Thank you for taking the time to check out our project! We are looking to launch the patented K-Mill into the second phase of our market study. To do this we need to raise $55,000! Funds raised will be distributed as follows:
$10,000 – Will be used for engineering refinement of the original prototype (to include CAD drawings)
$12,000 – To design and develop an application that will be used to run various exercise programs on the K-Mill
$18,000 – To build (6) 2nd phase prototypes ($3,000 each) to strategically place across the country for use, testing, observation and to obtain feedback from therapists, physicians, universities, athletes and personal training studios
$2,000 – To develop and distribute instructional material for proper use and safety management of the machine
$8,000 – Funds to be used for placement of the prototypes (shipping, handling, assembly, instruction)
$5,000 – Miscellaneous expenses associated with campaign and reward program
Risks and challenges
1) Economic Downturn - Can happen at anytime and given the unstable global economy it is quite likely and holds a high level of risk. By closely monitoring budget and spending and keeping low overhead costs, we can stay in a state of preparedness.
2) Compliance Risks - Researching and becoming familiar with all governing bodies dealing with safety regulations and ensuring compliance prior to releasing to market. Initiating extensive testing for safetly and reliability of the K-Mill with involved engineers and Risk Managers.
3) Stolen or damaged computer equipment or files - This risk can happen at any time and could have serious consequences. Regularly update and maintain back up records (both electronic and paper) - especially customer/clientele lists and financial records. Ensure a double check system with proper documentation.
4) Fines or Legal Risks - Clearly this category of risk can have devastating consequences on any business. By regulating safety controls, keeping legal counsel accessible and initiating systematic training and education we can help decrease the likelyhood of making mistakes or overseeing potential risks. Have clear and strong policy manual for various levels of activities within the operation of the business.
5) Supplier issues or increased costs of materials/manufacturing - This risk can be associated most likely with changes in the economy. By negotiating and securing ironclad contracts with all suppliers and manufacturers we can ensure a set cost for a given amount of time as laid out in contract. Have section of budget allocated for unexpected increases in expenses.Learn about accountability on Kickstarter
- (30 days)