One of the most remarkable crowd-fuding stories of the last years comes from Sweden. The Digital Post talks with Minut co-founder Marcus Ljungblad about how his project Point made a splash on Kickstarter.
The Digital Post: Behind “Point“ there is an outstanding crowd-funding story. Tell us more.
Marcus Ljungblad: Although we founders, Nils Mattisson, Martin Lööf, Fredrik Ahlberg and I are all from Sweden, we actually started out in Shenzhen, China. By the time we arrived in China we had put together a working prototype of a connected fire alarm. But no first prototype survives contact with user testing.
On the ground in Shenzhen, we were able to utilise the enormous eco-system to rapidly prototype and test different ideas—those who survived ultimately lead to Point. We knew we were on to something when, during a customer interview, the customer asked to buy one of the products then and there.
At that time we didn’t even know if it could be mass produced, let alone had we given Point its name. Fast-forward a couple of weeks and we launched on Kickstarter.
Over the next 30 days we raised almost 5x our goal and had received customers from every continent all across the world.
After the crowdfunding campaign ended we headed back directly to Shenzhen to get to establish the supply-chains we needed and to get Point to production. Today we are shipping our first batch, which is all sold out, to more than 2000 customers and we are a week from producing the second batch.
The Digital Post: What is Point about? How does it work?
ML: As apartment owners ourselves we felt there is a disconnect between us and our homes when we weren’t there. How can I know everything is OK at home when I’m away? Point is camera-free option to stay informed about the important things when you are away.
Did my fire alarm go off? Has there been unexpected noise? Or, if I rent out my home, how do I know that no one is smoking inside or staying quiet during late hours? Point uses a range of sensors and combines a lot environment data to inform users when something is amiss.
Everything is computed on Point, so no sensitive information ever leaves your home. It’s dead-simple to install and is designed to blend-in into any home.
The Digital Post: What should be improved in Europe to help young startups?
ML: Make it easier to offer shares and options to the earliest employees in the company. It is not only the founders who contribute to a company’s success, your first hires and are equally important and you want to reward them accordingly. While starting out, however, it is often expensive to compensate on salary only.
Shares and options offers a way to reward your employees if the company does well. A reward they are rightly entitled to! We’d love to see governments in Europe make it easier for startup founders to share their success with their employees.
The Digital Post: Can Europe match the success of Silicon Valley and Shenzen? What should be the ingredients?
ML: The aim should not be to compete with Silicon Valley or Shenzhen, these are unique ecosystems and they are extremely good at what they do already. Rather, Europe as a whole, should spend its energy doing what it does best: nurturing companies that start global from day one.
Sweden is an important market for us. Users are connected and it has an tech friendly culture. But it is too small on it’s own. If we want to truly affect users relationships with their homes we need to look beyond Sweden.The EU should continue to focus on lowering the barriers to entry to other European markets.
Soon every new company will be ready to take on the much larger, and much much more diverse, global market. And it can do so faster than it’s American and Chinese counterparts. Europe is small, diverse and open, we should use that to our advantage to compete—not to become another Silicon Valley or Shenzhen.