How Swytch used crowd -’ to scale without VC money

How Swytch used crowd shopping’ to scale without VC money

 Swytch's crowd-shopping approach involves offering pre-orders to customers at discounted prices. As more customers are pre-order, the price decreases, incentivizing customers to spread the word about Swytch to their friends and family. This approach allows Swytch to generate revenue before the product is even released, which can be crucial for a startup that needs to fund its growth.

Swytch has been able to leverage this approach to raise over $4 million in funding to date. The company's Indiegogo campaign in 2019 was a huge success, raising over $1.5 million in just 30 days. Swytch has continued to use its crowd-shopping approach to fund its growth, with pre-orders accounting for the majority of the company's revenue.

One of the key benefits of Swytch's approach is that it allows the company to retain control over its growth. Traditional fundraising methods often come with strings attached, such as demands for a certain level of growth in a certain amount of time. This can put pressure on startups to grow quickly, which can lead to rushed decisions and a lack of focus in the long term.

By using crowd shopping to fund its growth, Swytch has been able to grow at its own pace. The company can focus on building a quality product and providing excellent customer service, rather than worrying about hitting arbitrary growth targets. This has allowed Swytch to build a loyal customer base and establish itself as a major player in the e-bike market.

Another benefit of Swytch's approach is that it allows the company to stay true to its values. Swytch is committed to sustainability and reducing carbon emissions. The company's e-bike conversion kit allows users to convert their existing bikes into e-bikes, which reduces the need for new bikes and helps to reduce waste. By using crowd-shopping to fund its growth, Swytch has been able to stay true to its values and build a company that is committed to making the world a better place.

Overall, the Switch crowd-shopping approach has been a major factor in the company's success. The company has been able to fund its growth without the need for VC money, which has allowed it to retain control over its growth and stay true to its values. Swytch's approach is a great example of how startups can fund their growth in a way that aligns with their values and allows them to build a successful and sustainable business.