$700,000 Raised in Crowdfunding: How Did Eyedaptic Do It?

Jay Cormier is the founder and CEO of Eyedaptic, an Orange County based augmented reality (AR) eyewear company helping individuals with low-vision diseases see better and remain independent. Eyedaptic’s proprietary software stimulates natural vision and optimizes peripheral vision to improve the eyesight of individuals suffering from age-related macular degeneration (AMD). In clinical studies, users of Eyedaptic's most recent release, the EYE5, experienced 2x better visual acuity and saw a 5x increase in their ability to complete day-to-day tasks.?

Eyedaptic’s Crowdfunding Initiative Raises $700K

Eyedaptic is headquartered in Laguna Hills, and has been extremely successful in attracting investors and advocates for the company’s cause.

• Eyedaptic raised $700K on Start Engine’s Crowdfunding platform.?
• Eyedaptic built a strong referral network of influential retina specialists, doctors, and investors.?

In today’s ‘How Did You Do It?’, we met with Cormier to learn how he successfully executed his crowdfunding campaign.?

How Did He Do It?

Prior to Eyedaptic’s campaign, Cormier reached out to the TCA network and received the following advice: “Crowdfunding should not just be about raising money. There should always be a secondary purpose.” Since crowdfunding requires a fair amount of overhead and work, it is important for entrepreneurs to have another reason to do it.?

Eyedaptic’s crowdfunding campaign aligned perfectly with the lead-up to some of the company’s product launches. Therefore, Cormier believed that his secondary purpose was spreading the word about Eyedaptic prior to the company’s product releases. With this goal in mind, Cormier and his team focused on their targeted digital advertising strategy.

“You’re really putting money into advertising that is not only helping you raise money but spread the word and attract new investors,” says Cormier. “In some sense, it’s getting the word out for free because you’re getting a return on your ad spend through the funds you raise.”

Having run digital ad campaigns in the past, Cormier and his team established a tried and true targeted advertising strategy. With much trial and error, Cormier learned which ads worked and which didn’t. Eyedaptic’s targeted advertising strategy played a key role in the success the company would find during the crowdfunding process.?

A Note from Jay Cormier:

Over 400 million people are affected by retinal disease globally. If you would like to join Eyedaptic’s cause and help improve the quality of life for the visually impaired, please contact Jay Cormier on LinkedIn: @JayCormier.

Disclaimer:

The views, information, or opinions expressed during the interview series is solely those of the individuals involved and do not necessarily represent those of Tech Coast Angels and its employees, consultants and interns. Tech Coast Angels is not responsible and does not verify for accuracy any of the information contained in the podcast series available for listening on this site. The primary purpose of this interview series is to inform. This Interview series does not constitute medical or other professional advice or services.

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