Debunking Crowd Funding MythsKelli Frias

Overview

Crowdfunding is hugely popular, but it isn’t easy.!

Many people try to crowdfund a project while operating on false thinking.!

Mashable dug into some of these myths, and explained them away.

No Guarantee of Press

✤ Press: Everyone wants it.!

✤ Well over 20,000 projects on KickStarter alone in 2014!

✤ No way each could generate a ton of press!

✤ Don’t: cast a wide net!

✤ Do: Search for a handful of publications that can realistically offer press

Slow Down

✤ Launch dates are arbitrary!

✤ Make sure everything is in place before you launch!

✤ Don’t launch campaign before building up social media presence

Ignore Stats

✤ Stats only tell one side of the story!

✤ They should be a guide not a rule!

✤ First 48 hours: Typical indicator of how the campaign goes!

✤ Friends and family: Typically half of backers!

✤ Launch at the right time, and with a good product, and you can beat these odds.

It’s Not Cheap

✤ Misconception: Crowdfunding is cheap!!

✤ Reality: Lot’s of implicit costs!

✤ Quality video for the project can cost up to $5,000!

✤ It makes sense to hire specialists and PR agents!

✤ Can be an additional $4,000 cost

Get the Time Right

✤ Misconception: The longer you run the campaign, the better!

✤ Reality: Campaigns are hard work!

✤ Drawing it out can lead to diminishing returns!

✤ Once the initial campaign is over, resources must be allocated to deal with the aftermath

Thanks for Watching!

Source: Mashable