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Top Ten Tips for Crowdfunding

At our recent Raising Capital Without Giving Up Equity event, Sergei Plishka from Outerspace Design shared his top tips for running a successful crowdfunding campaign. 

Outerspace ran a campaign on the Indiegogo platform to fund the development of the Fusion Guitar

  1. Set a lower target than what you actually need to raise – this creates the perception by backers that if the targets not too high, then it’s likely to be achievable and they’re actually going to get the product that they’re backing. Can be risky if you don’t smash your target.
  2. Run a pre-campaign – this allows you to build hype around your campaign and product without taking backers, so every one of your 30-day campaign is spent raising money, rather than waiting for momentum to build
  3. Successful campaigns jump up the ranks – if you end up on the first page of the crowdfunding site then you’re more likely to end up in their newsletter which will generate even more hype
  4. Extend your campaign – some sites will allow you to flip over to an ecommerce site where you can take ‘pre-orders’ for your product once the campaign has finished
  5. Have a working prototype – this will demonstrate to potential backers that the product can actually be built. This is now a requirement on Kickstarter if you have a gadget that requires manufacturing 
  6. Leverage your captive audience – your backers are your best ambassadors for getting the word out about your product. If you’re still in product development mode, consider sending them a survey to ask what features they’d like
  7. Consider a marketing video to help get the word out
  8. Get all your marketing in order, social channels, etc, well before your campaign launches
  9. Profile your team – demonstrate that there’s credible experts behind the product
  10. Finish your pitch with a call to action - “we need your help”