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Serving Community Through Crowdfunding (Bill Huston)

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BDPA Cincinnati chapter explored Crowdfunding at its October 2014 program meeting. Crowdfunding is one of the fastest growing ways for entrepreneurs to raise money to kick-start businesses and projects. One of the most pressing questions for any new business is how it will be funded! Crowdfunding is the use of small amounts of capital from a large number of individuals to finance a new business venture. Crowdfunding makes use of the easy accessibility of vast networks of friends, family and colleagues through social media websites like Facebook, Twitter, Google+, and LinkedIn to get the word out about a new business and attract investors. We looked at one of the most attractive options – Crowdfunding - and learned the ins-and-outs from a local expert.

Our guest speaker on this topic was Bill Huston, co-founder of My Crowd Rocks, a crowdfunding and social media consultancy. As the Chief Marketing Officer and Digital Strategist, Bill heads the lead generation and branding strategy including blogging, search engine optimization, video marketing, and social media. Bill has over 15 years’ experience in leadership, marketing, and strategic planning, and the team he has assembled has over 20 years of experience and a demonstrated desire to improve the global business community through crowdfunding and digital communication.

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Serving Community Through Crowdfunding (Bill Huston)

  1. 1. Crowdfunding as a Pathway to Marketing and Funding Your Tech Startup
  2. 2. 1. The Statute of Liberty was the first American Crowdfunding Project 2. Joseph Pulitzer appealed to the American people using his Newspaper “The World” 3. Raised over $100K in 5 months with over 120K donations of less than a dollar
  3. 3. Crowdsourcing-The practice of obtaining needed services, ideas, or content by soliciting contributions from a large group of people. Social media is an essential component of crowdsourcing that allows organizations to reach a wider audience faster, cheaper and more efficiently than ever before.
  4. 4. Crowdfunding is an internet-driven means of raising money from the mass market by receiving small amounts of money from a large group of people, to fund a project or business Crowdfunding was a response to the “Great Recession”
  5. 5. • Crowd Funding was initially seen by many as a concept unsuitable for use in the business world. • Despite this skepticism, the tightening of banks’ lending criteria and unavailability of commercial finance has transformed crowdfunding into $5 Billion global industry
  6. 6. 1. Crowdfunding has spread around the globe and reaches over 160 countries worldwide and more than 90% of the world's online population. 2. Global crowdfunding produces 500 new projects per day, and between 18,000 & 22,000 projects are open at any one time 3. A new crowdfunding project is created every three minutes globally
  7. 7. City Cincy Indy Lou Col NEW PROJECTS EACH DAY 1 1 <1 1 PROJECTS CREATED IN Q2 92 101 30 101 ENDED FULLY FUNDED 33% 17% 26% 21% PEOPLE BACKED EACH OF THESE 59 76 32 152 WAS THE AVERAGE AMOUNT RAISED $11, 668 $64,553 $3,293 $21,577 THE TOTAL RAISED IN THE PERIOD $366,673 $1,010,505 $21,362 $561,362
  8. 8. SUCCESSFUL PROJECTS AVERAGE BACKERS TOTAL FUNDS RAISED 5,729 KICKSTARTER 251 KICKSTARTER $125M KICKSTARTER 2,649 INDIEGOGO 152 INDIEGOGO $49M INDIEGOGO 572 FUNDRAZR 136 CROWDCUBE $12M CROWDCUBE 91 CROWDFUNDER UK 101 ROCKETHUB $1M FUNDRAZR / ROCKETHUB 60 ROCKETHUB 67 CROWDFUNDER UK $763K CROWDFUNDER UK
  9. 9. 1. Pirate3D Inc set out to bring affordable 3D Printing to the home and raised $1.4M of its $100K goal on Kickstarter 2. Kreyos raised $1.5 million from a $100,000 goal. 3. Tile a location tracking device has garnered $2.6 million to date and almost 50,000 backers 4. The Ubuntu Edge raised $12 million, but failed to meet is lofty goal of $32 million
  10. 10. 1. Market Research 2. Market Validation 3. Proof of Concept 4. Build an engaged community of customers 5. Build brand advocates that spread the word about your brand 6. Product development feedback 7. Testimonials and case studies 8. Pre- Orders for your product and service
  11. 11. 1. Clearly define your product and your goals 2. Tell a compelling story about what you can do for others 3. Create a powerful video it is crucial 4. Brand development is a key component 5. Produce powerful & persuasive copywriting 6. Implement targeted social media management & Pr campaigns
  12. 12. 1. Too little time devoted to planning and promotion 2. Project owner did not successfully engage their personal network 3. Project owner did not build press relationships 4. Campaign funding threshold set too high 5. No video or poor video included
  13. 13. •Crowdfunding is estimated to be a $300 Billion global industry by 2025 •Crowdfunding will become a global alternative for SMB and Startup finance •73% of Tech Startups that successfully crowdfund for $50K or more go on to receive later round funding •Crowdfunding is a great route for alternative financing for Black Tech Startups if we can grow and mobilize the needed social capital
  14. 14. Website Mycrowdrocks.com Bill@mycrowdrocks.com Twitter @BillHuston1 @MyCrowdRocks Facebook Facebook.com/MyCrowdRocks

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