Xiaomi brings its crowdfunding platform to India. Like Ketto or Kickstarter, the Mi Crowdfunding platform aims provide a dedicated space to products or ideas that still need money to go into mass production and hit the markets. So, for a person like you and me, when we invest and put money on a product, it needs to reach a specific sales target within a certain time period. If the sales target is reached, all customers get the product. However, if the target is not met, the product is cancelled and the backers get their money back.
As of now, there are two products listed on the platform – the Mi Bluetooth Audio Receiver and the Mi Selfie Stick Tripod, which are priced at Rs 999 and Rs 1,099 respectively. The first is a headphone amplifier, which connects to smartphones via Bluetooth 4.2. Whereas, the tripod selfie stick does exactly what it says, its a combination of a tripod and a selfie stick. It also comes with a Bluetooth shutter remote control.
Now, if you are interesting in any of these devices, here’s how you can get started.
To begin with, the platform accepts payments via Credit card/ Debit card, Internet banking, payment wallets, however, Cash on Delivery (CoD) is not accepted. If you are ok with the payment method, you can invest on a device. Now, here’s why people invest on a device when funds for it are still being raised.
Initially, during fundraising, people or companies generally ask for a low price on the device, in order to mostly just meet the expense to produce the product in mass. Eventually, when the device meets the target and is up for sale, it is highly likely that the prices of the products go up. However, early investors are in for a benefit here. What you pay for initially during the time of fundraising, remains the finals price for you, despite any increase in the price later.
In an event that you change your mind on purchasing the product, you can always cancel your orders before the it ships out. The company states that refunds usually take about seven to ten days from time of cancellation. The shipping date varies between products, and priority deliveries start once a project is successful.
Basically, the idea behind crowdfunding is that instead of asking a single company or an investor to put in large amounts of money into your project, such platforms let you ask a large number of people to invest a relatively small amount.