TMBA 211: How Is It Possible To Raise $100,000 In 4 Days Without Giving Away Equity Or Taking A Loan?

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TMBA 211: How Is It Possible To Raise $100,000 In 4 Days Without Giving Away Equity Or Taking A Loan? post image

So many people struggle to get a great idea off the ground because they didn’t validate and ask the market to vote with their wallets. Jimmy and Doug from Minaal have completely turned this on its back.

Not only were they meticulously calculated about the launch of their killer travel bag designed for location independent entrepreneurs, but they launched a Kickstarter which generated $100,000 in only 4 days!

I’ve got them cornered to hear an in depth analysis of how they built this business from nothing and used Kickstarter to become a force in the travel bag industry.

Listen to this week’s show and learn:

  • How to go from zero to manufacturing in less than a year.
  • Is Kickstarter purely market validation, or is this a legit way to start a business?
  • Why networking and connections were the necessary catalysts for Jimmy and Doug’s success.
  • Whether or not Kickstarter is valuable for established entrepreneurs.
  • The crucial business calculations to make before you build your product.

People on this episode:

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What we’re excited about this week:

Listening options:

Thanks for listening to our show! We’ll be back next Thursday morning 8AM EST.

Cheers,

 

Dan & Ian

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Published on 09.26.13
  • http://donnielaw.com/ Donnie Law

    Good stuff guys! I need to check out this bag. I’m assuming it’s carry-on size?

  • http://www.tropicalmba.com/ Dan

    cheers Donnie… yeah it is, here’s a link with my write about about using it:

    http://www.tropicalmba.com/best-digital-nomad-backpack/

  • Adam at The Green Microgym

    Guys, this was an awesome episode for me because there’s not much info out there on how to make physical products (and launches of them) work.

    Also, I know these guys are great guys, because when I joined the DC, I got a welcome note from one of them at pretty much the exact same time as they were deep into getting their Kickstarter campaign going.

    Congrats on your massive success!

  • http://www.tropicalmba.com/ Dan

    So cool! These guys cover all the bases…. love their hard work and outreach.

  • http://essentialsoftheonlinebusiness.com/ Chris (Krzysztof) Trynkiewicz

    I wonder how much of that $130k would burn on taxes in which country. In my country (Poland) it would be about 40% I guess. Seems like Kickstarter is something worth starting an offshore business for.

  • http://essentialsoftheonlinebusiness.com/ Chris (Krzysztof) Trynkiewicz

    Actually now that I calculate it it could be 55%.

  • http://www.tropicalmba.com/ Dan

    YIKES

  • http://www.minaal.com/ Jimmy

    Thanks Adam!

  • http://www.minaal.com/ Jimmy

    All carry-on, all the time baby. Fits inside the vast majority of airline carry-on dimensions (even Ryanair in Europe, who are tough customers)

  • Cristina C. Ansbjerg

    It’s so exciting to see these guys having success!

  • Dan Franks

    Love hearing about physical product creation from guys in the trenches (or factory) doing their thing! I am super pumped to get my hands on one of these, keep up the great work Jimmy and Doug!

  • Paul Saunders

    Firstly Dan I think you should congratulate yourself and all of the DC community for welcoming and supporting these great kiwiprenuers in their journey.. J+D ‘amazing’! well done .. I was in after about 3 hrs purely for support .. getting a bag ‘really’ is just a bonus .. I’ve been doing China for 7+ yrs now doing prods in another niche and totally agree that living breathing factory life is one of the most crucial investments you will ever make. It brings many benefits, particularly when it comes to competitors.

    I think the beauty about Kickstarter is the emphatic consumer validation you can achieve if you do the job right … something which will open many doors as your project and business grows from the KS community to a full blown retail (on or offline) business model.

    I’m really interested to see how this all grows over the next couple of years. I’ll be testing the bag on many many trains in China :)

  • David Webb

    Nice! Being a long term traveller and having used some of the great travelling products out there the product these guys have designed looks promising. As a fellow kiwi I am biased, but really like the exposure of good kiwi humour that sprouts in their Kickstarter pitch. These guys are living the life they want to and through travel experience look to have improved the options for the frequent traveller by designing something sleek and classy. They have realised the importance of getting out there and reaching out to the right communities to expose the greatness of their product. Fantastic Success!

  • http://www.LimitlessMindset.com/ Jonathan Roseland

    I just broke the zipper on my trusty Swiss Gear backback that has served me for +7 years… I so want their backpage right now.

  • http://www.tropicalmba.com/ Dan

    :D good timing ! 7 years can’t complain, not bad.

  • http://www.tropicalmba.com/ Dan

    100% agreed. these guys did a good job of putting their personalities without letting it get in the way of the product and WIFM of the customer.

  • http://www.tropicalmba.com/ Dan

    yeah buddy me too!!!

  • http://www.tropicalmba.com/ Dan

    TRUE!!! much deserved.

  • http://www.tropicalmba.com/ Dan

    Paul we had no choice!! these guys are all hard-work and great product.

    this is a very interesting combination with the up front validation and manufacturing opening up to individuals, we are going to see a lot of cool products coming down the pipeline i’m sure.

    thanks for listening Paul!

  • http://www.thesearchengineshop.com/ Brendan Tully

    Jimmy bit disappointed Shane-o didn’t make an appearance

  • http://www.tropicalmba.com/ Dan

    good point, didn’t think of that…

  • http://www.minaal.com/ Jimmy

    Cheers Dan, we’re just as pumped as you!

  • http://www.minaal.com/ Jimmy

    Paul, thanks for the excellent message. Please send us photos of the bag on Chinese trains, we’re huge train fans. And let us know what you think of it!

  • http://www.minaal.com/ Jimmy

    I wish we could give it to you right now :)

  • http://www.minaal.com/ Jimmy

    Haha. I was lobbying for him to get a crack but in the end accepted the argument that Aussies struggle to handle satire…

  • Shah

    Long time listener, first time commenter. To my cousins from NZ – nice work bro! Wish you guys talked more about the travel mic scenario, somebody should totally rip and pivot that thing! I wish it had two lapel mics in a compartment, you slide open the hatch and two little mics on 1m long thin cords unravel, one for me, one for the person I’m interviewing, cut out peripheral sound, annoying fades when someone turns their head… we could even walk and talk. Minaal. I’m sold.

  • http://www.tropicalmba.com/ Dan

    wow great idea!

  • Brian D.

    If you’re going the lavalier (lapel) mic route, I think the best option for portability without sacrificing too much sound quality would be a pair of DPA 4061’s connected to a Zoom h4n via XLR cables (1 for each mic). Regarding the fade from heads turning, solvable with a headset mic instead of a lapel; but headset mics tend to be omni-directional (taking audio in from all directions) which, if you’re out and about the town, obviously poses additional complications. That is until somebody decides to R,P,J all these issues into one convenient solution! ;)

  • http://www.tropicalmba.com/ Dan

    yeah buddy ! great suggestion thanks for that, love the lav idea in general was thinking of going the route. would be great for somebody to bundle a package with 4 input lavs and a capture device + basic training.

    too much to ask!? :)

  • http://www.seedsofmusic.net Kyle Williams

    Kickstarter is great if you do it well and have a strong message. I funded a podcast (yeah buddy) in October in the first few days.

    Otherwise, I’m working on building the lifestyle where I can really use that bag :)

  • http://www.tropicalmba.com/ Dan

    :D yeah buddy!

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