Today, Arrow Electronics Inc. (NYSE: ARW) announced a new partnership with Indiegogo. Arrow Electronics is the global technology company, which helps to guide innovation. Indiegogo is the crowdfunding website, which has helped to transform an abundance of innovative ideas into reality. The collaboration will attempt to speed up the innovation of technology, while pushing the Internet of Things, IoT, to a whole new level. Entrepreneurs and inventors, who wish to crowdfund their products on the Indiegogo platform, will now be able to apply for an Arrow certification.
The experts at Arrow Electronics will analyze the product in question and determine whether or not it can be manufactured in its current stage. Those that are deemed to be “ready for manufacturing” will receive the official Arrow Certified badge, which will be clearly displayed on the product’s Indiegogo campaign page. This will allow backers to know immediately that the project is indeed ready for production, while ensuring legitimate entrepreneurs are able to generate additional funding. And, Arrow Electronics intends to provide $1 million in flash-funding over the next 12 to 15 months.
The money will be given away to 20-50 campaigns. Campaigns, which managed to secure the Arrow Certification, will also lock-in up to 50,000 dollars in benefits. The proceeds are intended to help with the prototyping and manufacturing of the product in question. And, the two companies intend to designate some exceptional inventions with a more coveted label, Arrow Innovator. These campaigns will receive additional support, such as up to 10,000 dollars in materials for the development of prototypes. Arrow Innovators may also receive up to $500,000 for supply chain services and contract manufacturing support.
The two companies formed their partnership in May, due to an abundance of Indiegogo entrepreneurs turning to Arrow to help transform their ideas into a legitimately successful product. To commemorate the partnership, Arrow will be giving its customers a free Raspberry Pi 3 single board computer, when they purchase $100 or more from Arrow.com. The offer will be available today and tomorrow.
For additional information regarding the new partnership, be sure to check out the group’s official press release here.