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What It's About
Crowdfunding can be a great way to launch a product, but it also takes a lot of work to do it right. What should you know in advance?
Notes from Chris
Episode 1332
Today, let’s look at the topic of … crowdfunding! Why consider a crowdfunding campaign? One: money, two: other forms of support. Some projects are better suited for crowdfunding than others. Manufacturing is the classic category. There are hard costs, it’s relatively easy to show the path to completion and why you need the money, and backers like the idea of being part of making something. These days there are consultants who advise crowdfunding campaigns, but without getting into a ton of detail, here are a few important things to know. Crowdfunding Basics & Best Practices- 1) Be prepared to study up.
- 2) Give yourself a long timeframe if possible.
- 3) Line up early support.
- 4) Carefully consider incentives and tiered rewards
- 5) Communicate often - if it feels like you’re overcommunicating, great! Keep doing it.
- 6) The most important days of the campaign are the first and the last.
- 7) Having a good video is key.
- 8) Set a real goal - take some kind of risk.
THIS WEEK’S ASSIGNMENT: Think about something that is weighing you down or causing you stress, and consider if there’s something small (or big) you can do to remove it. MENTIONED IN THIS EPISODE:
- Architect Changes Commuting, One Pocket-Sized Book at a Time: A Chicago-based architect makes access to classical literature easier for readers, raising $50,000 on Kickstarter along the way..
- Jiu-Jitsu Instructor Pins Down Mobile Workout Tool: An unconventional workout tool becomes a hit on Kickstarter, then goes on to earn $20,000 a month for its creator.
- “Bendy Straw” Idea Raises $1.8M on Kickstarter: Walking on a Thailand beach and seeing all the plastic pollution was the last straw for this environmentalist.
Inspiration is good; inspiration combined with action is better. Now get back to work! Yours in the revolution,
