Crowdfunding
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Crowdfunding

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Crowdfunding Crowdfunding Presentation Transcript

  • Market Validation with Crowdfunding A few things happen when you think of an awesome idea! You think you are the first one  You think everyone will love it 
  • The reality is  You might not be the first one  Everyone might not love it
  • So after you have your idea, the next three steps are usually 1. Research 2. Build a plan 3. Build a product
  • The question is when should you use crowdfunding to validate your product? After which step do you think?  After Step 1?  After Step 2?  After Step 3?
  • The correct answer is after: Step 3
  • Crowdfunding ≠ Market Research You’re going to need some proof that: 1. You have an actual product or prototype 2. That you know what you’re doing 3. That some people actually want to use your product 4. A kick ass video
  • You have a product and some people actually want it, now this is where crowdfunding comes in.  Now you get to see how many people want to actually buy your product via crowdfunding  It could be a 100, 1000 or none  Be prepared for anything
  • Why is crowdfunding a big deal? It lowers entry and growth barriers for new businesses by A LOT.
  • Continued  A Grant −  Requires a lot of paperwork and takes a while to go through Family and Friends − They only have so much money to give
  • Where would you get startup capital 5 years ago?  Bank Loan −  They don’t usually place risky bets and you have to be in business for at least 2 years Venture Capitalist − They are hard to get a hold of and might ask for a big chunk of your business
  • Don’t get anything wrong, these options have their place in the world. Crowdfunding provides a way for new businesses to jump start that initial process and gain their first customers.