Crowdfunding with Kickstarter

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It feels like everyone is going to Kickstarter for funding these days. These are the lessons one girl learned from the popular crowdfunding site.
© Julie Coniglio

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Crowdfunding with Kickstarter

  1. Crowdfunding with . Created By Julie Coniglio @awkward_hug 9/28/2011
  2. +noun /kikˈstärtər/ noun /ˈôkwərd həg/ 1. An online threshold pledge system for funding 1. An uncomfortable embrace creative projects. 2. A kick-ass game studio (Julie is the most female co-founder of AH) 2. A path to funding your creative project. 3. An pre-sale platform for your widget. 4. A soapbox for DIY creators and Indie artists.
  3. In the summer of 2010, with no access to brands ortraditional funding, we went to Kickstarter to make awhacky online sock puppet game. Socks, Inc. was among the first game projects to be funded on Kickstarter.
  4. Since then, Kickstarter has become super popularand is full of success stories. Stats (as of 7/17/2011) Launched Projects: 26,620 Successful Projects: 10,388 Unsuccessful Projects: 13,113 Live Projects: 3,119 Success Rate: 44% Source: http://www.kickstarter.com/blog/10000-successful-projects
  5. These are the things I’ve learnedfrom running the Socks, Inc.campaign and watchingKickstarter grow. This is not a Kickstarter bible, it simply illustrates my experience.
  6. GET MONEYYou only have one Mom. Contributor s to Socks, IWho else will contribute? Our Gaming C nc. ommunity, Fri Others ends, + Famil y • family, friends + co-workers • your community / contacts } • Peeps who need or want the product or service ‣ their communities • Peeps who admire the project’s goal / are aligned with its ideals
  7. GET MONEYIt is all about community. The best thing people can do for your campaign, after contributing, is evangelize.
  8. GET MONEYHave an outreach strategy. } Reach out both digitally + in the real-world Find creative ways to Be personal break through the digital noise. Making promotional swag for you campaign
  9. GET MONEYHave an outreach strategy. DIGITAL REAL-WORLD • Blog outreach • Industry Meetups Reach out both digitally • Email campaign • Call publications + in the real-world • Social Media • Flyers + Post Cards Be personal Making promotional swag for you campaign Find communities of people who share your interests.
  10. GET MONEYHave an outreach strategy. Reach out both digitally Tap your industry leaders + in the real-world Be personal Making promotional swag for you campaign We DMed thought leaders in overlapping industries and personally asked them to share our campaign.
  11. GET MONEYHave an outreach strategy. Reach out both digitally + in the real-world Create interesting artifacts that are unique to your project... or make some post cards to leave in public places. Be personal Consider making promotional swag Postcards and patches were mailed to people who had played our previous games.
  12. GIVE REWARDSDesign a reward system. Make sure each reward costless than 5% of the pledge, including delivery.
  13. GIVE REWARDSDesign a reward system. Make sure each reward costless than 5% of the pledge, including delivery. This reward cost 4.75% of the pledge to make. Felt / Wood /Bird / Sock Add the average packaging and delivery costs, and the reward went slightly over the 5% rule. Googly Eyes /Hot Glue } Stuffing / Wire TOTAL COSTS $23.75
  14. GIVE REWARDSThe sweet spot for your project is thecontribution level that earns the most money. The Socks, Inc. Reward Strategy (aka. the proverbial carrot dangle) Decided Sweet Spot. Awesomeness of Gift Push to the sweet spot. Past the sweet spot, rewards acknowledge the contributor’s awesomeness in some way. $5 $15 $25 $50 $100 $200 $500 $1,000
  15. GIVE REWARDSBe prepared for anunexpected volumeof pledges. Wilson may have expected to sell around 300 of his watches, but ended up with over 3,500 pre-orders. Good thing he is a seasoned and serial entrepreneur with the tools to deliver. The Sweet Spot for merchandise is effortlesslythe pledge level at which you can manufacture and deliver the product to the contributor.
  16. CAMPAIGN GOALYou don’t get any money if your goal isn’t reached.A great campaign can always go over. Contact all the vendors and collaborators to get estimates and quotes. Rack your brain for any hidden costs that are not immediately obvious. Base Cost + 5% for Rewards + 5% for Kickstarter + 5% for Amazon = Campaign Goal
  17. CAMPAIGN GOALMost successful Kickstarter campaigns ask for lessthan $5G. Need more? Consider your options. } Ab’s thinkin’ cap Be Bold Think about your goal Re-evaluate objectively, will it seem reasonable to your audience? Re-structure
  18. CAMPAIGN GOALMost successful Kickstarter campaigns ask for lessthan $5G. Need more? Consider your options. Ask for it. Be Bold As Kickstarter becomes more popular, campaigns are setting higher goals and are getting the contributions. Your campaign is good enough, smart enough, and doggone it, people like it. Re-evaluate Re-structure
  19. CAMPAIGN GOALMost successful Kickstarter campaigns ask for lessthan $5G. Need more? Consider your options. Be Bold Determine your MVP. Re-evaluate Simplify your project down to the Minimum Viable Product. Eliminate all of the fluff and dedicate your time and other people’s money to just the juiciest bits. Re-structure
  20. CAMPAIGN GOALMost successful Kickstarter campaigns ask for lessthan $5G. Need more? Consider your options. Be Bold Re-evaluate Break it down. Re-structure Re-structure your project into phases. If phase one is complete before even going to Kickstarter, you can establish credibility. Run a small campaign for the MVP, and, afterwards, a second campaign for the re-iterations.
  21. SHOWTIMEIf you can’t be bothered making a video, don’tbother starting a campaign. At the end of the day, people are giving you money; you need to establish trust and emotional connection.Your video should... • be honest, sincere, and charming • get straight to the point • establish your credibility • be under 5 minutes
  22. RESEARCHKickstart your pitch process with a healthy dose of preparation. ul campaigns. nalyses of successf of tips and good a rter blog, it is full Read the Kicksta who have done it Ask for help! Contact people Get your friends to before and pick their brain. and people may be pitch in too. DIY is exciting you think. more excited to pitch in than Learn from other people’s successes and failures. Study the reward design, outreach strategy, and the video pitches of projects like yours.
  23. BYE BYEOk peeps, go make something awesome! Want to know more about Julie? Check out awkwardhug.com and follow her @awkward_hug.

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