Saturday, July 19, 2014

Equity Crowdfunding in the District of Columbia 7/22 at 6:30 pm

Tuesday, July 15, 2014

Top 5 Reasons People Contribute to Crowdfunding Campaigns

We have been researching this issue for some time now, and I thought I would outline what we have learned so far. This is ever changing, so stay tuned.

A. EAS (Early Adapter Syndrome). There is a guy in my office building who is a crowdfunding junkie. Daily, he tells me about the latest gadget he just bought on Indiegogo or Kickstarter. He MUST be the first to own the latest toy. Here's the thing: he has grown quite knowledgeable about both technology and about selecting tech products. His success ratio has grown to near 100% now. He can spot a troubled product or crowdfunding campaign a mile away. Not a bad skill to have, actually.

B. Love. People donate to products, causes and events they feel excited about. They LOVE what you, the crowdfunder, is doing. Now, part of the issue is making sure that love comes through. If there is a disconnect, people will not know that they love what you are doing.

C. Community. It speaks to the community, whatever community that is. It can be a small or large group of people who are, or may be impacted by what you are doing. They love it (see 2. above), love you for doing it, and are willing to part with a few dollars to help you (and the community) out.

D. Belief. They like you. They really, really do. Not only do they like you, but they

  1. Want to be the first to own (or to help). 
  2. Love what you are doing.
  3. Think it will help.

Basically, they think you can do whatever it is you are trying to do. They believe in you.

There you have it.

Oh, the fifth reason? Yet to be discovered.....