How Tesla pulled off the biggest Crowdfunding campaign Ever!
Originally posted on Medium
After many years of anticipation and numerous delays, the Model 3, Tesla’s solution for the “everyman” car was unveiled last week. It became what is arguably the most successful product launch ever. Much is said about Apple’s product unveilings in the past, but Tesla managed to pull off a crowdfunding campaign with 276,000 contributors amounting to an estimated 10 Billion dollars (yes, Billion!). While they are only asking for initial contributions of 1,000$, that gives them a cool 276M$ to continue developing their prototype, figure out manufacturing and work out the kinks.
People have not seen, nor tried the final product, and just like a Kickstarter project, they a buying into a a project and chance to become the first to have it.
How they pulled it off:
- Range: Elon Musk promised a minimum of 215 miles, more than any “economy” electric car in the same category.
- Expectations: While it’s not cheap, it still starts at less than half the price of the Model “S”, the only comparable benchmark in some people’s minds.
- Premium features, Included: All glass roof, giant screen, front and back trunk. But more importantly, the two coolest advantages that Tesla has rolled out in pricier models, comes standard; Autopilot and Free Access to their growing Supercharger stations. They are allowing buyers of the model 3 to be part of the Tesla ecosystem
- Removing Fear of the New: When Steve Jobs introduced the iphone, he had to introduce the touch screen, an unfamiliar interface at the time. He poetically eluded to using the best pointing device in the world, one we are born with, our fingers! And followed with: “It works like magic” . In similar fashion, one of the fears for potential customers would have been “I hope this is not just a cheaper, much smaller version of the model S. Musk minimized that fear by simply saying “Oh, and you can fit a 7 foot Surfboard inside the car”. (loud cheer)
This has been a moment that (Steve Jobs)Elon Musk has been waiting for, for almost 10 years.
About Vieran: a curious mind, world traveller and masters 4 languages to a degree where some people think he is a spy. He is trained as an Architect. While pursuing his studies, he did multiple consulting commissions in Canada, Mexico and in Europe. He developed a passion for marketing and communications, which he found to be not only complimentary but necessary for communicating design intent and getting different through the different layers of approval to get a project or product going. He is an amateur photographer, scuba enthusiast and has a healthy obsession for hospitality/ tourism.