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Got firsthand experience with crowdfunding?1992

Belew private msg quote post Address this user
Does anyone here have 1st hand experience with crowdfunding ... indiegogo or kickstarter?

Wanna share?
Post 1 • IP   flag post
ljsingh private msg quote post Address this user
Only experience with funding projects. Love the way it works!
Post 2 • IP   flag post
Belew private msg quote post Address this user
@ljsingh

What kinds of projects?

Any lessons you can share?
Post 3 • IP   flag post
Lloyd private msg quote post Address this user
I have some experience with a project on Kickstarter.
Post 4 • IP   flag post
Belew private msg quote post Address this user
@Lloyd

Plz teach me so I can learn.

Got tips?
Post 5 • IP   flag post
ljsingh private msg quote post Address this user
Lessons to share:

Two things work well for crowdfunding
1. Have a good access to groups and/or family who will support a project
2. Have a compelling project and be able to present it in a way that captures the excitement of the reader

I have had two people get funded on Kickstarter and Indiegogo. The Kickstarter project was a set of wooden pieces that fit together. That project was designed by a high school student. His campaign got funded and he sold the toys locally and nationally for a while.

The second was a Cookbook of natural foods. The author already had a network of people who followed her health blog as well as being connected to several other groups.

A video helps any campaign if you can develop one. But, also offering good products helps too. Having a level that people are willing to pay for and get sold out.
Post 6 • IP   flag post
MLHarris private msg quote post Address this user
There are several ways to Crowd fund I've done it twice through Indiegogo. I was just at a talk tonight talking about. learned some new things. Kickstarter is a all or nothing. In other words you have to raise all your money or you don't get to keep your money.

Indiegogo allows you to do a all or nothing or you can take whatever you raise. I will not ever recommend Indegogo. They take 9%, however they work well be films and musicians. About 20% success rate.

Kickstarter has a better success rate 40%

If you do decide to Go this route, pick a site/platform that fits your industry food companies there is Barnraiser or Pie Shell.


Crowdfunding is like a gym membership you have to work it, in order to be successful.

I could give a whole workshop on how to Crowdfund.
Post 7 • IP   flag post
Belew private msg quote post Address this user
@ljsingh

This is good stuff... simple, basic, focused.

Thanks for the pointers.
Post 8 • IP   flag post
Lloyd private msg quote post Address this user
Good info above.
I would add that there are many more platforms available now, and each has it's own restrictions. Kickstarter, for example, used to be for creative projects only. Also, on many platforms you are expected to provide rewards for the various levels of funding you receive. I have run my own project on Kickstarter, it failed, but I learned a lot. I have also funded many projects on Kickstarter, and I was disappointed to find that some of the successful projects I funded never delivered on their promised reward.

The concept of crowdfunding is a beautiful thing. It allows anyone to contribute to a good idea. It's a way of expanding our economic base by helping entrepreneurs/creatives get a good start. But it's important to do your research before jumping in. It requires a fair amount of hard work to make it work. Find the right platform for you!
Post 9 • IP   flag post
Belew private msg quote post Address this user
@Lloyd

I am very interested in the lessons you learned from failure ... and the kinds of projects/people who did NOT deliver.

Whatever you share I will devour.

Thanks!
Post 10 • IP   flag post
Lloyd private msg quote post Address this user
Lesson 1: If you have a small project (few dollars needed) you might be able to rely on your friends and family, but if you have a big project (many dollars needed) you'd better have a large established media platform on the project/topic. You will need to convince more than just the people you know to give you money.

Lesson 2: For big projects you need either a household name, or the platform I mentioned above, or a REALLY good presentation. Mine was probably lacking a little.

Lesson 3: A really good presentation is probably more work than most people anticipate.

Lesson 4: Followers you think will be funders, often aren't.

Lesson 5: Not everyone thinks highly of crowdfunding. I received some nasty emails.(Although it is gaining acceptance.)

Lesson 6: I sense a fair amount of ageism in crowdfunding.

Lesson 7: You're more successful if you can show that you're a fund-er as well as a fund-ee.

I became a funder--mostly in the $5 to $15 range. That typically entitles you to a reward of some type if the project is successful. Not all promises were kept. There were some small rewards that were never received. I complained--but got no response.

Lesson 8: Not everyone is honest.
Post 11 • IP   flag post
Belew private msg quote post Address this user
@Lloyd

Very insightful.

A big thanks for taking the time to write this up.
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