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Local Motors Debuts Crowdfunding Capability to Bring Vehicular Innovations to Market
PHOENIX–(BUSINESS WIRE)–December 3, 2013–
Local Motors, Inc. announces the launch of its first crowdfunding campaign for the Cruiser electric and gas-powered bicycles, designed by Local Motors community member Ianis Vasilatos. In partnership with San Francisco, California-based Crowdtilt, the Local Motors Cruiser crowdfunding campaign is the first step in integrating a fully customizable crowdfunding capability into the CoCreate vehicle innovation platform.
Out for a ride on the new Local Motors Cruiser Prototypes. (L) Electric-powered Cruiser prototype. (R) Gas-powered Cruiser prototype. (Photo: Business Wire)
“The addition of crowdfunding to our existing co-creation, micro-manufacturing, and retail capabilities completes the tool set used by our global community to bring the most innovative vehicular products to market,” said Local Motors Chief Strategy Officer, Justin Fishkin.
The Cruiser Crowdfunding Campaign has a target raise of $50,000 and is the first Local Motors-sponsored crowdfunding effort dedicated to bringing the designs of CoCreate community members to market.
“We are thrilled to partner with Local Motors to power the pre-sale of Local Motors’ new Cruiser motorized bicycles,” said James Beshara, CEO of Crowdtilt. “This is a perfect example of how existing brands and companies can engage with their community to not only design and develop innovative new products, but also to help bring these new products to market and into production through crowdfunding. We’re very excited to see this technology applied to the auto industry.”
About The Local Motors Cruisers
The Cruiser was designed in response to a challenge posted to the Local Motors CoCreate community to design a motorized bicycle reminiscent of the early 1900s board track racers. The winning concept, called the Ariel Cruiser by Ianis Vasilatos of Romania, was selected from a field of more than 100 submissions, and development began in July 2013. Six prototypes – three electric and three gas-powered – debuted at the 2013 SEMA show in Las Vegas, Nevada in November. This crowdfunding campaign will allow Local Motors to complete the development and put into production both versions of this iconic new design.
The current electric version has a rear hub motor with regenerative brakes, and can travel 20+ miles on one battery set, and up to 40 miles with a secondary battery.
The gas-powered Cruiser is projected to run for up to 70 miles on a single tank of gas and, on average, will get up to 150 mpg.
About the Designer
Ianis Vasilatos, a production manager at the Queen Marry Theatre in Oradea, Romania by day and a talented and passionate vehicle designer by night, has been a member of the Local Motors CoCreate community since April 2011. Ianis received a $2,000 cash prize for his winning design, celebrated the debut of both the electric and gas-powered prototypes of his design with the Local Motors team at the 2013 SEMA show in Las Vegas, Nevada, and will receive the first gas-powered production version of his design.
“To design a motorized bicycle reminiscent of the early 1900s was a dream of mine that began a long time ago. And my passion for this era will never stop,” said Ianis Vasilatos. “All parts of my Cruiser design were intended to give a nod back to the history of board track racing and early motorbicycles: the motor and engine covering, the fuel tank and straps that hold the tank, the other elements of leather and the seat are all very respectful to this history.”
About the Campaign
The Cruiser Crowdfunding campaign initially seeks to raise $50,000 from the campaign’s supporters. If that goal is reached, the Cruiser will immediately launch into full production at Local Motors Microfactory locations in Phoenix, Arizona and Las Vegas, Nevada.
Featuring several reward tiers, ranging from $1 to $5,000, the campaign offers Cruiser fans and supporters a variety of participation options and incentive levels. Offerings range from inclusion on the Cruiser Supporters list, to limited edition Cruiser T-shirts and signed prints, to the opportunity to own one of the first 30 production units. Four of the first prototypes ever built will also be available as rewards, giving supporters the opportunity to own a piece of vehicle history.
Upon completion of the Cruiser Crowdfunding Campaign, Local Motors will look to embed crowdfunding capabilities, supported by Crowdtilt, into its CoCreate platform. This expanded capability is a natural evolution for Local Motors as it will empower independent vehicle innovators around the world to access the funding required to bring their individual vehicle innovations to market.
“As a crowd-powered vehicle innovation marketplace, there are thousands of designs within the Local Motors community that deserve to see the light of day and alone, we at Local Motors can only help to bring a fraction of them to market,” said Local Motors CEO Jay Rogers.
“By integrating crowdfunding capabilities into our platform we will empower our community to deliver a world of vehicle innovations – from full vehicles and portable electric chargers to specialty automotive components – an accelerated pace not possible through traditional vehicle design, development and funding methods.”
IMAGE/VIDEO ASSETS: To access the campaign and view an informational video about the Cruiser and this Crowdfunding effort, please visit the campaign page, here.
About Local Motors, Inc.
Local Motors co-creates vehicles and related components with a global community of designers, engineers, fabricators and enthusiasts. Local Motors has pioneered the online design and hardware co-creation market by making available low-cost professional tools, efficient small-scale manufacturing capabilities, and go-to-market strategies that empower hobbyist innovators and Original Equipment Manufacturers (OEMs) alike. Visit localmotors.com today to design, engineer and purchase your next vehicle innovation.
Crowdtilt is a technology company based in San Francisco, CA. Founded in 2012, they strive to build and offer the most open and accessible online crowdfunding tools to power everything from barbecues, to political campaigns, to startup businesses, to charity fundraisers. For more information, visit www.crowdtilt.com.
Photos/Multimedia Gallery Available: http://www.businesswire.com/multimedia/home/20131203005468/en/
Local Motors, Inc.
Amy Romano, 480-371-0575
Director of Strategic Marketing and Communications
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