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Crowdfunding - Coggle Diagram
Crowdfunding
Failure
Campaign is poorly prepared and organized
Campaign has unrealistic funding goals
Not being prepared to act as a customer service desk
Low attraction
Campaign has low exposure and popularity
Launching with lackluster rewards programs
Campaign is not unique
Targeting to the wrong crowd
Complicated concept
Campaigns fail to get early traction
Campaign has faulty timing
Campaign owner does not have sufficient experience
How to avoid failure?
Forming a community before launching
Build a pre-launch page
Utilize social media
Build your email list
Campaign in actual venues if possible
Well prepared and plan
Take your time to answer all user questions
Design a realistic and meticulous funding goal
Assign rewards for your contributors
Launch at the right time
Know the audience
Test the content
High quality video
Great marketing strategy
Prepare a great story
Portray a competitive advantage over its competitors
Define the Clear Value Proposition behind your project
Examples
Cost savings
Utility
Ethics
Cutting edge technology
Personal story
Build credibility
Show social proof
Advantages of crowdfunding
It facilitates a practically endless flow of ideas from investors and the public.
It reduces the risk of potential losses.
It creates a reliable customer base.
Case study: Pebble
What's Pebble
Funding was conducted through a Kickstarter campaign, which raised $10.3 million
A smartwatch developed by Pebble Technology Corporation
Success reasons
Make something people really want
Pick 3 simple “Use Cases” that can easily communicate
Pre-test the idea with friends and family
Set the goals and timelines carefully
Offer interesting and valuable rewards
What's Crowdfunding Platform?
A process of fund collection where money is typically collected from a large number of contributors via the internet.
3 components
The idea
The contributors
The platform