1332
12 min 3 sec

CLASSROOM: Crowdfunding Basics & Best Practices

Whether through Kickstarter or another platform, raising money and support through crowdfunding can be a great option—but only for the right project, and the competition is fierce. Learn 8 best practices in this episode, and get ready to work hard.
classroom Crowdfunding

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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.

Listen to today's episode to learn more...

 
 

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