THE ULTIMATE GUIDE TO CROWDFUNDING YOUR STARTUP
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1 THE ULTIMATE GUIDE TO CROWDFUNDING YOUR STARTUP Wouldn t it be nice to fund your startup, gain new customers, market your product and gain valuable customer feedback all at the same time?
2 Contents Part 1 Part 2 Part 3 Part 4 Part 5 Part 6 Part 7 What is Crowdfunding? Types of Crowdfunding Necessities for a campaign How to Get the Word out Entice with Rewards Disadvantages to Crowdfunding Why Choose Crowdfunding for your Startup? 2
3 Chapter 1 What is Crowdfunding? Just so we are all on the same page regarding the concept, crowdfunding can be defined as a fundraising method that involves small contributions from a large number of people (the crowd ), often in exchange for some kind of reward such as early access to a product or service, entry to an event, or simply being publicly named as a contributor. Essentially, crowdfunding is getting others to give you a relatively small amount of money per person in order to finance your project, whatever it may be. Although crowdfunding or donations from supporters is hardly a new way of raising money, the growth of online services or registries that allow businesses or individuals to promote their companies and causes and easily collect funds is relatively new, giving rise to crowdfunding as a new means of alternative finance for entrepreneurs. How to Use Crowdfunding to Raise Money Okay, so now that we know what crowdfunding is, here s how you can use it to kick off funding for your business when you are in the early stages of raising money. For budding entrepreneurs in the pre-seed or seed stages, funds can come from a number of sources before venture capitalists, angel investors and their like take notice. Usually this money comes from their own savings or resources, and/or that of friends and family. However, it is becoming increasingly common to take to the internet and get small contributions from a vast number of people, many if not all of whom the investors don t know In real life. These people are just into the idea for their business and most likely will gain something from being an early adopter, whether that is beta access to a service, a discount on initial products or some other kind of freebie. 3
4 Chapter 2 Types of Crowdfunding Rewards-based Crowdfunding is what people usually think of in regard to crowdfunding, since it has become popularized through sites like Kickstarter, IndieGoGo and GoFundMe. With this sort of crowdfunding, people invest a given sum of money via an online platform in exchange for some kind of reward, whether that is a freebie of some kind, early access to a service or event, or even just the knowledge and credit for contributing to the arts or another good cause. Donations-based Crowdfunding simply means individuals donate a sum of money towards a business or organization that they believe in. Usually referred to as charitable donations, this form of crowdfunding probably doesn t apply to you unless your startup is a nonprofit. The four, core crowdfunding types are debt-based, equitybased, rewards-based or donations-based. Debt-based Crowdfunding can also be referred to as peer-topeer or P2P lending. This type of crowdfunding uses microloans which eventually paid back once the company is on its financial feet, allowing a larger quantity of individuals to become angel investors of sorts and back ideas they think will gain traction. Debt-based has become well-known through companies like Lending Club and Propser.com. Equity-based Crowdfunding allows for a large group of individuals to get a bit of equity in a startup, usually in the form of stock in the company. This has recently become a more viable option for founders, especially since the second iteration of the JOBS Act has been activated, democratizing the access to and process of building capital this way as well as making the legalities of equity-based crowdfunding much clearer and easier to navigate. 4
5 People love to get in on the ground, to be early adopters or insiders, or otherwise feel like they are the first ones to participate in a particular deal or become part of a secret club and depending on how you structure and promote your crowdfunding campaign, you can play on those natural urges and develop a core group or network of initial fans who may become your best marketing asset, as well as a focus group who can help you refine and properly position your startup. Crowdfunding isn t the Only Answer While crowdfunding can certainly play a positive role in the creation and development of your startup, especially in the early stages, it isn t the be-all and end-all of building your business s capital. In fact, it may be ideally suited as a way to kickstart your idea and get some momentum going, assess the market, and get some early traction before you start working with larger investors. Crowdfunding Doesn t Have to be Only about the Money It can also be a way to introduce a new product or aspect of your services, or serve as more of a promotional method than a true source of capital. Advertising your business s crowdsourcing campaign is one reason to get the word out, and may have a more compelling hook than traditional marketing spiels. 5 5
6 Chapter 3 Necessities for a Campaign So you think crowdfunding might be the way to go? There are some things that you ll need to have, most notably a solid, well-thought-out concept, and marketing materials that communicate that message to the public at large. Usually a high quality video and or a similarly compelling website that tells your story (hint: being able to articulately tell your story is the most important part) will do the trick. You ll also need to be well aware of your company s current valuation, have documentation of prior funding and use funds (for equity-based crowdfunding approaches, at least) have a marketing plan that includes , social media and other digital tactics (even if your product is not primarily internet-based) and a rewards or payback plan that s both realistic and compelling. Getting all your crowdfunding ducks in the proverbial row might be something that you ll need a marketing agency or similar partner to help with, so it is important to get the right people or groups on board early in your fundraising process. 6
7 Chapter 4 How to Get the Word Out So how do you get in touch with or make people aware of your fledgling company in order to riase funds from the general public or the internet at large (a.k.a. the crowd)? The standard methods of digital promotion can work, e.g. social media ads, promotions from key influencers in your vertical or industry, campaigns, and other best practices for online marketing. These don t have to be tangible items either you could offer a whitepaper or an ebook download like this, software add-ons, additional app features, or other digital bonuses. Discounts on related services (you could work with a partner for this) also work well. One of the most obvious ways to crowd fund is to take advantage of or leverage your existing audience of followers and subscribers, because they ve already opted in to receiving communications from you and therefore have shown interest in your startup so they are that much more likely to invest a small amount with you, and spread the word to their own networks. It s also useful to offer long term deals or values for early investors, such as the opportunity to buy a subscription or get access to services for a much lower cost if they get involved early. This may work best if you have an established reputation or user base who see the opportunity to save on desirable offerings in the long run. In a similar vein, offering beta access (early entry) to anyone who invests early can also work, especially because members of the various crowdfunding platforms and communities tend to be early adopters. 7
8 While Crowdfunding might seem like an awesome way to go, if you re a founder or considering starting a company since it is relatively low risk for investors and could yield a high reward for you and therefore them as well, you do have to do something in order to get people to give you money. Chapter 5 Entice with Reward Creative Ways to Incentivize the Crowd Successful crowdfunding starts by increasing and showcasing the perceived value of your products or services. If you re a startup, chances are you don t have tangible items to ship yet, but you do have your ideas, your reputation, and your passion for your business. Getting these messages across to the general public and getting them to give you even a seemingly minor amount of cash is easier said than done. The standard freebie or discount might be the best way to play it, or perhaps early access to a private beta or similar new application. Tickets to a private event or launch party can also work to curry the favor of prospective crowdfunding investors 8
9 Sample Reward Programs Chapter 6 Downsides of Crowdfunding Publicly crowdfunding your company via online or social media platforms, especially common ones like the aforementioned Kickstarter, GoFundMe, or IndieGoGo, can result in your brand being perceived as less credible or less legitimate in the eyes of venture capitalists. After all, if your concept is so great, why do you need to ask the internet at large for money? Choosing to crowdfund may also be perceived as a lack of professionalism by VC s and larger investors, since for better or for worse, it is viewed as being somewhat less reputable than more traditional routes. This is perhaps due to its unproven track record, however, and don t let that be a deterrent if you think crowdfunding is the way to go for your startup. Remember that there is always someone out there who has to be the first mover or change the game so why not you? Finally, there are also the risks to your intellectual property if you choose to crowdfund, since you almost always have to share plenty of information and details about your business, products, and plan in order to catch the eye (and open up the wallets) of potential investors. 9
10 Chapter 7 Why Entrepreneurs Choose Crowdfunding Well, there is the obvious reason that founders choose to crowdfund they need capital and it can be a quick way to raise some cash. A huge benefit to crowdfunding over traditional channels, and the reason rewardsbased platforms are so popular, is the ability to receive funding for your startup without giving up equity in your company or taken on debt. This is what sets rewards-based crowdfunding apart from the rest. Setting up a Kickstarter or GoFundMe account is relatively simple and streamlined, especially compared to pitching an investor or VC. It shortens the flow of money. Instead of banks, corporations and wealthy individuals holding all the cards, it allows business owners to build their own platform and go right to the end user or directly to investors (as the case may be) and state their case on a more individual basis. That said, there are other reasons than cash flow to use crowdfunding as a source of income or funds for an early stage business. Bonus Benefits of Crowdfunding Not only does crowdfunding help raise the necessary capital while offering a relatively low risk for investors (and depending o the structure of the crowdfunding initiatives, the entrepreneurs themselves) it offers you an immediate form of feedback as well as a way to estimate the amount of interest in your products or services. After all, if people who don t know you personally are willing to invest in your idea with minimal pitching (as compared to working with a venture capital firm) it probably doesn t suck. This will help you validate your concept, make sure you ve positioned yourself in the market in an optimal way and build value for future larger investors like venture capital firms and other third party sources of funds. 10
11 At the End of the Day While Crowdfunding might seem like an awesome way to go, if you re a founder or considering There are plenty of ways to fund starting company since it is relatively low risk for and build a business it s a matter investors and could yield a high reward for you and of what is right for your startup therefore them as well, you do have to do which depends on the current something in order to get people to give you money. economic climate (especially for your target audience) the timing of your launch and funding needs, and the type of product or services you are offering. That said, considering the various types of crowdfunding and the range of possibilities they offer you owe it to yourself, your company and your potential clientele to explore the idea! Bonus Benefits Showing crowdfunding interest can be a more passive way to gain credibility, since this many people and these types of individuals invested in your company, so therefore you must know what you are doing. Also, depending on how your crowdfunding campaign is structured, you can develop near instantaneous social proof due to the visibility of the number of investors and amount of funds raised on the internet and social media. Crowdfunding can be an awesomely efficient way of validating your startup concept. The reaction of the crowd to your crowdfunding endeavors can be a powerful indicator of future success. In addition, user comments and criticism can serve as a focus group, offering you ways to refine your company, suggestions for changes or new products, or pointing out necessary re-alignments or pivots that could lead to more growth and security. 11
12 The End Evus Technologies 205 E. Warm Springs Rd, Suite 108 Las Vegas, NV
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