Successful CrowdFunding campaign and CrowdFundingPlanning advice by Brian Deagon

posted Mar 3, 2013, 6:24 AM by David Khorram   [ updated Mar 3, 2013, 6:27 AM ]
I spent the evening listening to a panel on crowdfunding. The panelists included a representative from  +Indiegogo  and another from When You Wish - both crowdfunding platforms. A lot of the conversation also focused on +Marketing 
  1. Some revelations: The bulk of money raised for projects pitched on crowdfunding sites - on average about 80% - comes from people who have some kind of connection to the presenter of the project. Less than 20% of the money from a crowdfunding project comes from outsiders.That means that crowdfunding platforms essentially just enable the money seeker to tap people within their network. Money raised from crowdfunding essentially does not come from the crowd but through your network of connections.
  2. In order to get strangers to kick in money, you must get your connections to initially kick in at least 40% of the desired goal in order to attract the attention, trust and contribution from outsiders.
  3. A successful crowdfunding effort requires the person to commit to the project 24/7, according to the panel. You have to work it, spread the information so that people know what you are trying to raise and why. Go all out to spread the project plan to as many people as you can. Include a link to your crowdfunding page.
  4. As to the money you should ask for, it is better to lowball. If you really need $10,000, for example, aim to raise $5,000. You want to exceed your goal, in order to get media attention or promotion from the crowdfunding owners, which is highly valuable.
  5. Present in a way as to "stretch the goal." Tell them you need $5,000 to get going, but if you get $10,000 you can do this much more, and so forth. Entice them to kick in more money even if you meet your initial goal.
  6. And you have to present your project in a way that gives them the idea that what you have is big, important, impressive. Convince them, through the video and language, that this is the best project ever. Lure in that fish.
These are thoughts from some of the notes I took. I hope this helps you if you are considering a crowdfunding project.
Also, I need to give a shout out to the person who put this panel together, who is Victoria Silchenko, CEO of Metropole Capital, a friend and a highly talented person.

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