As a small product-based business like ours, navigating the world of financing presents its fair share of challenges, and we wanted to shed some light on why crowdfunding is so vital for brands like 7 Summits Snacks. We started out with a crowdfunding campaign - as a way to validate our business and literally provide us with the capital to get going, and here we are again, launching our 2 NEWEST flavours through our latest campaign, 4 years later.Â
One of the primary hurdles we encounter as a small business in the CPG (Consumer Packaged Goods) is the upfront costs associated with product development. From sourcing high-quality, sustainable ingredients to perfecting recipes that pack the right punch and of course, nutrition profile, the investment required to bring our new flavours to market can be significant. Without the backing of a large corporation or deep-pocketed investors, these costs can pose a real barrier to entry for small businesses like ours… Quite frankly, that is why it has taken us 3 years to launch our 4th and 5th flavours!
Traditional funding channels such as bank loans or venture capital (VC) often favour businesses with proven track records and predictable revenue streams. Furthermore, VC funding prefers big bets that will deliver quickly, such as tech-investments, rather than the slow burn that product based-businesses can deliver.
Coming hot off the tails of a recent pitch-night, we were given the feedback that as a “product based business, you’re not unique enough to protect your IP and we just don’t see how you’ll give us the growth that we see from the other (tech) companies at the summit.
**as an aside, this investment summit specifically invited product-based companies into the screening process, and thought that having a few farmer investors on the team meant that the farmers would innately understand how product-businesses grow. Wrong! But that’s for another rant**
Unfortunately, for startups and early-stage companies like ours, meeting these criteria can be challenging. Without a lengthy financial history (we are only 3 years in sales, 4yrs as a business) or guaranteed sales projections (where’s my crystal ball), accessing capital through traditional means can feel like an uphill battle with rather ridiculous interest rates if you are “lucky” enough to receive a loan.
But here's where crowdfunding truly shines as a beacon of hope for small businesses. By harnessing the power of our community and rallying support from passionate chocolate and outdoors enthusiasts like you, we can overcome these financial obstacles and continue to grow and thrive.
YOU are truly our superpower - we would not be around without the power of our community. Crowdfunding isn't just about raising funds; it's about building a community of passionate supporters who believe in our vision. By backing our campaign, you're not just helping us financially; you're becoming part of our journey, rooting for us every step of the way, reinforcing that we’re on this path to creating a new way of snacking together.
Moreover, crowdfunding allows us to maintain creative control and stay true to our mission. Unlike traditional funding routes that may come with strings attached, crowdfunding empowers us to make decisions that align with our values and goals. This independence is invaluable as we strive to bring you snacks that not only taste great but also embody the spirit of adventure and sustainability.
So, to all our supporters and fellow snack enthusiasts, we extend our heartfelt thanks. Whether you've backed our campaign, shared our story, or simply cheered us on from the sidelines, your support means the world to us. Together, we're proving that small businesses can make a big impact, one snack at a time.
Keep an eye out for updates on our crowdfunding journey,
You can be a part of this growing business by supporting us today:Â
https://igg.me/at/Z6bSa1nNDYI/x/36693073#/
Happy chocolate fuelled trail.
Kristyn, Jason, and Leanna
The 7 Summits Snacks Team.