SA Crowdfunding Blog

Tuesday, 23 October 2012 18:00

Tips From a Crowdfunding Success Story on StartMe

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StartMe has recently produced our first two success stories. Both the Urban Turbine and Recycling of Lead Acid Batteries raised 100% of their funding targets.

One of the entrepreneurs behind a success story shares their recipe with current and future crowdfunders.

It was a lot of work, requiring constant updates in social media and with friends, family, etc. You don't sit back and watch the money roll in. Some hints:

1. Bootstrapping, or starting with your own cash is actually stage one of crowd funding which hardly start-ups want to explore....They resist, all they look at is external money first while a known crowd funding example of a "joint bootstrapped" business works well for low investment start-ups. We started first, developed a concept that people could see and relate to.

2. Do your homework on your project and post a complete as possible proposition. Images and video works great and we have had very positive comments on this. Make this work for you. Contributors and investors will first be attracted by images. If this attracts them they will look at the text you added to describe the project.

3. Very few projects get crazy amounts of money. Most don't. StartMe is an all-or nothing proposition, so adjust your goal accordingly.

4. Be very clear as to what the money you get will be used for. Make sure your rewards are about equal in retail value to the donation. Send updates and thanks regularly.

5. Sponsor a project or two. It's good karma and shows you are an active member. Other members can see of you have contributed to projects. They will be hesitant to contribute to someone who has not contributed.

6. Tell everyone about your project. We did tastings at the stores that carry our products and handed out postcards with our StartMe info. Did I mention it's hard work? It is.

7. Make your pitch as hip and sexy as possible. The people you don't know who may contribute to your project are young and tech savvy. Since I am not either, I asked for advice from several people who are both.

8. Show your heart, soul, and passion. People want to help those with a clear vision who are brave enough to go for it!

We would like to wish both these projects much success going forward and congratulate their ground-breaking work in being the first success stories here.
Read 2506 times Last modified on Tuesday, 23 October 2012 18:09
Ben

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