Crowdfunding Now!

" 1. Have the right type of product or business.  A large number of people must be able to understand your idea easily. Consumer, food, consumer electronics , and fashion products are particularly well suited to this. 2. Create a compelling video.  Most people will want to hear your story, see who you are and see prototypes of your product. 3. Raise sufficient funds.  On some crowdsourcing platforms, you don’t receive any money until you raise your total goal. This means you want to set an achievable fund-raising target. But you may not be able to go back for additional rounds or raise more than your target, so make sure you set the bar high enough to execute your vision. 4. Choose the right crowdfunding platform.  Make sure the site you choose meets your particular needs, including the right type of product or service, the type of rewards or equity you can give, the amount of money you can raise and the amount you need to raise before receiving anythin...

With crowdfunding gaining traction, I thought I would revisit and update our crowdfunding tips. 1. Review other crowdfunding campaigns for best practices As one blogger noted, "Before you start your crowdfunding campaign,  study others who have done it well." There will be many  examples of how to do crowdfunding right. Watch our Twitter feed (@Blackcrowdfund)  2. Hustle Develop a " strategic approach." Who are you trying to get support from? Why would they support you? What are the long term benefits to your supporters? Are you going to hit them up again? How many times?  Create a m edia list. Get "ambassadors," people who will speak on your behalf. "Plan ahead  as much as possible. This means contacting your supporters before you  launch to firm up their promotion and participation, and also  developing a thorough marketing plan." Above all, get going! 3. Adapt quickly As one crowdfunder put it, things may not go as planned. You wi...

From a recent article, 7 Key Elements of a Successful Crowdfunding Campaign. My comments are in bold text below: 1. "Tell your story. As the old adage goes: facts tell, stories sell. When it comes to eliciting customer engagement, a campaign with a good story is an unparalleled strategy . Did you experience some kind of obstacle on your path to entrepreneurship? Did a major life event influence your career choice or business decisions? Tell your story in your crowdfunding pitch to make a connection with backers and encourage engagement.If you don’t have a personal story to share with your audience, share facts and highlights about your startup, product or vision instead. Describe the problem (and severity of the problem) your product will solve, or discuss the vision for your startup . Keep your tone and messaging personal to make backers feel closely connected to you and your project." Agree wholeheartedly. Telling your story is key 2. "Provide value for value. Crowd...