kelli frias: crowdfunding myths vs. crowdfunding reality
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Debunking Crowd Funding MythsKelli Frias
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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.
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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
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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
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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.
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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
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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