1) Know Your Audience - Picking the right platform for your crowdfunding campaign is the most important decision in the campaign. There are many platforms such as Kickstarter, Profounder, and IndieGoGo. Take the time to familiarize yourself with the specifics. Here is a recent post with a break down.
2) Plan For 3x – Veteran startup junkies will tell you that part of success is planning accordingly. When venturing into the unknown such as product development for the first time, it would be wise to use the rule of 3. Plan for 3x the money you think you will need and for the product to take 3x longer than you thought it would to get a final manufacturable product.
3) Under Promise and Over Deliver – Don’t sell yourself short by staying in your comfort zone and not innovating, but at the same time, don’t over promise on something you may not be able to deliver. Be ambitious, but be realistic.
4) Marketing 101 – Of the people we have talked to that have run a successful crowdfunding campaign, 100% of them said they spent much more time marketing their campaign than they had expected to. Prepare to fire up your social network, blog daily and take every opportunity available to get the word out.
5) Be A Story Teller – Like the participants on the ABC show “Shark Tank”, People love a good story. Give them a good beginning, middle and end.
Good luck on your campaign and please contact us with any questions.