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Crowdfunding - Lessons Learned
 

Crowdfunding - Lessons Learned

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Follow me on twitter: http://twitter.com/blacktar - The slides to my impromptu presentation at Crowdfuning Roundtable Cologne in Startplatz July 1th. Added some extra material. CC ...

Follow me on twitter: http://twitter.com/blacktar - The slides to my impromptu presentation at Crowdfuning Roundtable Cologne in Startplatz July 1th. Added some extra material. CC Attribution-NonCommercial License: You must attribute Vidar Andersen as author and provide a link back to this original Slideshare page if you want to use this presentation. Thanks.

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    Crowdfunding - Lessons Learned Crowdfunding - Lessons Learned Presentation Transcript

    • On Crowd Funding Crowdfunding & Fundraising Roundtable Cologne STARTPLATZ - July 10th 2013 vidarandersen.com @blacktar
    • Get the T-Shirt! facebook.com/cgn4startups
    • I’m Vidar @blacktar Andersen Norwegian living in Cologne, Germany 16+ years professional experience creating enterprise software Startup Founder (hits & misses) Corporate Entrepreneurship Consultant to F100 Enterprises Educator (SW NEXT Instructor, University Lecturer on Startup Entrepreneurship)
    • I’ve Been Around
    • PITCHCADEMY.COM Andersen Dierick & Associates Founded a Few
    • My Crowd Funding Experiences +
    • Number of Users All German Platforms Combined IndieGoGo Kickstarter
    • 1st Try - An iPhone App OneSec - An Instagram for one second videos
    • OneSec Videos App spot: http://youtu.be/9Pj4HKCRA3E Campaign: http://youtu.be/tGsh8ebY-Ys 25$ http://youtu.be/rr3msVyNJW4 500$ WE SOLD ONE! http://youtu.be/huq2Chz7mK4 1000$ http://youtu.be/uQn2Ky9RePA
    • WIN :/
    • IDEAS == WORTHLESS EXECUTION == EVERYTHING
    • Stats 8% of goal reached Gazillion hours wasted
    • #FACEPALM Made the front page for Technology campaigns on IndieGoGo Featured on the IndieGoGo blog Featured on DVICE Featured on TrendHunter Featured on BuzzPatrol Featured on Gadget-Explorer Pete Hates Music loves OneSec Featured on PEJ.CZ Featured on Mobile Device Russia If we would have invoiced the hours spent doing customer work, we’d have made more than our goal...
    • 2nd Try - Education 2 Cologne - Vidar goes to Stanford to get taught by Steve Blank to bring back best startup education to Cologne
    • #WIN 203% of goal reached
    • STATS Contributions: 2.118€ of 1.042€ – 203,26% of the goal Funders: 52 Time to meet goal: 12 hours Views: 4,198 Campaign running time: 19 days Followers of campaign: 55 Referrals: 1,707 Facebook Likes: 243 Tweets: 32 Google+ Shares: 13 Made IndieGoGo Global Frontpage and Trending Page
    • So What Did I Learn?
    • OneSec Hypotheses Is it possible (for us, right now) to crowd fund (without equity) the development of an iPhone app? NO!!! Is there any interest in this product in the market? YES!!! How efficient is spamming, mailing, tweeting, posting and otherwise contacting friends, fools, families, bloggers and journos? ABYSMAL!!! HORRIBLE!!! What is the conversion rate from blogs and news sites when and if we get published? NON-EXISTING!!!
    • OneSec Conclusion We failed to explain the product well enough We failed to make an emotional connect with potentially users and backers We failed to identify the target user segments and multiplier groups We failed with the tongue-in-cheek, no-budget style whereas more successful campaigns have had a clear story with polished video content
    • Conclusion, 2nd Try COLOGNE TRULY LOVES STARTUPS!!!
    • Conclusion Had a very clear story Had a very clear “why”, a clear “buy-in” Had a very clear and limited audience Had a “modest” goal Transparency on what the money would be for Had “social proof” Clearly communicated what would happen if goal not reached Pushed like crazy
    • General Lessons Learned Things to consider if you are planning Crowdfunding
    • Show the Product Make people understand the product Make people understand & FEEL why they would want
    • Find the Multipliers We failed to find the groups of people outside of our Friends, Families and the Startup Scene who would be interested in and passionate about the product Once we had reach all of our networks, the campaign stagnated
    • Find the Multipliers Do research, tests and cohort analysis to find those groups up front before launching a campaign Have an actual plan on who to market it to, where they are, how to best reach them
    • Storytelling Have a story to tell, create one - you need it! Add as much as possible to the story of “what’s in it for me as a backer”, “only you make it happen” “if you help this happen, you will be able to do X and Y”, Focus on the emotional appeal. Think Apple. Think “Titanic”.
    • “What’s in it for me?” Emotionalize it Make the backers a part of the story Visualize in images what’s in it for the backers Show, don’t tell
    • Include Backers in Story Reach out to people who have already backed you Publish their stories about why they believe in you Make the story something bigger than just about yourself and you you you Keep building your success narrative, your story
    • Consequences CLEARLY COMMUNICATE what is going to happen if you fail to raise the target amount Paint a picture of the consequences Emotionalize it
    • When & How to Push? Reach more than $ 1.000 before pushing to the press. Keep pushing press although they don’t react at first. Keep it up and ping them back on any kind of updates. Keep building a narrative, your story.
    • Cheap Tricks Pay the first $ 1.000 yourself and consider the PayPal fee your marketing budget. Use paid marketing with Google or Facebook to target your audience and drive traffic to campaign. You can extend the running time of a campaign. Get in touch with IndieGoGo support if you need to extend the time.
    • Good IndieGoGo Example: Satarii Star Accessory http://www.indiegogo.com/projects/satarii-star-accessory
    • Future of Crowdfunding Crowdfunding as MVP (Minimum Viable Product) - VALIDATION TEST
    • Bonus Online Material http://www.indiegogo.com/projects/onesec-an-instagram-for-one-second-videos http://stopmebeforeiblogagain.com/on-failing-crowd-funding-an-iphone-app/ http://www.indiegogo.com/projects/let-s-bring-the-best-startup-education-from- silicon-valley-to-cologne http://stopmebeforeiblogagain.com/valley2cgn/ http://stopmebeforeiblogagain.com/on-customer-development/ http://stopmebeforeiblogagain.com/we-made-it-to-silicon-valley/ http://stopmebeforeiblogagain.com/crowd-funding-troll/ http://stopmebeforeiblogagain.com/crowd-funding-as-mvp/
    • Let’s Connect! vidarandersen.com @blacktar Reach out and tell me where you found this presentation and what you think about crowdfunding!