You’ve got a product idea, and now you need money to get it to market. Why not ask your potential customer base to help you crowd fund its launch, instead of going through traditional investment channels? The only drawback is that crowd funding through Kickstarter or Indiegogo, not to mention their many lesser-known counterparts, is hard. Only about 44% of projects on Kickstarter successfully reach their funding goal, and on Indiegogo that figure is less than one in ten.
But there are some basic things you can do to increase your odds, and the punchy, well-paced video above outlines the most important ones.
A few takeaways:
Start with a bigger team. Projects with five people behind them raise 70% more money than projects with just one person.
Update frequently. Campaigns that update at least every five days raise four times as much money as those updating every 20 days.
Use email. It’s the best tool for raising money—not Facebook.
Shoot a video. Campaigns with promotional videos raise 114% more money than those without.
And the list goes on. It’s a great, instructive short, assembled by the Kauffman Foundation from an interview with Indiegogo founder and CEO Slava Rubin.