crowdfunding, ask clay

How long should my crowdfunding campaign run?

This is the twelfth post in our 30 Day Ask Clay Crowdfunding Q&A.

I’m answering a new question every day in June.

Submit your question by going to CrowdfundingHacks.com/AskClay, where you can see all of the questions and all of my answers.

Full Transcript

Hey everyone…this is Clay Hebert from CrowdfundingHacks.com…and today’s question is…

How long should my crowdfunding campaign run?

This is a great question and definitely one that’s on the mind of everyone doing a crowdfunding campaign.

The answer is extremely simple.

“Your project should last 30 days.”

This gives you enough time to execute the plan, not get fatigued and stay sane.

It’s also a short enough duration to maintain urgency for the backers.

Now this isn’t just my opinion or common sense, Kickstarter has published data that 30-days is the sweet spot for crowdfunding campaigns.

Now there are some exceptions, if you’re going to be on the road the last few days of the campaign, it’s fine to extend it a day or two or even three or four, but don’t run a 60-day campaign because that’s too long, people are going to lose interest and there’s not enough urgency for the backers. It’s OK if it’s not exactly 30 but 30 days should be the target duration for your campaign.

As always, you can submit your question or see all of the crowdfunding questions and my answers at http://crowdfundinghacks.com/AskClay

End Transcript

crowdfunding, ask clay

Why do crowdfunding projects succeed or fail?

This is the eleventh post in our 30 Day Ask Clay Crowdfunding Q&A.

I’m answering a new question every day in June.

Submit your question by going to CrowdfundingHacks.com/AskClay, where you can see all of the questions and all of my answers.

Full Transcript

Hey everyone…this is Clay Hebert from CrowdfundingHacks.com…and today’s question is…

Why do crowdfunding projects succeed or fail?

This is obviously a great question and one that’s on the mind of everyone doing a crowdfunding campaign.

Well, there are really only two reasons any crowdfunding project succeeds or fails. Yes, it’s really only two reasons.

  1. Traffic and
  2. Conversion

Traffic is simply how many people visit your page. I have yet to see anyone successfully back a crowdfunding campaign without first seeing it.

Conversion is the percentage of those people who back your project and actually pay you.

Another way to think about this that’s a little easier to remember and a little more mnemonic is “Play” and “Pay”.

Play is how many people “play” your video.

Pay is how many people pay, or back the project.

What impacts traffic? What impacts conversion?

There are essentially seven things that impact traffic and seven things that impact conversion.

The 7 things that impact traffic are:

  1. The permission asset (often an email list) that you build before you launch your campaign
  2. Social media
  3. Social sharing
  4. Organic traffic
  5. Paid traffic
  6. Platform traffic
  7. Press (listed last for a reason)

The 7 things that impact conversion are:

  1. Your product
  2. Marketing to the right people
  3. Your story (told via your video)
  4. Your rewards and pricing (and their relative value)
  5. Social proof
  6. Press
  7. Progress + momentum

The traffic fallacy

I’ve seen projects succeed or fail because of every single combination of traffic and conversion, but I want to explain one of the biggest mistakes I see creators make.

Most creators think they need more traffic. They’re wrong.

Most creators need better conversion.

Let’s look at a simple example

Let’s say your campaign has a funding goal of $30,000.

If your average contribution per backer is $30 and your campaign converts at 10%, meaning 10 out of every 100 people who view your campaign, actually back your campaign, you only need 10,000 total views of your campaign. The math is pretty simple…

10,000 views * 10% conversion = 1,000 backers at an average of $30 per backer = $30,000

Now let’s say everything else is the same, but your campaign only converts at 2%, meaning 2 out of every 100 people who view your campaign, actually back it. Now, you need 50,000 views of your campaign. Again, the math is…

50,000 views * 2% conversion = 1,000 backers at an average of $30 per backer = $30,000

So the lesson is, if your campaign converts well, say at 10% vs. 2%, you need a lot less traffic.

More traffic with poor conversion is like water through a sieve.

And it’s much easier to pull the levers to optimize the elements that impact conversion (ideally before you launch) than it is to scramble to get more traffic.

As always, you can submit your question or see all of the crowdfunding questions and my answers at http://crowdfundinghacks.com/AskClay

End Transcript

crowdfunding, ask clay

What are the characteristics of a successful crowdfunding campaign?

This is the tenth post in our 30 Day Ask Clay Crowdfunding Q&A.

I’m answering a new question every day in June.

Submit your question by going to CrowdfundingHacks.com/AskClay, where you can see all of the questions and all of my answers.

Full Transcript

Hey everyone…this is Clay Hebert from CrowdfundingHacks.com…and today’s question is…

What are the characteristics of a successful crowdfunding campaign?

I’ve helped almost 150 crowdfunding campaigns and while each one is different, there are seven key characteristics that I see across most successful campaigns.

I’ll explain each below.

1. A new and interesting creative project

Crowdfunding is the coolest store on the internet. It’s not the place for moving old inventory or selling accounting services. When marketed correctly, new and innovative projects do well. This isn’t Amazon. Backers are willing to wait for months for early access or one of the first units of a cool, new thing.

2. A well-defined customer avatar and market

If you think your product is for everybody, it’s for nobody. Start over and define your ideal customer. If you only had one unit of your product, who would be the perfect person on earth to buy it? That person is your ideal backer. Start there.

3. Permission to talk to them

Lee Miller, the creator of Kittyo started with zero emails and built a list of 13,000 cat lovers in six months. When he launched, he was instantly funded, 200% funded on the first day and ended up raising over $270,000…all because he put in the work before he launched to find and gain permission to market to the right people.

4. A solid marketing plan

Good crowdfunding is good marketing. You probably need less than 1,000 backers to completely fund your project, but you need to develop a marketing plan to reach those people before you launch. Don’t launch and then scramble around trying to find them. That’s how most projects fail.

5. A great video that tells your interesting story

A great video is your chance to tell your story to the world. Big companies spend billions of dollars to try to get us to watch a 30-second soap commercial or 8 seconds of pre-roll on YouTube. But if you can get someone to click on your campaign link and play your video, you can have 2-3 minutes of their attention. That’s priceless. Don’t waste it.

6. Great rewards at below market prices

As we explained in the last lesson, you should price your reward levels “below MSRP”.

7. Early and frequent communication and support

As we discussed earlier in this series, backers are taking an early risk on you, so early and frequent communication is key to keep the in the loop on your team’s progress.

So to recap…

The seven elements of a successful crowdfunding campaign are:

  1. A new and interesting creative project
  2. A well-defined customer avatar and market
  3. Permission to talk to them
  4. A solid marketing plan
  5. A great video
  6. Great rewards at below market prices
  7. Early and frequent communication and support

As always, you can submit your question or see all of the crowdfunding questions and my answers at http://crowdfundinghacks.com/AskClay

End Transcript

crowdfunding, ask clay

How should I price my crowdfunding reward levels?

This is the ninth post in our 30 Day Ask Clay Crowdfunding Q&A.

I’m answering a new question every day in June.

Submit your question by going to CrowdfundingHacks.com/AskClay, where you can see all of the questions and all of my answers.

Full Transcript

Hey everyone…this is Clay Hebert from CrowdfundingHacks.com…and today’s question is…

How should I price my reward levels?

This is a great question and something a lot of creators get wrong.

Before I explain the answer, I want to explain why so many creators get this wrong.

People conflate crowdfunding with fundraising and charge higher than MSRP. That’s a mistake.

I’ll explain…

In charitable fundraising, let’s say a fundraising gala for your favorite charity, the whole point is to overpay for what you’re getting. The chicken dinner doesn’t cost $100 per plate.

The price of the chicken dinner is “above MSRP” or “manufacturer’s suggested retail price”.

You put on a tuxedo or a cocktail dress and intentionally overpay to support the cause.

That’s fine for fundraising but rewards-based crowdfunding is not fundraising.

That’s the mistake that most crowdfunding creators make. They price their reward levels “above MSRP”, just like the chicken dinner at the charity gala.

When you see a new author charge $15 or $20 for the digital version of their book, that’s “above MSRP”. Anyone can get almost any book they want on Kindle for $9.99. Amazon has trained us that MSRP for a digital book is $9.99 and I can even get Malcolm Gladwell’s book for $12.99, so why would I pay $20 for a stranger’s book?

In rewards-based crowdfunding, you want to price your rewards “below MSRP” for one big reason:

Price your rewards below MSRP to account for fulfillment risk.

When someone orders something from Amazon or Zappos (or if they walk into a local store) there is essentially zero fulfillment risk. They’ll get exactly what they paid for, either immediately or in the case of Zappos or Amazon, with free one or two-day shipping. No risk.

In crowdfunding, there are a lot of elements of fulfillment risk…

  • The product may not be complete yet.
  • It may not arrive anytime soon.
  • It may not arrive by the promised fulfillment date.
  • It may not arrive at all.
  • When it does arrive, it may not be what they had expected or hoped for.

Your backers are the people who are willing to pay you cash today for the promise of you and your team fulfilling what you promise at some point in the future. They’re not just backers, they’re your first, best customers.

These backers are taking a chance on you creating and successfully fulfilling your new thing. They’re giving you their hard-earned money on a promise and trusting in you weeks or months before your product even exists. For that, they deserve a discount.

So to recap…

Rewards-based crowdfunding is not charitable fundraising.

Because early backers are paying you now for basically a promise of production or delivery at some point in the future, you should price your rewards “below MSRP” to compensate for that fulfillment risk.

As always, you can submit your question or see all of the crowdfunding questions and my answers at http://crowdfundinghacks.com/AskClay

End Transcript

crowdfunding, ask clay

Can I offer marketing (or other) services as a crowdfunding reward?

This is the eighth post in our 30 Day Ask Clay Crowdfunding Q&A.

I’m answering a new question every day in June.

Submit your question by going to CrowdfundingHacks.com/AskClay, where you can see all of the questions and all of my answers.

Full Transcript

 

Hey everyone…this is Clay Hebert from CrowdfundingHacks.com…and today’s question is…

Can I offer marketing (or other) services as a crowdfunding reward?

Great question. The answer is, yes, you can offer marketing services as a reward on Kickstarter or Indiegogo.

But, if you remember from Episode 3, “How do I know if my idea is a good fit for crowdfunding?”, a great crowdfunding idea is a creative project, with a beginning and an end, in which something new gets created and shared.”

So, I want to walk you through two examples of offering services as rewards on crowdfunding.

Scenario #1:

Let’s say you run a marketing agency and your existing business offers marketing services. If that’s the primary crowdfunding perk you’re offering…an existing service that your business provides…then there’s really not a creative project where something new gets created.

If an ad agency just tried to sell some billable hours via crowdfunding, then no, that would not work well.

Scenario #2:

Now, let’s say your marketing agency wants to raise money via crowdfunding to launch a new app. Maybe one of the perks is the app itself, one of the perks is a lifetime pro version of the app, and maybe one of the perks is a full-day session where the backer can sit with your team and learn how to build and market their app.

That’s also offering marketing services as a reward but in this case, it’s a higher level reward and it’s not the main reward.

To use another quick example…let’s say you’re a personal trainer.

If you just want to use crowdfunding platform to just sell hours of personal training with you, that doesn’t make sense. Again, there’s nothing new being created and shared and crowdfunding platforms are not good ways to just sell existing service-based businesses.

But let’s say you own one gym and you want to raise money via crowdfunding to open a second location. If that was the case, and one of the many reward levels was personal training sessions (ideally, discounted from the full retail price), then that could make a lot of sense.

So to recap…

Yes, you can offer services as reward levels but they should be part of a larger creative project, not just selling existing hours or services. Something new should be being created.

As always, you can submit your question or see all of the crowdfunding questions and my answers at http://crowdfundinghacks.com/AskClay

End Transcript

crowdfunding, ask clay

How big is the crowdfunding industry?

This is the seventh post in our 30 Day Ask Clay Crowdfunding Q&A.

I’m answering a new question every day in June.

Submit your question by going to CrowdfundingHacks.com/AskClay, where you can see all of the questions and all of my answers.

Full Transcript

Hey everyone…this is Clay Hebert from CrowdfundingHacks.com…and today’s question is…

How big is the crowdfunding industry?

Well, just a couple months ago, in April of 2015, the folks over at Massolution released their 2015 – Crowdfunding Industry Report…a report on the global state of crowdfunding…

Here are some of the key stats from that report. Keep in mind, these stats are global and cover every type of crowdfunding (rewards-based, donation-based, equity and debt).

  • Global crowdfunding grew again in 2014, expanding by 167 percent to reach $16.2 billion raised, which is up from $6.1 billion in 2013.
  • In 2015, the industry is set to more than double once again, on its way to raising $34.4 billion.
  • The strong growth in 2014 was due in part to the rise of Asia as a major crowdfunding region. Asian crowdfunding volumes grew by 320 percent, to $3.4 billion raised. That puts the region slightly ahead of Europe ($3.26 billion) as the second-biggest region by crowdfunding volume. North America continued to lead the world in crowdfunding volumes, growing by 145 percent and raising a total of $9.46 billion.

The Massolution research team collected information on 1250 active crowdfunding platforms across the world.

In the second episode of this series, we talked about the four different types of crowdfunding, including rewards-based, donation-based, equity and debt. While rewards- and equity-based campaigns typically get the most headlines, it’s lending-based crowdfunding that’s dominating the industry: in 2014, it raised $11.08 billion dollars.

As far as categories, business and entrepreneurship remained as the most popular crowdfunding category, collecting $6.7 billion in 2014, which represents 41.3 percent of total crowdfunding volume.

Social causes ($3.06 billion), films and performing arts ($1.97), real estate ($1.01 billion), and music and recording arts ($736 million) rounded out the top five categories.

Now those are global numbers, across all of the different types of crowdfunding.

If you want specific platform numbers, some platforms provide those and some don’t.

For example, on Kickstarter, as of today, June 7th, 2015, the platform has had 86,504 successful projects and $1,757,899,300 total dollars pledged to Kickstarter projects.

For Kickstarter, all of their stats can be found at

http://kickstarter.com/help/stats

Indiegogo doesn’t publish their stats publicly.

As always, you can submit your question or see all of the crowdfunding questions and my answers at http://crowdfundinghacks.com/AskClay

End Transcript

crowdfunding, ask clay

What are some common misconceptions people have about crowdfunding?

This is the sixth post in our 30 Day Ask Clay Crowdfunding Q&A.

I’m answering a new question every day in June.

Submit your question by going to CrowdfundingHacks.com/AskClay, where you can see all of the questions and all of my answers.

Full Transcript

Hey everyone…this is Clay Hebert from CrowdfundingHacks.com…yesterday we talked about the rise of crowdfunding, and today’s question is…

What are some common misconceptions people have about crowdfunding?

Great question. There are actually quite a few.

Here are three of the biggest:

Misconception #1: There is actually a crowd

The first misconception is that there’s actually a crowd of strangers waiting to helping you reach your funding goal. There’s no secret crowd that gets together every Thursday night and decides which projects deserve to be funded or not. Crowdfunding is actually a lot of tiny micro-transactions and the “crowd” is often not assembled until you find and organize them (before you launch). Unless you’ve written a blog or newsletter and have built some form of permission to communicate with your tribe ahead of time, the “crowd” isn’t going to save you and fund your project. Which leads to…

Misconception #2: The crowdfunding platform (Kickstarter or Indiegogo) will bring me most of my traffic and backers

I see this all the time. The press highlights the outliers and celebrity projects raising millions and people think that, with no real marketing plan, Kickstarter or Indiegogo will bring them lots of traffic and backers. That’s not how it works.

Successful campaigns build good pre-launch permission (often via an email list) and typically bring the first 30-50% of traffic and backers themselves. Then, if it’s an interesting product, those first backers will share it. That “second circle” sharing gets you the next 20-30%. And then, if you’re 70-80% funded with enough time left, the platform will typically help you get the last 20-30%.

Misconception #3: A few big press hits (or a celebrity tweet) will bring me lots of traffic and backers

This belief is very common and understandable. And completely wrong. Press mentions from larger, more mainstream outlets are great for credibility. Definitely use that New York Times or Rolling Stone logo and grab a positive pull-quote or testimonial and put that on your landing page (before you launch) and on your crowdfunding campaign page (after you launch). But hits like this don’t typically drive a lot of traffic or backers. By definition, they’re “mainstream” so they appeal to a much broader audience than your campaign does.

What works better is smaller, more targeted press. I worked with Kittyo, a device for cat owners to see and play with their cat when the owner isn’t home. Kittyo was an innovative device and ended up getting a lot of press, but the campaign got more and better traffic from a popular but niche site called HausPanther.com, because HausPanther was exactly the Kittyo demographic (cat lovers who appreciated design). The tagline for HausPanther is “The premiere online magazine for design-conscious cat people”. Creators should focus less on the big names whose traffic doesn’t convert and find their HausPanther.

As always, you can submit your question or see all of the crowdfunding questions and my answers at http://crowdfundinghacks.com/AskClay

End Transcript

crowdfunding, ask clay

How did crowdfunding come out of nowhere? What changed?

This is the fifth post in our 30 Day Ask Clay Crowdfunding Q&A.

I’m answering a new question every day in June.

Submit your question by going to CrowdfundingHacks.com/AskClay, where you can see all of the questions and all of my answers.

Full Transcript

Hey everyone…this is Clay Hebert from CrowdfundingHacks.com…and today’s question is…

How did crowdfunding come out of nowhere? What changed?

I know it seemed like the concept of crowdfunding is pretty new and these platforms like Kickstarter and Indiegogo seemed to come out of nowhere over the last few years.

But the concept of crowdfunding is actually far from new.

Way back In 1713, Alexander Pope set out to translate over 15,000 lines of ancient Greek poetry into English. It took him over five years to get it right, but it was worth the wait: a translation of Homer’s Iliad that still exists. In exchange for a shout-out in the acknowledgements, an early edition of the book, and the delight of helping to bring a new creative work into the world, 750 subscribers pledged two gold guineas to support the job before Pope ever put pen to page. Yes, in 1713, Alexander Pope crowdfunded his translation.

70 years later, in 1783, Mozart wanted to perform three recently composed piano concertos in a Viennese concert hall, so he published an invitation offering manuscripts to those who pledged. Mozart’s first campaign actually failed, but a year later he tried again, and 176 backers pledged enough to bring his concertos to life. He thanked them in the concertos’ manuscript.

And in 1885, the the Statue of Liberty had no pedestal on which to stand in New York Harbor. France had given us the statue and the United States was just responsible for building the pedestal, at a cost of $100,000. But nobody wanted to fund the project… until Joseph Pulitzer (who would create the Pulitzer prize in his will), used his newspaper, The World, to launch a unique crowdfunding campaign to build the pedestal, save the project and keep the Statue of Liberty in New York City.

So we know the concept of crowdfunding isn’t new. So what’s changed?

Well, what’s changed is that the internet that connects us all. We don’t live in an industrial economy anymore, we live in a connection economy. You want proof?

Uber, the world’s largest taxi company, owns no vehicles.

Facebook, the world’s most popular media owner, creates no content.

Alibaba, the most valuable retailer, has no inventory.

And Airbnb, the world’s largest accommodation provider, owns no real estate.

Like no technology in history, the internet allows us to find and connect with each other.

If you’re Lee Miller and you want to make a new kind of device that allows you to play with your cat when you’re not home, you can find not just cat owners, but cat owners that love design and have some disposable income.

If you’re Satya Tweena and want to save New York City’s last hat factory, you can find the people that care about that and want to buy a hat to help you save that.

If you’re BSX Athletics and want to build the first ever wearable lactate threshold sensor, you can find the super serious athletes who care about tracking that.

The connection power of the internet, that’s available to all of us, is something Alexander Pope, Mozart and Joseph Pulitzer could only dream of.

The internet connects us all and makes the crowdfunding model exponentially more dynamic and accessible.

Sometimes what seems new is actually very old.

As always, you can submit your question or see all of the crowdfunding questions and my answers at http://crowdfundinghacks.com/AskClay

End Transcript

crowdfunding, ask clay

Why do some terrible ideas get funded, while some great ideas fail?

This is the fourth post in our 30 Day Ask Clay Crowdfunding Q&A.

I’m answering a new question every day in June.

Submit your question by going to CrowdfundingHacks.com/AskClay, where you can see all of the questions and all of my answers.

Full Transcript

Hey everyone…this is Clay Hebert from CrowdfundingHacks.com…and today’s question is…

Why do some terrible ideas get funded while some great ideas fail?

This is a great question. As a creator who has either had a failed project or someone thinking about doing a campaign, it can be frustrating to see what you perceive as “lesser” ideas succeeding and what you perceive as “great ideas” fail to hit their funding goal.

The answer can be found in the following statement:

“Crowdfunding is not a meritocracy, it’s a marketocracy.”

Yes, marketocracy is a word that I made up, but that’s OK. People make up words all the time. I highly encourage you to make up some words of your own.

I’ll explain what it means.

The Merriam-Webster definition of a meritocracy is:

a system in which the talented are chosen and moved ahead on the basis of their achievement

So if crowdfunding was a meritocracy, the “best” ideas would raise the most money and the “worst” ideas would fail.

The problem is, the concept of a “good idea” is very subjective.

Let’s look at The Coolest Cooler.

To some people, a cooler that has a blender, a solar panel and an iPhone charger is ridiculous. To others, it’s literally, the “Coolest” cooler they’ve ever seen.

The Coolest Cooler campaign raised over $13.2 MILLION on Kickstarter, but what most people don’t know is, the first time out, The Coolest Cooler had a funding goal of $125,000 and they missed their goal. They only raised $102,000 and because they missed their goal, they got nothing. Zero. Zilch.

The second time out, there were a few minor changes to the cooler, but it was essentially the same thing! So what changed?

Their marketing changed.

The second time out, Ryan Grepper and his team completely revamped how they marketed and promoted the campaign.

They did the pre-launch marketing right and blew past their funding goal in a matter of minutes. Then they continued to promote the campaign effectively, targeting the people who they knew would be interested.

Same idea. Same basic product.

Completely different marketing. Completely different outcome.

Now even great marketing can’t save a horrible idea that nobody wants. It’s important to have a great product, but in crowdfunding, it’s about finding and reaching the people that care desperately about your idea. And then ignoring everyone else.

So to recap…

Crowdfunding is not a meritocracy, it’s a marketocracy.

It isn’t just the “arbitrary” quality of your idea (which is different to everyone), it’s also about the marketing…finding the small group of people who love your idea and building permission to market your campaign to them.

So with a nod to Merriam-Webster, if we were to define a marketocracy, it would be

a system in which campaigns succeed due to the combination of a great idea (to certain people) and the creator’s ability to find and market to those people (and ignore everyone else)

There…we didn’t just make up a word, we defined it.

As always, you can submit your question or see all of the crowdfunding questions and my answers at http://crowdfundinghacks.com/AskClay

End Transcript

crowdfunding, ask clay

Is My Idea a Good Fit for Crowdfunding?

This is the third post in our 30 Day Ask Clay Crowdfunding Q&A.

I’m answering a new question every day in June.

Submit your question by going to CrowdfundingHacks.com/AskClay, where you can see all of the questions and all of my answers.

Full Transcript

Hey everyone…this is Clay Hebert from CrowdfundingHacks.com…and today’s question is…

How do I know if my idea is a fit for crowdfunding?

To be clear, for this question and this series, we’re talking about rewards-based crowdfunding.

To know whether your idea is a good fit for crowdfunding, there are three things to consider…

1. A successful crowdfunding project is

A creative project, with a beginning and an end, in which something new gets made and shared.

If you think about everything from The Pebble Watch and The Coolest Cooler to an independent film to a deck of cards, all of those things are creative projects with a beginning and an end in which something new gets made and shared.

2. Read the crowdfunding platform (by that I mean Kickstarter and Indiegogo) categories and guidelines

I’ll link to them here:

  1. Kickstarter rules (and prohibited items)
  2. Explore Kickstarter categories
  3. Indiegogo’s Terms of Service
  4. Explore Indiegogo categories

If you were thinking of making a documentary, what would you do? You’d (hopefully) go watch some documentaries and learn about how they’re made. It’s the same with crowdfunding.

Yet, I’m always amazed by how many people come to me that haven’t even browsed the Kickstarter and Indiegogo categories or read the guidelines and browsed and backed some projects. That’s the best way to really understand and get a feel for what kind of projects are good for crowdfunding.

The platform categories (and Kickstarter even has sub-categories) are pretty specific. Your project will likely fit cleanly into one of those…and if it doesn’t, it may not be a good fit for crowdfunding. And lastly…

3. Who is going to back you? And how are you going to reach them?

This gets more into the marketing of the campaign, which we’ll touch on later in this series but if you have no idea who is going to back you, or if you have no permission to market to those people, then crowdfunding isn’t going to magically bring you a bunch of traffic and backers. Crowdfunding platforms like Kickstarter and Indiegogo can amplify an interesting project with good marketing, but they’re not going to fund your project just by posting it there.

So to recap…

To know if your idea is a fit for crowdfunding…

  1. Ask yourself, is it a creative project, with a beginning and an end in which something new gets made and shared?
  2. Familiarize yourself with the platform categories and guidelines
  3. Know who are you selling to and understand how you can build permission to talk to them and let them know about your project.

You can submit your question or see all of the crowdfunding questions and my answers at http://crowdfundinghacks.com/AskClay

End Transcript