Tag: crowdfunding

02
Aug

Part 5: Project Management & Engagement

Team-purpose

• How do you manage your project from idea to actual implementation?

Make sure you have access to the skillsets and people needed to actually accomplish your project before launching. After investment, communicating and staying connected to your investors is key. Update them and your team (especially if they’re working remotely) regularly with your good news and with any delays.

• What’s the best way to engage your team?

Depending on your project, you may need to build a team. People with different experiences and viewpoints can complement your own. Your team members should feel invested in the larger goals and vision of your new venture. They should also help out with your campaign by reaching out via their own extended networks and social media channels.

• How do you continue to engage people who have donated and/or supported your idea?

Weekly or regular video updates show your supporters and audience what you’re creating and how you’re doing it. People love how-tos, and this is a great opportunity to walk your fans through your process.

Regular written updates via the crowdfunding site, email newsletters and social media channels are other useful ways to engage and inform people on your project. It’s important to answer questions and comments, when possible, to let your audience know that you’re listening.

26
Jul

Part 4: Defining Your Objectives & Visual Pitch Strategies

marketing-your-crowdfund

• When it comes to Crowdfunding, who is your target audience?

Your target audience should be driven by your project and strategy and will be supported by the platform you choose. For example, technological innovations should be geared towards the appropriate platform or else your great pitch will be ineffective and speak to the wrong audience.

• How do you create an effective video / social media campaign?

Authenticity is key. People invest in ideas and products they care about. It’s essential to connect with your audience quickly and build a real relationship with them. Your video campaign needs to let your personality and vision shine. It should be informational, accessible, clear, short and concise. Be specific with your funding goals, timelines, and explain why you’re passionate about this idea, product or experience. Why should they believe you? What are your credentials? What can supporters expect in return?

Social media is a great way to provide updates, stay in touch with your investors and fans, and respond to their questions and feedback. It’s also a useful tool for building excitement and increasing engagement.

19
Jul

Part 3: Knowing Your Story

Storytelling

When it comes to Crowdfunding, how should you position and share your story?

Storytelling is one of the most effective ways for you to communicate your ideas to a larger audience – whether you’re looking to attract investors and clients, recruit talent, or build media buzz around your business. Your story has to be clear, concise, emotionally relatable, and backed up by rational thought. After all, as an entrepreneur, you’re oftentimes trying to make the complex and intangible into something tangible.

There are some key things to keep in mind when crafting your story:
1. Know who you’re speaking to
2. Personally connect with your audience
3. Use different mediums of communications appropriately
4. Pictures & visuals can really help sell your idea
5. Be succinct

Beyond sharing your story, make sure you listen to what others are saying about you and your brand. The more active and engaged you are on your social networks, the larger (and more loyal) your following will be.

Try out this brainstorming & storytelling process outlined in our previous post on the topic: https://oishiicreative.com/are-you-a-storyteller-or-storymaker/

12
Jul

Part 2: Choosing the Right Crowdfunding Platform

We continue on our series on Crowdfunding with insights from Oishii and how to make sense of all the options.

• What are the options for funding your idea(s)? Some top ones include:

Kickstarter – focuses on creative projects and is probably one of the best known crowdfunding portals
Indiegogo — allows a broad range of projects
Fundable – caters to small business startups
FundAGeek – focuses on technology and science-related initiatives
Circleup.com – only available to accredited investors raising the amount that can be raised, and only focused on mid-stage product companies
Rockethub – international portal focused on artists, scientists, entrepreneurs, and social leaders
ThrdPlace – a hybrid crowdfunding / crowdsourcing site focused on community development project
Crowdcube – only focuses on equity-based crowdfunding
FundingGarage – car and motorsport-oriented projects

• Which platform is right for you? What do you need to consider?

Your project really should be aligned with the philosophy of the crowdfunding site. For example, creative projects should be on creative-oriented sites while tech projects should be geared towards tech-focused ones. This has to be balanced with how popular the site is and how many people are engaged with the portal. After all, you’re looking to them for the investment. Only reward-based crowdfunding is available in the US today; once regulations are promulgated around equity crowdfunding, you’ll have to choose if reward-based or equity-based incentives are more appropriate for your project.

crowdfunding-photo

21
Jun

Part 1: Crowdfunding Basics

Crowdfunding
Crowd funding or crowdfunding is a term we’ve been hearing a lot lately, especially as it relates to funding new business startups or supporting causes that matter to you. It describes the collective effort of individuals who network and pool their money, usually online, to back efforts initiated by other people or organizations. Essentially, crowdfunding connects “crowds” directly to those who need funds.

So, what are the pros & cons of using crowdfunding? Oishii weighs in:

Pros:
• A low barrier of entry for both entrepreneurs and investors alike.
• A shift to smarter and more creative ideas gaining access to capital; it’s not just the rich getting richer or “who you know”
• More, better ideas are coming to market.

Cons:
• Fraudulent and potentially crazy ideas could be funded
• Investors don’t always have access to proper due diligence to properly understand all the risks associated with the investment
• Entrepreneurs have less skin in the game and investors have little retribution


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