Crowdfunding Workshop - focus on reward model
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This document summarizes a presentation on crowdfunding. It defines crowdfunding as raising money through small contributions from a large number of people online. It outlines the main types of crowdfunding and some active crowdfunding platforms in Canada and worldwide. It provides tips for pre-campaign work including planning, determining if an idea fills a need, budgeting, and preparing for fulfillment. It discusses targeting supporters, engaging a DA team, using social media strategy and listening to the crowd. Finally, it briefly describes some crowdfunding platforms.
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Crowdfunding Workshop - focus on reward model
- 1. CROWDFUNDING YOUR #crowfundingMtl PROJECT it’s all s it ked I ac e? cr ob pt u Consulting YES Montreal Entrepreneurs Corner Montreal November 26, 2013
- 2. SPEAKER Diana Yazidjian Founder of DFY Consulting Co-founder of Invest Crowdfund Quebec Social Presence consultant and Storyboarder Crowdfunding coach Over 15 years experience in IT change management and service design First venture in 1998 for online retailers Blogger for Invest Crowdfund Quebec and DFY Guest blogger for Huffington and NCPA Speaker at marketing and corporate events Active member in Montreal’s start-up community. Consulting
- 3. ”As startups are the stars of the show, their ability to succeed depends on the health of the ecosystem and its ability to support, connect, network and finance them." Mark Evans, Canadian entrepreneur Crowdfunding Types and Growth Pre-Campaign Work How The Crowd Works Platform Overview Business Case Consulting
- 4. CROWDFUNDING defined by an individual, company or The raising of money other organization through relatively small contributions from a large number of people, usually via the internet, to fund commercial, charitable, artistic and other projects, endeavours and entities. Consulting
- 6. Active CROWDFUNDING platforms WW and $ Consulting Source: Massolution 2012, NCFACANADA.org/
- 7. Active CROWDFUNDING platforms Canada Consulting Source: Massolution 2012, NCFACANADA.org/
- 8. “If You Build, They Will Not Come” Consulting
- 11. “DOES MY IDEA/PRODUCT/SERVIC E FULFILL A NEED?” A: BENCHMARK, SEE WHAT’S ALREADY OUT THERE ON THE MARKET/CROWDFUNDING SITES Consulting
- 12. “DOES MY IDEA/PRODUCT/SERVIC E FULFILL A NEED?” Consulting
- 14. “HOW MUCH SHOULD I RAISE?” ASK YOURSELF… WHAT DO I WANT TO ACHIEVE with the FUNDS HOW MUCH WILL MY PERKS COST? WHEN DO I PULL THE PLUG? Consulting
- 17. “I’VE MET MY FUNDING GOAL, SHOULD I ACCEPT ADDITIONAL FUNDING FROM OTHER BACKERS?” ASK YOURSELF… DO I HAVE THE CAPACITY TO PRODUCE ADDITIONAL PERKS? Consulting
- 18. A WORD ON PERKS 70% of successful campaigns = 5-8 perks ($$$) THE CROWD’S TASTEBUDS ARE CHANGING! Consulting
- 20. “WHERE DO I BEGIN RAISING?” A: THE 30% RULE Consulting
- 21. “HOW WILL I RAISE THE REMAINING 70%?” A: DO YOUR RESEARCH Consulting
- 23. NGAGE THEM ALUE THEM WALK THEM THROUGH CF IN RETURN: THEY’LL SUPPORT YOU THEY’LL SHARE AND ENGAGE WITH THE CROWD Consulting
- 24. KE SURE THESE ROLES ARE OVERED: ontent Creation arketing & PR ocial Strategy ustomer Service Consulting
- 26. BE ACTIVE ON SOCIAL NETWORKS 4.66 Billion eyeballs BEFORE Consulting
- 28. THE ART OF LISTENI NG …WELL Consulting The Lost Art of Listening, Second Edition: How Learning to Listen Can Improve Relationships by Michael P. Nichols PhD
- 30. MONITOR YOUR BRAND, YOUR TEAM, YOURSELF Consulting
- 31. WHO IS THE CROWD 2 CATEGORIES GENUINELY INTERESTED FRIENDS OF FRIENDS OF … Consulting
- 32. WHO IS THE CROWD SOME CF PLATFORMS RELY ON FRIENDS OF FRIENDS OF … Consulting
- 33. PLATFORM OVERVIEW Not ‘All or Nothing No Vetting Customer Support Gogo Factor 4% & 9% Not ‘All or Nothing No Vetting Customer Support 4% & 8% Consulting All or nothing Vetting Customer Support 5%
- 34. LET’S SEE WHAT A GREAT CAMPAIGN LOOKS LIKE ENDTO-END Consulting
Editor's Notes
- I hope to make u save time with this pres. You will hear stuff that will seem direct - too direct - but true facts that you better know now than later.
- Deliver “foundational” strategic and tactical services, specifically core messaging, brand positioning marketing strategies and content creation.
- Mark Evans: Before starting ME Consulting, worked with four start-ups and spent 10+ years as an award-winning reporter with the National Post, Globe & Mail and Bloomberg News. Writes several blogs, including one on startup marketing, and a contributor to Forbes.com. I’m one of the organizers of mesh, Canada’s leading digital conference, as well as a mentor for Extreme Startups and JOLT. Lets get this show on the road! Show of hands: who has done a CF campaign? who is planning in the next month? Who is in design, games, devices, gadgets, art, association? What do you think is the main failure factor? “People invest in people”
- Donations: a donor contract without reward but charitable receipt if applicable i.e.: Kickstarter Reward: purchase contract for some type of product or service i.e.: Indiegogo Lendinga: credit contract: credit is being re-paid plus interest. i.e. Kiva Equity: shareholding contract, shares, equity-like instruments, or revenue sharing in the project/business, potential up side at exit. i.e.: CrowdCube, Gofundme Accredited investor: An individual who, alone or together with a spouse, owns financial assets worth more than $1 million before taxes but net of related liabilities or An individual, who alone or together with a spouse, has net assets of at least $5,000,000. An individual whose net income before taxes exceeded $200,000 in both of the last two years and who expects to maintain at least the same level of income this year; or An individual whose net income before taxes, combined with that of a spouse, exceeded $300,000 in both of the last two years and who expects to maintain at least the same level of income this year An individual who currently is, or once was, a registered adviser or dealer, other than a limited market dealer Financial institutions Governments and governmental agencies Insurance companies Pension funds Registered charities Certain mutual funds, pooled funds and managed accounts Companies with net assets of at least $5 million persons or companies recognized by the OSC as an accredited investor
- Accredited investor: An individual who, alone or together with a spouse, owns financial assets worth more than $1 million before taxes but net of related liabilities or An individual, who alone or together with a spouse, has net assets of at least $5,000,000. An individual whose net income before taxes exceeded $200,000 in both of the last two years and who expects to maintain at least the same level of income this year; or An individual whose net income before taxes, combined with that of a spouse, exceeded $300,000 in both of the last two years and who expects to maintain at least the same level of income this year An individual who currently is, or once was, a registered adviser or dealer, other than a limited market dealer Financial institutions Governments and governmental agencies Insurance companies Pension funds Registered charities Certain mutual funds, pooled funds and managed accounts Companies with net assets of at least $5 million persons or companies recognized by the OSC as an accredited investor FOCUS ON REWARD
- Accredited investor: An individual who, alone or together with a spouse, owns financial assets worth more than $1 million before taxes but net of related liabilities or An individual, who alone or together with a spouse, has net assets of at least $5,000,000. An individual whose net income before taxes exceeded $200,000 in both of the last two years and who expects to maintain at least the same level of income this year; or An individual whose net income before taxes, combined with that of a spouse, exceeded $300,000 in both of the last two years and who expects to maintain at least the same level of income this year An individual who currently is, or once was, a registered adviser or dealer, other than a limited market dealer Financial institutions Governments and governmental agencies Insurance companies Pension funds Registered charities Certain mutual funds, pooled funds and managed accounts Companies with net assets of at least $5 million persons or companies recognized by the OSC as an accredited investor FOCUS ON REWARD
- PEOPLE ARE READY TO PAY THE PRICE
- PEOPLE ARE READY TO PAY THE PRICE
- A lot of creative types do not come from a business background and may not be as good at the details as the overall product vision. Creating a budget before beginning a Kickstarter campaign is crucial for making sure the numbers add up. Treat the project as if you were creating a product for a customer. Don’t wait until mid or post-project to call up suppliers and research shipping costs. By making conservative and ideal estimates for the costs that will be incurred from the time of product creation to shipping, you will have a clearer idea of the margins that you will receive on each product, along with the buffer that you will need as a safeguard against miscellaneous items. When I interviewed Kathleen of TouchDome Luxury Watches, who raised 30k on Kickstarter, she mentioned having spent upwards of a year and a half negotiating with manufacturers and designers for the best prices and planning the campaign from start to finish. PULL THE PLUG: QUANTITY OF PERKS MUST BE LIMITED. IF SCENARIO=EXCESS FUNDING - DO WE HAVE THE CAPACITY TO PRODUCE EXCESS PERKS? The most successful projects are 30 days old - why? For example, do you want to raise money to publish an eBook, hire a video production company for your film, or buy the materials to make a prototype?
- PULL THE PLUG: QUANTITY OF PERKS MUST BE LIMITED. IF SCENARIO=EXCESS FUNDING - DO WE HAVE THE CAPACITY TO PRODUCE EXCESS PERKS?
- CF is entering its 5 year…the crowd is becoming blasé - need to impress them with perks, the right perks. Again - this needs to be prepared ahead of time, and planned. i.e. half way down the campaign, launch a new perk to boost donations.
- F&F= your ambassadors Make sure you’re targeting those that will support you! Your probability increases when you reach 30% of your goal. Why? Empty Restaurant syndrome
- where is your target market? what do they read, what are their interests, their lifestyles? Go gettem, find ’em on SN and engage with them NOW UNLESS you have a huge network of close friends of friends, you need to know where the “Crowd” is.
- IF YOU ARE THAT PERSON, MAKE SURE TO SET ASIDE TIME!
- its your cocktail party. Beats taking an investor for a night out, throwing a happy hour, speaking at gigs, buying ads But this doesn't mean you should set up a Twitter account or Facebook profile just for the sake of your crowdfunding campaign. People will make the assumption that you did so only because you need money. Being social is what social networking is all about. You have to build up your core audience first by engaging in meaningful 140-character conversations with people who share your interests and by clicking "Like" on updates and Facebook pages. Become friends with the folks in your field. Retweet interesting Tweets. Help other crowdfunders with their campaigns and they'll in turn help you with yours. Today, it's most important to always be a person before a petition. Also, make sure all is integrated: web site, cf site, social sites, blog. The crowd will lift the curtain during the campaign and will want to see what’s behind closed doors.
- During the campaign
- warming up the audience François Alain - Sauropod Games - 4 months of warming up, listening, connecting, re-listening, reconnecting most funded Canadian project ever ($700,000)
- warming up the audience François Alain - Sauropod Games - 4 months of warming up, listening, connecting, re-listening, reconnecting most funded Canadian project ever ($700,000)
- Regularly review the comments and questions that are sent and give an appropriate response to each Twitter Goo Alerts Facebook Hoot suite
- And a slew of verticals! Community, sports, arts, local specialities White label solution WP APIs (DIY - IgnitionDeck, Astoundify, and WPMU DEV) Kick 5.2 million people have pledged $892 million, funding 52,000 creative projects.- 44% have reached their goals Indiegogo 30,000 campaigns, across 194 countries. 10% fully funded Vetting - Rob Ford