It’s been some weeks now since AssiStep stole the show at our Live Crowdfunding Experiment. I caught up with CMO and co-founder Eirik Gjelsvik Medbø to find out his thoughts about the whole crowdfunding process now the dust has settled.
It’s been a hectic time for AssiStep since Technoport 2014. I sit in the same co-working space as them (DIGS here in Trondheim) and have seen first-hand how much effort they are putting into product development.
“We have worked a lot with product development since Technoport. We are trying to put things into production, there are still some small issues that come up once in a while that we need to solve and it takes time solving problems, ordering new parts. Our technology is now able to turn corners. This worked in theory before the crowdfunding event, but now we’ve been able to check it actually works in practice, which is a big milestone for us as it makes us unique in the market.”
It may surprise some of you new to equity crowdfunding that AssiStep hasn’t yet received a single kroner of the investment pledged at the Live Crowdfunding Experiement. In fact, the funding round hasn’t even closed yet.
The funding round was over-subscribed, and the Assistep team is busy working out which investors to take on board.
“Since the Technoport event we’ve had an offer from a seed fund who wanted to join in the funding round. This has been a bit more work and things are taking a bit more time than we expected, so we haven’t been able to close the round yet.”
“It is a case of probably accepting the larger investments, because this makes it easier to have good communication with all our investors, but it’s also the result of a thought process. Do we want friends and family to invest? After some thought we decided it’s probably wise not to have friends and family on board, so we don’t feel like we are always working when we spend time with them.”
“FundedByMe enables the communication really, the process beyond that is more governed by us and how we want to act. We’ve had some hints and tips from FundedByMe on what to do next and how to run the process with our potential investors, which has been really helpful.”
AssiStep hopes to close the funding round very soon, take the investment and put their product into production. With some deals already made in Norway and interest from potential partners in Sweden and Denmark, the future looks bright for AssiStep, thanks to equity crowdfunding!
“It would have been more difficult without the crowdfunding process. We’re sure we would have used more time finding the investors if it wasn’t for the Live Crowdfunding Experiment, and not even sure we’d have found the investment by now. It was a great opportunity for us and saved so much time by not having to sit through all the potential meetings with investors, one at a time.”