On Tuesday, Indiegogo announced its partner, Arrow Electronics, Inc. (NYSE: ARW), is set to offer eligible entrepreneurs $1 million in flash funding. The global crowdfunding platform revealed, starting this October, eligible campaign organizers will have a shot at part of Arrow’s million dollar prize.
As previously reported, Indiegogo and Arrow announced their partnership earlier this summer. At the time, Indiegogo stated the collaboration will help to create a groundbreaking new platform aimed to accelerate the pace of innovation for technology and Internet of Things (IoT) entrepreneurs. The crowdfunding website went on to add that the partnership makes Arrow a key component of its efforts to support the entire product lifecycle for entrepreneurs which goes from idea and funding to design, manufacture and retail. Recently, the duo announced their new crowdfund-to-production services. Arrow chief digital officer, Matt Anderson, stated at the time:
“Arrow is leading IoT design and production for many of the world’s largest companies. We are broadening these capabilities to support the rising wave of innovation coming from crowdfunding. The comprehensive design, manufacturing and go-to-market support that Arrow will provide Indiegogo campaigns will help IoT and technology innovators succeed in even greater numbers, making Indiegogo the only game in town when it comes to launching an IoT or technology idea.”
Indiegogo CEO, David Mandelbrot, added:
“This collaboration improves the experience for both entrepreneurs and backers on Indiegogo. Supporting the entire lifecycle for technology entrepreneurs—from idea, to funding, to manufacturing and ultimately retail selling—is a priority for Indiegogo and this collaboration with Arrow allows us to build on those efforts in an incredibly impactful way. At the same time, this alliance will enable backers to have greater confidence that they will ultimately receive their perks.”
To participate in the $1 million flash funding, campaign organizers must sign up for the duo’s program. Arrow will review blueprints and coach those who have a product with an electrical component and meets certification criteria. This is opened to both campaigns that have just started or already funded.
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