Crowdfunding has become a crucial part of many startups, and through various platforms like Indiegogo and Kickstarter, countless budding entrepreneurs have met their goals. Some of the most successful startups include Bitvore and Pono Music. They are great on their own, but their success would’ve been hard to achieve without an amazing crowdfunding campaign.
There are various tips and tricks for startups to meet their crowdfunding goals, and it could be rather confusing to know which of them are effective. However, The Telegraph has found three essential things that the most successful crowdfunding campaigns have in common.
1. Start with a little help
First and foremost, it is important for these crowdfunding campaigns to not start their venture without any form of support. By securing financial or any other form of support from other entities, a crowdfunding campaign will look better in the eyes of potential backers. An ideal way to get this initial support is through accelerator/incubator programs.
Entrepreneur notes that accelerators and incubators are great at capital funding. Most importantly, these programs help the entrepreneur gain access to a pool of investors, which could give him or her a good head start on the crowdfunding campaign.
Pavegen founder Laurence Kemball-Cook says to The Telegraph that investments can pour into a campaign if entrepreneurs can show potential backers that their contributions will surely lead to a full-fledged product capable of drawing customers.
2. Video is key
Startups should also never forget to let people know what their campaign is about, and what better way to showcase it than through top-quality videos. Ben Aronsten of equity crowdfunding platform Seedrs says that videos can help realize a founder’s vision. Once that vision is effectively detailed, backers are most likely to get drawn into a campaign.
When it comes to the video, it’s best for entrepreneurs to make it short but succinct. It’s also important that the video showcases the workspace and the people behind the company for investors to get a grasp of the business.
3. Teamwork and a huge workforce establish great productivity
Last but not the least is teamwork. Indiegogo’s Joel Hughes says that a dedicated team working on a project goes a long way. With an established synergy between the staff, campaigns have a higher success rate. He adds that campaigns worked on by teams have a better shot than solo ventures.
A strong and big team indicates excellent productivity in the eyes of the backers, and they are more likely to trust in a brand that they know will deliver on its promise.
Understanding these essential factors will be a huge game-changer for entrepreneurs looking to make the most out of their crowdfunding campaigns. Although success is never really guaranteed, these tips will certainly give campaigns the much-needed boost they can get as the pool of crowdfunding projects continue to grow.
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