Crowdfunding key for taco truck
Sarah and Otis Frizzell have turned to a bold new fundraising method to launch their new product range.
The couple, who own and run successful Auckland food truck The Lucky Taco, are using crowdfunding site Kickstarter to raise the money to launch a range of taco kits and Mexican pickles.
They are hoping to gather $100,000 to get the products on supermarket shelves.
Kickstarter works by offering rewards to donors. The more you donate, the bigger the reward. The Frizzells' rewards range from a folded paper version of the Lucky Taco truck, to early bird specials on the new taco kits, to a visit from the truck to provide food for an event. And if anyone's willing to donate $8000 they get their own shrine at The Lucky Taco headquarters.
Sarah says one of the best things about the crowdfunding model is it enables them to grow their enterprise without surrendering control of it to investors.
Otis reckons: "For small people to make that step, it's either Kickstarter, or find a wealthy uncle, or give away mass percentages of your business".
The other great thing about it is the way it combines brand awareness with sales.
"Kickstarter is the perfect blend of social media meets sales," Sarah says.
However, it is a risky strategy; if the couple fail to meet their $100,000 target, they won't get a cent.
They're hoping to compete with the big players in supermarket Mexican food, who, they say, don't offer authentic Mexican flavour.
"We're really sort of a husband-and-wife team up against the big corporates," Otis says.
The kits are the latest bold step for the business, which began two years ago with just the Frizzells and their truck and has since expanded to include a range of Mexican hot sauces.
- Sunday Star Times