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Crowdfunding: The 5 Things You Need To Get Right

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A guide to the 5 things you need to get right before launching your crowdfunding campaign. Drawn from our experience launching the Aspirus Smart Workstation on Indiegogo.

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Crowdfunding: The 5 Things You Need To Get Right

  1. 1. NYP, 29 April 2016 CROWDFUNDING By Yuying Deng Co-founder Ideal Workspace Email: yuying@idealworkspace.com Twitter: @yuyingdeng
  2. 2. “the practice of funding a project or venture by raising many small amounts of money from a large number of people, typically via the Internet” What is crowdfunding
  3. 3. Crowdfunding platforms • Kickstarter • Indiegogo / Generosity • GoFundMe • and many others…
  4. 4. 5 necessary ingredients • Have the right product • Be at the right stage • Build your community before • Get your pitch right • Master the crowdfunding algorithm
  5. 5. Have the right product • Mass market • Priced below USD200 • “Cool” and “Wow” factor
  6. 6. Be at the right stage • Proof-of-concept prototype • Certification requirement • Shortlist of manufacturers • Manufacturing, shipping and tax cost estimate • Timeline estimate
  7. 7. Build your community before • 6 months preparation • Landing pages with email collection • Interact on social media and forums • Run Facebook and Google ads • Buildup excitement to launch
  8. 8. Get your pitch right • You have 2 seconds • A great video is essential • Get good photographs • Tell your story • Understand what your customers want to hear • Approach the press
  9. 9. Master the algorithm • Structure your perks cleverly • Time your launch • First 48 hours are crucial - rally your troops • Have a strategy for the mid- campaign slump • Last 48 hours are crucial
  10. 10. We crowdfunded the Aspirus Smart Workstation on Indiegogo, raising 120% above our goal: http://igg.me/at/aspirus

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