Crowdfunding

Purpose of this page:

• Communicate some of the rules and guidelines of the two most popular crowdfunding platforms: Kickstarter and Indiegogo
• Communicate some of the patterns inherent in the most successful crowdfunding campaigns.

Rules and Limitations

• Successful Campaigns Focus on a Specific Product or a Specific Line of Closely Associated Products
  For instance, a campaign may be centered on a new line of beef jerky, but come in multiple flavors.
  Kickstarter only allows campaigns for specific new products. Indiegogo allows campaigns for more or less any business venture, but the most successful campaigns are for specific, emerging products.
   
• Each Company Can Only Run One Campaign at a Time
  Rewards/Perks from the first campaign must be delivered before a new campaign can be opened.
   
• Rewards and Perks Must Be Created By the Company Running the Campaign
  We can’t run a campaign that offers someone else’s product as a reward/perk.

Strategies for a Successful Campaign, Based on Research

• Feature some form of direct, personal message from the creator.
   
• Keep the tone of the campaign light and personable.
   
• Explain what is changing within the company that prompted the campaign. Is a new line launching? Is something new needed to expand?
   
• Focus on the experience associated with the product.
   
• Try to find an angle that speaks to the values of your backers (ie: sustainability, or ethical business practices).
   
• Offer around 5 rewards, give or take.
   
• Focus on the quality and exclusivity of the product (if such exists).
   
• Identify and address the biggest challenges associated with completing your project. The most successful campaigns are realistic and honest.
   
• Create a campaign video. It doesn’t have to be anything fancy, but more or less all Kickstarter and Indiegogo campaigns have a video featuring their product and an interview with the creator(s).
   
• Promise to take backers along for the journey as you launch this new product line with regular updates and behind the scenes pictures/stories.
   
• Focus on the vision of the creation of your product. Were you trying to disrupt an industry or something that had previously been done before? Are you looking to do something more sustainable or healthy?
   
• If there’s only one message you impart on potential backers, make it this: why does this product matter? To you, and to the community.