often compromise the integrity of the produce. As previously mentioned vertical farms are also extremely environmentally friendly as they greatly reduce water usage and wastage. The efficiency behind these farms also save farmers quite a bit of money on their energy bills, not to mention the 24/7 capability that shields crops from extreme weather.

The Negatives

It’s not cheap. Yes, you will save a great amount of money overtime, but that cannot be achieved overnight. Urban land is going to generally be more expensive to purchase than rural farmland. Creating a controlled weather environment is going to cost much more than gathering natural rainfall and sunlight from an open field. Unlike a rural farm you cannot employ just a farmer or two as you will need a team of engineers and scientists behind any project that is meant to serve an entire city. Another serious disadvantage is that you can only grow a limited amount of crops as not everything can be perfected under controlled climates. Plenty of produce can be grown in these farms: such as strawberries, kale, lettuce, basil, and other herbs. But some of the most widely eaten food cannot be grown under these conditions, including wheat, and rice.

Conclusion  

The world has a serious food epidemic taking place. We’re overfishing our oceans, wasting produce at an alarming rate, and not giving enough support or help to farmers who continue to lose profits on their crops. Vertical farming is a creative solution to these serious problems, and it’s a great idea and should continue to develop in cities across the globe, but is it enough? People are starving, farmers are losing money, and wasted food continues to build mountains of trash in our landfills. We need more than one creative solution to combat these serious world crises.

Basic Universal Income: All You Need To Know

What Does Universal Basic Income Mean?

It is the idea and proposal of providing every citizen within a given state or country a specific amount of money on a regular basis. It’s essentially a welfare system provided by the government that doesn’t eliminate the freedom of choice. It’s supposed to be fair, simple, and difficult to corrupt. Everyone receives the same amount of money, and the government stays out the way regarding what citizens can do with their free cash. It’s often brought up as a way to combat poverty and provide greater assistance to those who need it most.

Where Did It Come From?

Thomas Paine, a late 17th century social activist and philosopher is often credited with coining the term universal income through an essay he published in 1797 that was aimed at preserving private property for the working class. It can be argued that Paine was the first to express this ideology on paper, but his mentor Antoine Caritat, Marquis de Condorcet often voiced the same arguments when publicly speaking to the poverty stricken French laborers. Paine’s mentor was eventually jailed and slaughtered for his political activism and disdains against the state, but he didn’t die in vein as his mentee and fellow followers helped spark one of the world’s most infamous political revolutions.

Paine is largely viewed as one of the most influential philosophers of his time, and for good reason. But truthfully Paine, nor his mentor should be credited with the idea of a minimum income, as Thomas More first laid out the blueprint and explained the potential benefits in his fictional novel Utopia. Utopia was published in 1516, more than 200 years before Paine was even born. Without Utopia, activists like Paine may have never introduced Europe to the possibility of a minimum income for all of its citizens.

Arguments For A Universal Income

Implementing a universal income for a large population would be difficult, that’s no secret. But arguing for a universal income is quite simple as the reasonings behind it are definitive and short. Arguments include an increase of financial security, protection against advancements of technology that could soon replace many jobs, and reducing the inequality found within many countries.

The most widely used argument for a basic universal income is that it would improve the welfare of the poor. In capitalist countries such as the US the wage gap between the poor and elite continues to skyrocket. Our current welfare checks and balances limit recipients on what they can use government money for, and in most cases it is simply coupon vouchers that can be redeemed at local grocery stores. Universal income would allow citizens to spend the money however they choose, and instead of using it on food they could invest it towards furthering their education or creating their own small business, providing a potential greater return than simply giving them discounted food items.

The second most commonly used argument is that it will help countries adjust to labor-saving technologies. It’s no secret that automation is coming, and soon global industries that provide millions of jobs will begin to implement technology that will eliminate the need for a large percentage of their human employers. The US trucking industry provides more than 7 million jobs across the country but many experts believe it could soon be entirely replaced by self-driving cars and trucks that will not require a passenger or driver. The bottom line is that replacing human employers with self-learning machines is no longer fantasy. Fast food chains across the world are replacing their cashiers with touch screens as chain-restaurants continue to eliminate the need for a server.Even firms working in the creative space are beginning to realize the positive ROI when employing a computer over a real life person; a Toronto based graphic design firm uses AI technology to develop logos and graphics for businesses across the world. Just a few years ago it was thought that the creative arena was perhaps one of the few spaces that AI couldn’t touch. But marketers, writers and designers should be just as concerned as their local truck drivers.

One final argument for a basic income is that it could potentially lead our world towards our next social evolution. Before automation and smart computers existed citizens of the world heavily relied upon one another for the basic survival of mankind. But as computers have evolved our species have soon realized that the machines we have invented possess far greater capabilities and power than we could ever hope to achieve ourselves. Our parents grew up on the notion that putting in an honest day’s of work is what makes you a respectable and contributing member towards society. But this was mainly used as a tactic to grow the economy and help build a nation that is now regarded as the world’s first hegemonic country. When speaking of a universal income it’s important to ask the question of human development. Were we truly placed on this planet to work 5 days of week? Can we not imagine a world that allows us to focus more on relationships and things that we genuinely enjoy to participate in? Providing a basic income would give citizens more freedom to pursue the things that provide them with happiness and joy.

Arguments Against Universal Income

Providing a basic universal income is deeply rooted in socialism and even flirts with communism. Capitalist countries such as the US have a history of deflecting and putting negative spins towards these political ideologies. Our current welfare system is already heavily debated, and many people believe our government is already providing too much assistance. Keep in mind that capitalist countries are often founded and built on a type of bootstrap mentality, one that doesn’t include giving away thousands of dollars without asking for anything in return.

An economical argument against providing a bui is that the inflation it causes across multiple markets will offset any potential positives that it may bring. What good is it to provide a small consistent income to all of your citizens if the prices of basic goods and services dramatically rise? Is receiving $10,000 a year worth having to pay $2 more every time you buy a fruit or vegetable? You can kiss the falling costs of TV’s and computers goodbye! These are things often said by bui critics, but recent studies have pointed out the flaws in these vague arguments.

The US has a population hovering around 327 million people. Let’s say the government distributes a universal basic income of $10,000 to all of its citizens, a common number that is found within many pro-arguments. Where will that money come from? The country is already facing budget cuts towards healthcare, agriculture development and education, how would it possibly come up with the money to give away that much free cash? It’s not as if you can just print more money without facing severe economic consequences.

Finally, one last argument that is often seen in the arena of providing a basic income is that there is little to no proof that it would make life easier for the poor, which is the class that it would be most intended to benefit. The only country that has successfully implemented a universal income is Finland, a nation that features a much more homogenous country than the US. Many believe that providing this free income would simply raise the floor of the poverty line, which doesn’t directly casuate to more people escaping poverty.

Key Leaders Who Are Sparking The Conversation

This blog wouldn’t be published without public figures and industry leaders arguing for a universal income. Because of their voiced opinions this political ideology has forced its way in mainstream news, and will likely be a heavily debated topic in the next presidential election.

Elon Musk is perhaps the most well known proponent of a bui. The current SpaceX CEO has publicly stated the need for a greater welfare system as robots continue to become more advanced. In an interview with CNBC the founder of Tesla explained that soon there will be fewer and fewer jobs that a robot cannot do better and that with automation comes a drastic reduction in corporations costs. Musk has also gone on the record to say that if a bui is not provided in the near future than the gap between the rich and the poor will only expand, creating a greater sense of inequality in a country that is meant to provide equal opportunity for all of its citizens.

In the political sphere Bernie Sanders has continually argued for the need of a bui. The democratic socialist has pushed for bipartisanship to carry out the task of designing a logical plan that could be supported from both sides of the table. During his presidential campaign Sanders went on the record to clear up his stance on bui, saying that because we stand to lose half of our jobs to automation within 20 years providing a bui is an inevitable choice we must make, and not doing so will cause great suffering.

It’s important to credit these leaders while also understanding that if a bui is to be implemented it will be because of the general public’s demand, and not a politicians or CEOs wishful thinking.

If Not Universal Income, Then What? Some Type Of Policy Is Needed

One of the largest expenses for many small businesses and corporations is payroll. Employees are paid every single minute of the day, at least while they’re at work. Machines don’t come without costs, but they don’t have the residual costs that come with a real life person. Another important factor to take into account is that machines don’t require lunch and coffee breaks, nor do they require sleep. If a business is presented with an opportunity to cut employees that take up a large percentage of their payroll they are likely going to do it because in the capitalist world it's all about maximizing profits. 

A recent report by the Paris-based OECD concluded that 14% of jobs across developed countries are already highly-automable, and at least 32% of jobs are at severe risk of experiencing significant changes. The report states that a minimum of 13,000,000 jobs in the US will soon be lost thanks to automation, creating an economic crises that will far outweigh what Detroit experienced during the decline of the car industry.

As a general public it’s important to realize that without the average consumer these large corporations would not exist. Who helped make Walmart what is today? The consumer. Many would argue that it is socially and morally corrupt to replace the people who helped bring in your profits to begin with. A solution that differs from providing a bui is a taxation policy; If corporations want to replace human workers then the government should create policies that tax them at higher rates for doing so. Finally, one last word is that if citizens do not put pressure on their local and national politicians to create creative policies that combat the negative economic impact that automation is going to bring then the majority of them are likely going to be left in the dust while a select few basque in the benefits of automation.

5 reasons you should (and shouldn't) use a Kickstarter campaign

Popular crowdfunding sites like Kickstarter have earned a reputable reputation within the entrepreneurial arena, and for good reason. It's played a large role in shaping the crowdfunding market, which is now estimated to be well worth over $2 billion with the potential to reach as high as $93 billion by 2025. Some campaigns have raised more than six figures in less than 24 hours, while others have gone on to raise tens of millions of dollars for as simple of an idea as a horror themed board game. But with all that success comes plenty of failure. 14 % of Kickstarter campaigns fail to receive any pledges, and the current success rate of Kickstarter campaigns sits at 36%, meaning for every success story there are two failures quietly hidden and tucked away in the vast online fields of the internet.  

Kickstarter isn't going away anytime soon, no matter how many times the company may boast a failed project. The crowdfunding tool can be a great resource to help you grow your business or bring attention to a product or service you're hoping to successfully introduce to the market, but that doesn't always mean it's the right path to take. Let's have a look at the top 5 reasons why you should and shouldn't carry out a Kickstarter campaign for your product or business.  

5 Reasons You Should Use a Kickstarter Campaign  

1) If you have an idea for a tabletop board game then Kickstarter is absolutely the right place for you to launch your campaign.  In previous years online video gaming projects generated the most hype, largely because in 2015 the category had an average of over $100,000 for successful campaigns. But now board games seem to be the current fad, earning an average of $65,418 in 2017 and surpassing the flat growth of the online gaming world.

2) Your campaign doesn’t require too high of a funding goal. Backers want to believe that the project they are backing has a legitimate chance of being successful, or else why would they waste their time and money on your business? If your project falls below six figures it will have a greater chance of reaching its goal.

3) You lack real-world connections. Let’s face it, in today’s world who you know can be just as, if not more important than what you know. If you don’t have a strong social network that features angel investors or witty business tycoons then this platform can be your gateway to reaching the people you need in order to be successful.

4) You have a variety of rewards that can be given out for a multitude of pledges. If you only have one product to sell, how will you get people to donate $200 instead of $50? If your business can offer a diverse set of rewards and promises to your backers it will make your campaign look more attractive in the consumer’s eyes, because everyone wants options!

5) You have a strong PR campaign specifically made for the crowdfunding project. One of the most common traits among all successful campaigns is that they feature highly professional looking press kits and videos. If you don’t have a tutorial or a simple video explaining your project then how will consumers fully understand and recognize the benefits of pledging money to your campaign? Video is the new norm across all platforms, because who likes to read!?

5 Reasons You Shouldn't Use a Kickstarter Campaign  

1) Your project requires a timeline longer than 30 days. The most successful campaigns feature short timelines. Statistics prove that projects with a long time stamp struggle to bring in revenue largely because backers don’t want to wait that long to receive their rewards.

2) Your product is heavily revolved around growing technology. The technology category is currently ranked 3rd on the most funded categories through Kickstarter. However, this is largely due to a few successful projects that raised over tens of millions of dollars in a short amount of time. The failure rate of technology projects is much greater than the average failure rate as currently 4 out of every 5 tech projects will fail to reach their targeted goals.

3) You don’t have the money to invest in promoting your campaign. If you can’t afford to pay for email subscription lists, online targeted advertisements, or PR campaigns then don’t even bother. Kickstarter is a massive platform with tens of thousands of shiny objects and fun projects. If you can’t invest money within online marketing tools served to broadcast your project then there is little chance anyone notices your business to begin with.

4) You’re not fully confident you can fulfill your orders if your goals are reached. 1 out of every 9 successful campaigns will fail to live up to their promises, leaving their consumers empty handed. There is no quicker way to ruin the integrity of your company then by failing to deliver on a reward you made available to the consumers who supported you before anyone else did.

5) You don’t have the right set of qualifications to prove to potential consumers that you can handle this project. If you’re a new company trying to sell a baseball bat, someone on your team better have experience as a player, coach, or working professional in the industry. When consumers are giving money for a product that has yet to be developed they are placing quite a bit of trust in you and your company. These consumers will likely check out your website, experience, and testimonials. Simply put, if you can’t prove that you have the right background for the specific project you’re offering backers will have a difficult time trusting your alleged capabilities.

For some, Kickstarter can be a tool used to help take their business to the next level. But for others, it can act as the final blow to their dwindling company. Remember, what you do online cannot be erased. A failed Kickstarter campaign will plague your company for years to come if you cannot properly handle the negative publicity that comes with it. Happy crowdfunding!