Crowdfunding sites like Kickstarter and Indiegogo have forever changed the way that startups raise funds to develop and ship their products. A successful crowdfunding campaign is not as simple as signing up and listing your product on one of the platforms.
There’s a ton of behind the scenes work and strategy that goes into making a crowdfunding project the success it needs to be in order to get the products manufactured and to the public.
Toronto startup Thin Ice raised $593,740 USD on Indiegogo this past summer. This was a second attempt campaign. The first one was a mega-failure – raising only $16,710 USD.
Khierstyn Ross, a Crowdfunding Advisor in Toronto, is working with several crowdfunding campaigns after Thin Ice, and has replicated the success.
After Thin Ice, Khierstyn advised an Australian campaign that hit their $10,000 goal in 24 hours, as of writing this her current campaign: TappLock, has raised more than $100K in less than a week after launch.
Speaking from first hand experience, I’ve seen what makes a crowdfunding campaign fail, and what it takes to make one succeed.
Thin Ice – igg.me/at/thinice
TappLock – igg.me/at/tapplock
Download the full 35 page Crowdfunding Playbook at CrowdfundingUncut.com
Key Take Aways
- Is your product or startup right for Crowdfunding?
- Kickstarter versus Indiegogo: what platform you should use, whether crowdfunding could be a good option for your business, and how it is a viable model to launch an e-commerce company
- What the popularity algorithm is and why you can't ignore this in your strategy
- Pre campaign launch strategy and generating buzz through bloggers, press, social media, and friends and family... All to get early backers to cover the first 30% in the first three days after launch
- Maintaining momentum once you've hit your first sales wave in the way of cross promotion, referral contests, and stretch goals