Chinese smartphone maker Xiaomi has announced a new program called Mi Crowdfunding in India. Under this program, Xiaomi will post a curated list of innovation driven products and the company will start selling these products only when a specified number of people support the product.
Crowdfunding is used by companies to test consumer interest for unique products when companies are not sure if the product will be a success. Under this, the interested customers show their support by paying the product’s price.
If the product receives 100% support within the prescribed time, the product is shipped to the backers and if the product does not receive the required support, the customers who have paid for the product will get a refund and the product will not be shipped. Earlier this week, the company had introduced Gift cards in India.
Xiaomi Mi Crowdfunding
India is the second country after China where Xiaomi has introduced crowdfunding to test its new products. The company has already listed two products, the Mi Selfie Stick Tripod and Mi Bluetooth Audio Receiver for crowdfunding and the products have already received a lot of support.
The Mi Selfie Stick Tripod is a tripod stand and selfie stick combined into one and comes with a Bluetooth shutter remote. It can be used both as a selfie stick and a tripod. The Mi Bluetooth Audio Receiver provides wireless music to users and comes with a single key that can be used to connect to Bluetooth, control music playback and answer calls.
The Mi Selfie Stick Tripod has been priced at Rs. 1,099 and the Mi Bluetooth Audio Receiver is priced at Rs. 999. Click here (opens in new tab) to go to the Crowdfunding page.