Having developed truly innovative imaging technology for the medical imaging sector the company was struggling to find sales traction and the original investors were losing confidence.
The investors sought new leadership and a solid plan to commercialize this ground breaking technology.
Entrepreneur and seasoned startup veteran Stuart Mead was appointed CEO and immediately saw the opportunity to reposition the proprietary technology into the fast growing 3D scanning marketplace. It was an ambitious plan and required the management team to execute a strategic pivot in short order. Mead had worked successfully with OOKII in the past and he didn’t hesitate to call in the OOKII team to deliver success.
To raise additional capital, reignite investor interest and stimulate customer demand the decision was to taken to use Kickstarter, a global crowdfunding platform based in the United States. People who back Kickstarter projects are offered tangible rewards and one of a kind experiences in exchange for their pledges. OOKII were confident that this approach would be ideally suited to the 3D scanning product.
Not only would a successful Kickstarter campaign raise funds and provide concrete evidence of demand. If executed correctly it would generate a vast amount of media coverage and facilitate early customer engagement through social media channels.
OOKII immediately started a rebranding project which included creating a completely new identity for the company. The new company name, Fuel3D, was developed and tested together with a new corporate identity that included the strapline “Fire up Your Creativity”. The identity was reflected in the OOKII designed product packaging and Fuel3D web site.
OOKII’s experience and unique insight into successful Kickstarter campaigns enabled them to launch the Fuel3D Kickstarter campaign and ensure it remained vibrant and fresh throughout the funding cycle. One of the deliverables critical to Kickstarter success is the creation of a compelling video. In preproduction OOKII developed and integrated relevant, and concise messaging into the storyboard. This ensured that key details and the call to action were effectively communicated to the target audience.
Key media outlets were identified to support the launch and OOKII connected with influential journalists and bloggers ahead of the launch to ensure that the Fuel3D Kickstarter campaign hit the ground running.
Positive media coverage by influential publications such as TechCrunch, Fast Company and Engadget ensured the “media ripple effect” that OOKII had been aiming for and was the trigger for wider international media coverage.
The Kickstarter campaign was an outstanding success. Fuel3D successfully beat target in less than 2 days, 437 product evangelists pledged money and many signed up to become the first users of the handheld 3D scanning device and bring Fuel3D to life. In addition Fuel3D received hundreds of orders from overseas customers and expressions of interest from both international distributors and commercial partners.
The Fuel3D Kickstarter campaign is ranked in the top 0.5% of Kickstarter campaigns by revenue.
Immediately following this successful campaign Fuel3D were able to secure an additional $2.6 million (£1.6 million) of equity funding from investors.
Subsequently Fuel3D closed an additional funding round totaling $6.4 million (£4 million).
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