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My First Lessons on Crowdfunding!

I have been an entrepreneur since I was ten and before I got my business education, I had started several businesses. Thus, most of my business knowledge has been acquired experientially. Learning about crowdfunding is not an exception. My team and I did some research about the subject, however, it was not enough and we are learning in a painful way.  Today, I want to share just two important lessons: 1) select the right crowdfund platform and 2) acquire enough fans.

 

There are many crowdfunding platforms but the most popular are: Indiegogo; Kickstarters; Pozible; Rockethub and Tubestart. Each has a rate of success and a rate of failure. Thus, you need to figure out what is the rate of success in your category (e.g., education, design, community, art, film, etc.). For our campaign, we chose Indiegogo in the design category. We just found out that for us in Indiegoogo and under the design category, the overall success rate is 5.9%, whereas Kickstarter in the same category is about 32%. That would have made a huge difference. So, make sure you do this research appropriately.

 

Although we did not choose the right platform, thank you to our backers, our campaign is about to reach 25% of its goal in the first five days.  The statistics indicate that if the campaign reached a quarter of the goal in its first week, most likely it will reach its goal. But we also found out that we need enough fans in Twitter and Facebook in order to make it. For example, I found out that similar campaigns have reached a $10K goal with 1,250 Twitter fans and 3,500 Facebook fans. Fortunately, we are much closer to those numbers. However, I wish I would have dedicated at least eight weeks prior to launching our campaign building those numbers. One thing that has benefited us tremendously is that we have over 1,200 existing customers. They have purchased over $150K in our product already. Thus, when we reach our goal, we can purchase a new printer and bring most of our production in-house and then reduce the production cost by an additional 40% percent. As a result, the retail prices will be much lower. 

 

In my next blog, I will share with you how to find and build your social networks for your current or future crowdfunding campaign. In the meantime, please visit our campaign Slickynotes: Unleash Creativity at  http://igg.me/at/slickynotes/x/4180890.  We would love to show you the cool perks that we have available and will be appreciative if you share the link with your friends.