CROWDFUNDING 101
PANEL Ethan Adams -Future Founders -Indiegogo campaign in June 2016: Nuni Toaster Callie Spiros -Founder, Kali Zoe Designs -Indiegogo campaign in May 2016: The Mudra Stephen Tinney -The Bindle Stick -Kickstarter campaign in February 2015: The Bindle Stick
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TAKEAWAYS 1. What is crowdfunding? 2. What does it take to run a successful crowdfunding campaign? 3. How do I get started?
WHAT IS CROWDFUNDING?
IN THE OLDEN DAYS... + =
IN THE OLDEN DAYS... + =
IN THE OLDEN DAYS... Things take so long... Revenue Months (or years) Run out of cash Bigger company catches on Need vanishes
OR... + +
OR... But it s going to cost you. Equity Debt Control Revenue Months (or years)
CROWDFUNDING + +
CROWDFUNDING Preorders, not investment. Hold onto your: Equity Debt Control Revenue Months (or years)
HISTORY OF CROWDFUNDING
1997 British rock band Marillion funds their U.S. tour by raising $60k online
2008
2009
NOW $34 billion (2015)
NOW $10,266,844
NOW $124,000,000
TIPS TO SUCCEED
1. BUILD A TEAM Complementary skills - you don t know everything Sheer shortage of time - you don t have time to do everything (not well) Product development Manufacturing Social Media PR/Press Product page Video Photography Email! And more...
1. BUILD A TEAM The projects on IndieGoGo that have four or more team members as administrators raise 72% more money than projects with only one team member. Worried about money? Offer your team a percentage of the raise. High potential for them, low risk for you.
2. ASSESS YOUR POSITION FIRST Why are you crowdfunding? Do you need the cash? Are there other methods of raising funds? Then Do you have a budget?
3. DO. YOUR. RESEARCH. Does your product suck? Do you know how people value your product?
4. DO. MORE. RESEARCH. Talk to people Ask open ended questions Not Would you buy...? But How do you currently do...? Does that process work for you? Keep validating
5. PLAN AHEAD Build Team Launch Social Media Photos/Video for Campaign Begin PR Outreach Email, Email, Email Launch campaign Giveaways Email, Email, Email Run Ads Celebrate!
6. HAVE A BACKUP Contingency Plan What if you fail? What if you succeed?! Can you fulfill all the rewards? Nobody will babysit you
FINAL NOTES Expect to have fun Expect a challenge
PLACES TO GET STARTED 1. Browse through Kickstarter/Indiegogo 2. Read more of the campaigns that failed 3. Talk to at least one person who has done a campaign before 4. Talk to at least ten people about your idea
PANEL Ethan Adams -Future Founders -Indiegogo campaign in June 2016: Nuni Toaster Callie Spiros -Founder, Kali Zoe Designs -Indiegogo campaign in May 2016: The Mudra Stephen Tinney -Founder, The Bindle Stick -Kickstarter campaign in February 2015: The Bindle Stick
QUESTION 1 How did you promote your campaign?
QUESTION 2 How much time for pre-campaign planning would you recommend?
QUESTION 3 What cautions would you give to someone looking at starting a crowdfunding campaign?
QUESTION 4 What surprised you most about running a crowdfunding campaign?
BEFORE WE GO... This webinar series is a joint effort between Future Founders, Self-Employment in the Arts, and the Collegiate Entrepreneurs Organization
SEA If you have an artistic passion or hobby and are looking to connect with like-minded people who want to turn their art into a thriving business... Join the Free SEA Mastermind Facebook group!
CEO CEO National Conference Registration is open! We'll be there with CEO and SEA in sunny Tampa, FL this October 27-29. www.c-e-o.org
Apply by October 20 at futurefounders.com/startup/upitch
THANKS! Ethan Adams on LinkedIn ethan@futurefounders.com @futurefounders facebook.com/futurefounders