Scaling Your Product Up After Crowdfunding | Product Startup Podcast
In Episode #85 of the Product Startup Podcast, Ben Drury, the founder of Yoto Play, speaks to Kevin Mako on the process of scaling your product after crowdfunding.
Ben Drury is the Founder of Yoto Play, a connected hardware toy product for kids. Yoto just recently raised $17 million in Series A financing. Before that, Yoto launched their physical product via a successful crowdfunding campaign.
Ben shares some valuable knowledge on how inventors, startups, and small manufacturers grow and scale their products after they finish their crowdfunding campaign in order to get to big time worldwide sales.
In this episode, Ben and Kevin touch on a number of topics including:
Going from 750 units to 50,000 units.
Launching via crowdfunding.
Starting with a starter product as a stepping stone scaling.
Using crowdfunding success to scale after a campaign.
Using crowdfunding to learn, it’s far better than traditional test marketing.
Thinking about leveraging your hardware to sell secondary add-ons.
Being connected with your first customers, get a few units out there, then use this traction to raise funding.
Using the crowdfunding success and feedback to create a better product for your next version, and figure out how to make it cheaper now that you can produce at scale.
Giving a big discount to your Version 1 customers to get them to Version 2.
Ben Drury / Yoto Play Links:
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Mako Design Links:
Kevin Mako Links: