posted Nov 15, 2012, 4:12 PM by David Khorram
updated Nov 15, 2012, 4:51 PM
This week I’ve polled a variety of people with experience in crowdfunding to identify the secrets for success for social entrepreneurs. I’ve talked to people who’ve tried to raise money using crowdfunding and have raised absolutely nothing. Others have been blown away by the generosity of their friends, neighbors and social network, raising more than they hoped or expected.
The following insights may help you to join the ranks of those who are blown away by the generosity of crowdfunders:
A consistent theme from across the panel was that it is difficult to predict outcomes. Few campaigns gain “viral” traction, meaning that by and large crowdfunding is really “peerfunding.” While Houghton suggested having half of the money for the campaign raised before it begins (see number one above), most were a bit more optimistic and several refused to suggest a number. Virtually all agreed that having a big, fast start was key to the long-term success of the campaign.
Please share your experiences in the comments below. In the future, I’ll be writing a story about crowdfunding mistakes that social entrepreneurs should avoid and hope you’ll help me with that by filling out this survey.
Posted from: http://www.forbes.com/sites/devinthorpe/2012/11/15/12-secrets-for-success-in-crowdfunding-for-social-entrepreneurs/