LUMOback: A Crowdfunding Success
It’s called LUMOback, a wireless sensor (with a mobile app) that provides gentle vibrations when you slouch, reminding you to straighten up. LUMOback tracks all of your daily movement and gives feedback on how to improve your posture to bring good movement back into your daily life.
After demo-ing for the Health 2.0 Silicon Valley Meetup just last month, LUMOback raised over $100K in less than two weeks to fund production of the device. They used Kickstarter, a crowdfunding website, to obtain the funding and pre-sales.
The trend of crowdfunding is rapidly transferring over to the health care industry. Other health companies have joined in on the crowdfunding trend. The first app-connected toothbrush company Beambrush is using Indiegogo, another crowdfunding site, for their $40K fundraiser. LUMOback’s use of KickStarter to gain pre-sales is only one example that this funding model creates for innovative health care ideas and platforms.
There is already a lineup of crowdfunding health care websites that are launching this summer. Medstartr is launching on July 11th, Health Tech Hatch is planning on going live around mid-August, and WeFundr is following close behind but with out a public launch date at press. These websites focus on raising funds specifically for innovative health technology ideas and platforms.