Crowdfunding earned quite a bit of buzz in 2012 and I suspect will continue to be a hot trend in 2013. In this special two-part blog series we look at the ups and downs of crowdfunding from two young individuals who experienced it for themselves.
The power of crowdfunding has become blazingly clear. It can serve as an indispensible platform for anyone with an inventive business concept and the drive to pursue a creative passion. I now enthusiastically include myself among this group of people called “crowdfunders.”
Me: Roxanne Turpen.
Age: 26.
Profession: Online Startup Cape Entrepreneur.
Other Engagements: Enjoying freelance photography, embracing wanderlust and advocating the release of your inner superhero.
A little framework – about a month ago I was $11,000 in debt and wrote a check using my last real dollars to commission the creation of some sample capes. That same day I joined the club that relies on the catchphrase: “do you accept EBT?” (electronic benefits transfer). What followed during the next month seems, in retrospect, like the plot from a self-help pyramid scheme book. However, I assure you it all really happened. Now, I finally have the means to launch my product with some real equity to match my creative vision.
How did this happen?
I pursued a 30-day Kickstarter campaign with the goal of raising $15,000 so I could manufacture my first collection of Reversible Satin Amazing Capes. The campaign took off with flying results… At the end of the campaign, I had secured a total of $45,237 (minus the Kickstarter-Amazon chomp of about nine percent).
Hurray! It’s crowd-FUN-ding… And we can all do it! Just buy the book!*
What worked best for me?
Lesson #1: I Waited for an Idea that Stuck
I came up with the idea for Amazing Capes almost two years before I launched the Kickstarter campaign. Many of my friends knew it was a project that I was dearly committed to, and as a result they were ready and willing to offer their support. You also don’t want to ask everyone you know for money more than once.
Lesson #2: Facebook:
This was my primary tool for getting the word out and spreading the project link around to potential supporters. I accepted the fact that I may annoy some folks for 30 days and went full steam ahead to maximize this social resource. This included directly posting the project link on the walls of my 1,656 friends. I even typed specialized “shout-outs” after pledges were made, and consistently posted visual updates as I gravitated between both my personal and business pages.
Kickstarter also integrates Facebook in an awesome way-prospective backers can see that I am indeed a real human through my profile link and new backers are immediately given the option to share the link on their own page.
Lesson #3: Keep it FUN
People are naturally more attracted to smiles than frowns. Whenever I got stressed, I always reminded myself to keep it positive.
Lesson #4: MULTIMEDIA!
I took my time to make a strong video, and throughout the campaign I used pictures, pictures and more pictures! SHOWING your idea/product/master plan, rather than just saying it worked. I studied photojournalism at Chapel Hill and came to love press who placed value on allowing visuals to tell a story as much as the text itself. Remember, graphics and catchy colors can also be utilized for just about anything.
Lesson #5: Do it Yourself and then Get Help
Make your own baby and then once others see how excited you are, you’ll be surprised at how willing they are to help you.
Lesson #6: Marketing YOU
It feels odd to say, but you are sort of throwing yourself out upon the silver platter of the Internet… so it’s up to you to make you and your project seem appealing on the buffet table. Many folks who supported the campaign, particularly strangers, commented on how they didn’t particularly feel like they needed a cape- but they still felt drawn to support my creative endeavor and me. (Though I believe these folks will be pleasantly surprised when they receive an Amazing Cape!)
Lesson #7: The Universe
I was on-track to meet my initial funding goal of $15,000, and had a whole list of twice-removed-third friend cousins prepared to email for the final push… When magically, Kickstarter chose to feature me in their national newsletter “Projects We Love” – oh my gosh! I was ecstatic! It was as if the clouds parted and the Kickstarter gods suddenly decided to PICK ME.
My project flew from more than $11,000 in support to more than $45,000 in the final three days. Why did they pick me? I can’t nail down anything specifically—it’s probably for many of the above reasons… and I can’t ignore the simple fact that CAPES ARE AWESOME!
The project also had a strong following with more than 2,000 Facebook likes, and offered an imaginative tangible product at an affordable price point. There’s a quote by Paulo Coelho, author of The Alchemist who wrote, “And, when you want something, all the universe conspires in helping you to achieve it.” (Sometimes you just have to do 99% of the work first.)
Lesson #8: Perseverance
Do it, and keep doing it.
What didn’t work?
Lesson #9: Posters/ Paper Media
I made a bunch of posters but I can hardly track their impact, if any. Crowd funding takes place on the Internet so it makes complete sense to meet them there.
And finally…
Lesson #10: Release Your Inner Superheroes!
It’ll help the world! (…REALLY) We are gearing up to work with several social organizations come 2013; a percentage from every Amazing Cape sold will go directly towards creating a positive impact in our world through it’s partner cause.
Good luck to all you future crowd funders out there! Onwards and upwards!
*There is no book. But there is the Internet!