Five Essential Crowdfunding Success Tips
Instead of getting VC funding, a lot of startups and creative projects turn to the masses or the public -- often through popular crowdfunding sites like Kickstarter, AngelList or StartEngine. But to get funded, you need to be able to harness crowdfunding in all the right ways. And now Title III of the Jobs Act allows non-accredited investors to get into the game, this is a massive shift in alternative finance and the democratization of capital.
As the CEO of Moore Media Ventures, a digital marketing agency, and co-founder of Tuesdaynights, a professional networking group specifically for women which champions women in leadership and in tech -- I have written my first book: “How to Raise Money: The Ultimate Guide to Crowdfunding” which is an easily digestible, step-by-step read teaching the seasoned and those new to the startup space all about what crowdfunding is, how it works, how to select the right crowdfunding platform, and how to be successful at raising money overall.
While, mostly due to the popularity of Kickstarter and Indiegogo, most people believe just by putting up a project page, you will get funded. Not the case.
My book is almost like getting secret tips that you didn’t know you needed.
Here are 5 key tips:
Clarity of vision
It’s important to have a strong vision and clear value proposition for your idea, your creative project or company. And, make certain to test out your concept with qualified business colleagues and friends for market validation. This is a great way of doing your own due diligence on your idea before you bring it to the masses via a crowdfunding platform.
Power of storytelling
Your startup story needs to powerfully tell the why (your reason for being, your mission, vision, and purpose), the what and how (what your product is, how it’s differentiated, the market opportunity, relevant data, and where you’re headed) and how you are uniquely positioned to succeed.
Integrated marketing strategy
Before you launch your campaign, create an integrated marketing campaign which includes a crowdfunding video, campaign page, digital marketing plan, paid media plan, qualified email lists, press release, and a press kit at minimum.
How much money do you need to raise? In general, companies that are looking to raise $10,000 or less and are looking for market validation in the business to consumer space via pre-sales, the rewards route is the way to go. If your startup requires additional capital and you are ready to issue shares in your company, take a close look at the leading equity crowdfunding platforms.
Be certain to have traction in the first couple days of your campaign. This means having your friends and family lined up to invest, deploying your marketing ahead of time and working closely with your crowdfunding portal to ensure success.
I wrote this book because through my own experience, I saw how startups and creatives struggled with crowdfunding. I wanted to share what I knew and especially the information that could really help others be successful.
The book includes exclusive interviews from leaders at Indiegogo, CrowdfundX, FlashFunders, SeedInvest, StartEngine and other major crowdfunding thought leaders.
Melinda Moore is CEO of Moore Media Ventures, (www.melindamoore.com), a digital marketing and crowdfunding agency that develops integrated marketing campaigns. Her book, How to Raise Money: The Ultimate Guide to Crowdfunding debuted on Monday, May 16th. With over 15 years as a start-up leader (two exits) and Fortune 500 experience, Melinda combines her passion and experience in entrepreneurship, technology and digital media. Her work has been widely recognized by Digital LA (Top 50 Digital Women in 2015), the Green Business Bureau and the National Association of Women Business Owners’ Hall of Fame. Contact her at firstname.lastname@example.org.