Yesterday I wrote about the new Tembo Trunks concept and how it could have been inspired by the African vuvuzela and now, the news is out that KickStarter – the company helping to get Tembo Trunks off the ground just received $10 million in funding from Union Square Ventures and others.
It’s an interesting business model as it seems to blend funding and marketing to fledgling companies and it could do very well with a few mega hit products.
Union Square’s Fred Wilson said his team was immediately taken by this marketplace where anyone could fund and follow creativity of all kinds. Moreover, he continued by writing:
Kickstarter is a very important and fundamental idea that will most certainly be part of the answer. Simply put, Kickstarter allows everyone to fund the projects they want to see come to fruition. The creators set the amount of funding they need and the marketplace determines whether the project is worthy of funding.
It just goes to show you how the opportunity to leverage the Internet for so many new ideas and concepts continues and it will be very interesting to see how a community of passionate enthusiasts competes with VCs and entrenched players in new spaces.