As we informed you in the previous post, a few weeks ago the Ulule’s team visited us to know firsthand our project. In 2013 Wattio used this crowdfunding platform to finance its business project. The campaign we made was a success as we got 65% more funding than we were looking for: from the 5.000 € we wanted to achieve, we got 8.271€, thanks to the 59 contributors who collaborated.
Four years after that achievement, Ulule’s team has contacted us to discover how our experience with the platform was and the evolution the company had since then.
Do you want to know more about the history of Wattio with Ulule? Do not miss this interview!
- What is Watio?
Wattio is a connected home system that radically changes the way you communicate with your home. It allows you to control your home and know what happens during the 24 hours of the day from the mobile phone wherever you are; save energy; and regulate the heating. Our mission is to help people to make a more efficient and conscious energy consumption, because there is no cleaner energy than that the one is not consumed.
- What is SmartHome 360º?
It is the name of the reward campaign that we created in Ulule to obtain the necessary financing to be able to launch our first products to the market. In total, 500 devices were distributed in packs of 4 products, as well as a smartphone application to manage them.
- Why did you decide to run a crowdfunding campaign instead of looking for a bank loan?
It is complicated to obtain a bank loan having such an innovative product and at such an early stage. That is why we opted for a crowdfunding campaign.
- Why Ulule?
It is a Spanish platform that provides you the tools you need when you need them. The number of users it has brings confidence: key when you are looking for a crowdfunding platform. In addition, we believe that a platform that democratizes the financing is perfect for a company that democratizes the home automation.
- How did you prepare the campaign? Was it all planned or did you make it while the campaign was going on?
From the very beginning we thought it was essential to plan the objectives we wanted to achieve with the campaign and to design a communication strategy that was coherent with them.
- Do you remember a difficult time? How did you solve it?
Once the project was launched, in our case, the time between launching and sending the products lasted several months. Therefore, the management we did updating the production status was key to maintain the contributors informed so they didn’t get nervous. Transparency towards investors is the currency of exchange for the support they have given us.
- You needed 5.000 € and you finally got 65% more funding. How did you feel when the campaign ended?
It was a very rewarding feeling of support, not only because we had the funds to go ahead with the production, but also because the feedback we got from the market was very positive. This made our commitment to our customers even greater.
- What do you think was the reason for your success?
I could not say exactly what the key to success was, but I think having a good product and a campaign with clear and well-structured objectives are certainly good ingredients for the recipe for success.
- Now that Wattio is already a consolidated company, do you think that having a crowdfunding campaign and empowering future clients has had some influence on it? Do you think that if you had opted for traditional funding you would have achieved this result?
I do not know if we would have succeeded, but what I know is that Ulule’s campaign has been very enriching in many different aspects, not only in the financing field; it has also helped us, for example, making people talk about us: fundamental for a startup.
- Will we see you again in Ulule?
It could be. The market research potential that Ulule provides is key for any company, even more if it has innovative products such as Wattio.
- A tip you would give to an entrepreneur who wants to create his own crowdfunding campaign in Ulule
I would tell her/him to spend hours synthesizing the messages she/he wants to send to be as clear as possible in the communication.
- A desire for the future of entrepreneurship.
That there are still people with authentic and exciting projects.
- Un deseo para el futuro del emprendimiento.
Que siga habiendo gente con proyectos auténticos e ilusionantes.