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Supported by Petra Jurlina and Branimir Radaković from Brodoto, they reminded us that crowdfunding isn’t just products through Kickstarter, giving the example of how NASA has used crowdsourcing for ideas. They also reminded us of some successful campaigns here in Croatia – such as Mushroom Cups, CircuitMess, and Tree Elements.
During his talk and after, Niko generously shared what makes a successful crowdfunding campaign.
He stressed that a good pre-launch is key, which can actually serve as a pretty good market litmus test for startups, as well as an opportunity for getting feedback and initial money to get things moving.
It’s also a key stage where you can rapidly grow your community, such as through an email list by having some clear landing pages and effective communication channels.
After about 12 weeks of building this strong foundation, you might be ready for your launch.
At this point, actually, the saying “more is better” works when it comes to filling out the crowdfunding campaign page. Niko also warned us all to make sure our finances are in order, and that we fully understand how the fees, taxes, and the profit work.
He also mentioned how often we’ll see a fancy video as part of a crowdfunding campaign, but the key isn’t necessarily in the production of good-looking content, but the impact this content has.
Make sure that the first 10 seconds are focused and truly capture people’s attention!
After that, you have made the audience pause for long enough so you can tell them about you, your product, and your campaign needs.
Another thing Niko shared is that you shouldn’t forget the rewards either. A sum of €100 tends to be the sweet spot when it comes to people paying, and you can also entice them in with terms such as Special Early Bird and Early Bird.
Finally, Niko reminded us of the fact that the hard work is just about to begin after a campaign is completed!
All this by sharing with the audience his personal experience of only getting 5 minutes to celebrate his first campaign as he now suddenly also had to figure out how to produce thousands of bicycles!
So don’t promise something you cannot deliver and stay in touch with your backers, and – when you’re ready – it’s time to ship!
Who knows, perhaps now you’re even thinking about your next crowdfunding campaign! 😉
Photos: Michael Freer