Arrow Electronics Inc. and global crowdfunding portal Indiegogo are joining forces to support Internet of Things (Iot) and technology innovation among entrepreneurs. With their new “crowdfund-to-production” service, the companies are allowing entrepreneurs to apply for Arrow certification on the Indiegogo platform.
Arrow Electronics’ engineers will then analyze the design and manufacturability of each application. Projects deemed to be ready for manufacturing will be denoted with official “Arrow Certified” badges on their Indiegogo campaign site to let potential backers know the project is ready for production.
Every “Arrow Certified” campaign on Indiegogo that meets certain eligibility criteria can compete to receive a share of $1 million in flash funding that Arrow will give away to 20-50 campaigns over the next 12 to 15 months. “Arrow Certified” campaigns on Indiegogo are also eligible for up to $50,000 in benefits that help entrepreneurs succeed in prototyping and manufacturing their products.
According to an Arrow Electronics press release, a handful of Arrow-Certified campaigns (i.e., those which Arrow experts deem truly technologically exceptional) will qualify as Arrow Innovator campaigns and receive supply chain services and contract manufacturing support worth up to $500,000 and up to $10,000 in materials for prototype development, among other things.