A new twist on crowdfunding


haystaktA Singapore-based company, Haystakt, is offering a twist on the now entrenched crowdfunded model.

Haystakt works by dropping the price of products for every purchase made after the funding target has been reached.

Makers with at least a working prototype of their original product can launch a pre-order campaign through the site.

They first set an initial price and minimum target for purchases that will enable them to go into production.

As with other crowdfunding sites, users then need to attract the minimum number of purchase pledges to reach their target in order to achieve a successful campaign.

Haystakt sellers also get to set their own price curve, which enables them to continue to meet their overheads while also attracting more customers.

Once the campaign is successful, the price begins to drop for every new purchase made according to this curve.

This is possible because makers can spread their upfront costs across a greater number of people, passing on the savings to the consumer.

At the end of the crowdfunding campaign, sellers know the exact number of products they need to make, and don’t need to worry about leftovers or budgeting issues.

The model is an evolution of a concept usually associated with Kickstarter and Etsy, which have enabled a whole generation of crafters and creatives to market their unique goods.

In recent times, we’ve even seen retail outlets dedicated to only selling work from independent talents in the form of sites like TinyLightbulbs.

Starting a campaign on Haystakt is free, although the site takes a four percent cut of sales, while PayPal takes 5 percent. 

This story first appeared on Springwise.


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