Crowdfunding – Didn’t Work So Well

As I’ve mentioned just a FEW times, crowdfunding is not for every business. If you go on any crowdfunding site right now, you are bound to see companies, projects, ideas that aren’t doing particularly well. Their funding period is almost over and they have not reached their goal – even when the goal is fairly modest like a few thousand dollars.

This is discouraging, but I’ll bet I can figure out why if I read their proposal, looked at the visuals, etc. And I’ll bet you can too if you’ve read my previous blogs about crowdfunding.

In my opinion, the most important thing a company/project must have to be successful at crowdfunding is a compelling story.  Readers must love your idea as they watch your video, look at your pictures and video. It should captures their imagination; they want to support you; it won’t cost them too much and you’ve offered them some cool rewards – that won’t cost you an arm and leg to send them.

It’s as simple and difficult as that. Not everyone has a story that will ignite the interest of total strangers.

That’s okay. It doesn’t mean your company or project is not worth pursuing or is doomed to fail. Crowdfunding didn’t even exist a few years ago – and yet many companies were launched and have flourished without it. Companies like this will continue to flourish via all forms of financing including self-funding, banks, vc’s, credit cards (please, no) or their own sales. But it’s worth taking an objective look at your company (if you can) to see if you might want to try crowdfunding.

For small companies, it can give you lots of exposure, more clients, more funds – and if you’re very successful it will enhance your opportunities for future funding.

Good luck and have fun with it if you decide to try!

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