In the past month our team has been working around the clock to make Lumawake a reality. As transparency is a top priority for us, we feel it is important to bring you the most complete and unbiased update. In 2013, nearly all of our focus has been on tackling our two major hurdles:
1) Raising capital to finance the first manufacturing run
2) Interviewing and negotiating manufacturing partners
We selected this crowdfunding platform because we were confident that raising over $150,000 in pre-orders would open us up to a world of investment opportunities which meant we didn’t need your money upfront to make it happen. Ultimately this takes the risk off you (the backer) and puts all of the ownership on us (the supplier); the way it should be. From the beginning we made the promise to not charge your credit cards until we ship and we plan to keep that promise (in addition Amazon has legalese that actually prevent us from collecting prior to shipment). The good news is that we have been successful in identifying two highly qualified manufacturing partners but the bad news is we do not have the necessary capital to turn them on. The truth is we need to raise at least a $260k investment to bring Lumawake to market. Could it be done cheaper? Would it lack a fluid user experience? Would you be disappointed as a customer? The answers to all of these questions is a resounding YES. We are committed to making Lumawake a reality but we refuse to cut corners to do it.
Beyond building something that we think is cool and has the potential to change the way people live 1/3 of their lives, we are highly focused on creating a sustainable solution. This requires that the design be iterated, tested and improved along the way, all of which requiring money we don’t have YET. Our team has poured more than 2 years into this product, countless hours and more than $50k of our own money. Trust us, we don’t take this situation lightly. We are confident we will find a solution and ask that you remain optimistic but realize the bottom line: until we find a $260k investment, Lumawake may never make it to manufacturing. Even at that point we are still months away from shipping as it typically takes 90 days to get our manufacturing line tooled up. For this reason, and with a heavy heart, we must advise all of our backers we will be unable to meet our Early 2013 ship date. Until further notice, our production schedule and ship date are ON HOLD.
What does this mean for you?
Sit back, hold tight, and rally on. As a backer you have helped us prove that there is a viable market for Lumawake. For now your pledge remains just a pledge and you will not be charged until the product is ready to ship. If anyone is interested in canceling their order, we will certainly facilitate this process, please send us an email to firstname.lastname@example.org. In the meantime we promise to keep pounding the pavement in search of investors willing to take this journey with us. We also promise a firm answer on the fate of Lumawake by the end of March. We will do our very best to keep you up to speed with any breaking news.
This update was tough to write, no one likes ambiguity and we certainly don’t like having to share it. We appreciate your support and we promise to keep this train moving full steam. Go Lumawake!
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