Crowdfunding workshop 48 west-feb-16-2013-propel arizona
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This document provides an overview and agenda for a crowdfunding workshop. It discusses what crowdfunding is, how it can help fill funding gaps for entrepreneurs, and the rise of crowdfunding platforms. It also outlines key aspects of running a successful crowdfunding campaign such as crafting an engaging idea and pitch, using visuals and videos, offering rewards, and engaging in social media promotion. Overall, the document aims to educate entrepreneurs on utilizing crowdfunding.
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Crowdfunding workshop 48 west-feb-16-2013-propel arizona
- 1. Crowdfunding Hands-on For Entrepreneurs WYNTK * (what you need to know) 48-West , 16 February 2013 CJ Cornell – Propel Arizona
- 2. „Serial/Parallel Entrepreneur” 10+ companies $250M Funding 4 Exits (great !) $3B Revenues 4 Failures (awful !) Lots of lessons. Chaos, Pain and Joy. Investor/Venture Capitalist EIR, Venture Partner Angel Investor 5 Companies 9 Boards 3,000 Tylenol Caplets. Ego and Brain Atrophy. CJ Cornell University Professor @cjcornell Professor of Digital Media & Entrepreneurship Arizona State University, SJSU, Stanford (Lecturer) New York Institute of Technology cj@cjcornell.com Knight Center for Digital Media Entrepreneurship Research in digital media, behavior, entrepreneurship Advisor/Mentor, Author etc. ASU – Skysong, Venture Catalyst, RSS etc Arizona Commerce Authority / Venture ready Arizona Innovation Challenge Book: Age of Metapreneurship. Blog/Articles
- 3. Agenda 1. Crowdfunding overview 2. Crafting the Idea and Campaign 3. Preparing the Visuals 4. Perks and rewards 5. Running the campaign 6. Success factors www.propelarizona.com Crowdfunding Workshop
- 4. What is Crowdfunding? … and why should you care?
- 6. Concept to Product to Growth
- 7. Concept to Product to Growth $ $ $ $
- 8. Concept to Product to Growth Entrepreneur IPO $
- 9. Concept to Product to Growth Entrepreneur IPO $ Venture Entrepreneur Capital IPO $ $
- 10. The Kauffman Index of Entrepreneurial Activity is a leading indicator of new business creation in the United States. In 2012 - The state with the HIGHEST level of Entrepreneurial Growth was … Arizona.
- 11. # 1 in Entrepreneurial Growth # 46th in Venture Capital $
- 12. Concept to Product to Growth Entrepreneur IPO $ Venture Entrepreneur Capital IPO $ $ Angels, Venture Entrepreneur accel & incub Capital IPO $ $ $
- 18. Concept to Product to Growth Angels, Venture Entrepreneur accel & incub Capital IPO $ $ $ $ $ Crowdfunding
- 19. Concept to Product to Growth Angels, Venture Entrepreneur accel & incub Capital IPO $ $ $ $ $ $ Crowdfunding Crowdfunding
- 20. Concept to Product to Growth Angels, Venture Entrepreneur accel & incub Capital IPO $ $ $ $ $ $Crowdfunding $ Crowdfunding Crowdfunding
- 21. Concept to Product to Growth Angels, Venture Entrepreneur accel & incub Capital IPO $ $ $ $ $ $Crowdfunding $ Crowdfunding Crowdfunding Crowdfunding $
- 22. WYNTK(what you need to know) Crowdfunding Soliciting & Collecting relatively small amounts of money (“funding”) from a large number of people (“crowd”)
- 23. “ Crowdfunding is a term used to describe individuals coming together to support – and directly fund projects by other individual and organizations. “ http://blog.intuit.com/trends/crowd-power-what-is-crowdfunding-infographic
- 24. • Source – http;//crowdfunder.com
- 25. • Source – http;//crowdfunder.com
- 26. Real Crowdfunding – that works. Today
- 27. Rewards-based, Donation Crowdfunding: “THE KICKSTARTER MODEL”
- 31. ALL OR NOTHING
- 32. Perks & Rewards
- 36. Kickstarter (2012) 2.2 million people pledged a total of $319,786,629 (up 221% from 2011) Backers pledged $606.76 per minute People in 177 countries backed a project in 2012 (That's 90% of the countries in the world)
- 38. WHY … Do people Crowdfund?
- 40. Lessons from Ethan Mollick‟s “The Dynamics of Crowdfunding: Determinants of Success and Failure”
- 41. 3 Why’s: 1. They connect to the greater purpose of the campaign three main reasons why people unconnected to a 2. They connect to a physical project or business would aspect of the campaign like the support it: rewards 3. They connect to the creative display of the campaign’s presentation What Is Crowdfunding And How Does It Benefit The Economy - Forbes http://www.forbes.com/sites/tanyaprive/2012/11/27/what-is-crowdfunding-and-how-does-it-benefit-the-economy
- 42. • Passion – For the technology – For the industry The Real – For the cause (Crowdfunding) – For the product Why’s • Affinity – For the Entrepreneur – For the region, industry etc • Connection • Every reason BUT R.O.I. …
- 43. WYNTK (what you need to know) Crowdfunding is about … emotional ROI. Not financial ROI
- 44. WYNTK (what you need to know) (when crowdfunding …) “its not what you do, but why you do it,”
- 47. “Consumers who want products before they are developed” Pre-orders Early adopters Supporters http://trendwatching.com/trends/infographics/presumers/
- 48. The Kickstart Model.. UH OH …
- 51. WYNTK(what you need to know) 1. Crowdfunding = New “1st Money” for ventures ($10k - $50k average– but wild exceptions) 2. Equity Crowdfunding is Still Far away 3. Rewards based Model IS Crowdfunding today 4. All or Nothing Crowdfunding – Standard 5. Perks and Rewards: Pre-order Crowdfunding 6. Social Media & Content Intensive www.propelarizona.com
- 52. What does success look like?
- 53. • The iPhone-friendly Pebble watch earned $7.6 million more than its $100,000 goal. • And the Galileo iPhone platform closed its Kickstarter campaign at $702,000, far surpassing its $100,000 goal.
- 54. • Ouya raised $2 million in one day for a new Android gaming console (it’s raised more than $5 million to date), • the Nifty MiniDrive, external memory for Apple MacBooks. The tiny storage company is more than 2,000% above its $11,000 goal with 15 days left in the campaign.
- 55. What do successful campaigns have in common?
- 62. http://www.kickstarter.com/projects/smartthings/smartthings-make-your- world-smarter?ref=category
- 67. Some initial rules ….
- 68. WYNTK(what you need to know) 1. Crowdfunding takes work, new skills. 2. It takes a strategy, and preparation. 3. The rules are different. 4. You can’t just post and run … 5. It’s a public success or failure – that “stays on your resume” www.propelarizona.com
- 70. Title & Short Description • (repeatable & compelling) Long Description (“The Pitch”) • Make it a story … about “them” Visuals: Video, Photos, Images Team, Deliverables, Details Perks & rewards Funding Goals: Amount and Timeframe Updates & SOCIAL MEDIA CAMPAIGN • Repeatable Messages • Daily “routine” • Traditional marketing too
- 72. First: Who What Why When … • The 3 Who’s: – Who are the donors? (affinity & passion) – Who is benefits? (the market) – Who are you? • The 3 Why’s – Why would your donors care? – Why does the market care? – Why are you the right team to do it?
- 73. First: Who What Why When … • What is your project & goal? – Understandable & Simple – Compelling & Intriguing – Repeatable & Memorable • How and When – How will you achieve your goal? Realistic? – When, after funding? When will I get my perks?
- 74. Other Tips • Tell a story • Make it about them • The History of the idea is intriguing • What is the Impact? – why is this important? • Try a FAQ • Call to action – get them involved!
- 75. Exercise – Craft the Pitch
- 76. Crafting your Pitch Title & Short Description The 3 Who’s: •(repeatable & compelling) Who are the donors? (affinity & passion) Long Description (“The Pitch”) Who is benefits? (the market) •Make it a story … about “them” Who are you? Visuals: Video, Photos, Images Team, Deliverables, Details Perks & rewards The 3 Why’s Why would your donors care? Funding Goals: Amount and Timeframe Why does the market care? Updates & SOCIAL MEDIA CAMPAIGN •Repeatable Messages Why are you the right team to do it? •Daily “routine” •Traditional marketing too What is your project & goal? Understandable & Simple Compelling & Intriguing Tell a story Repeatable & Memorable Make it about them The History of the idea is intriguing How and When What is the Impact? How will you achieve your goal? Why is this important? Realistic? Try a FAQ When, after funding? Call to action – get them involved! When will I get my perks?
- 77. Pitch Notes - 1 • Who (donors, market) • Impact (on the market) • “Why” – the story • Impact (on the donors)
- 78. Pitch Notes - 2 • Story, and History … • Perk Ideas (what’s important to donors) • FAQ • Calls to Action
- 79. Visuals
- 80. The Importance of Visual Media • 64% of successful campaigns in had pitch videos. • Campaigns with videos under 5 minutes were 25% more likely to reach their goal than those with videos that were longer. • Average campaign video length for campaigns was 3 min, 27 seconds. Campaigns that reach their goal are 16 seconds shorter. • On average, successful campaigns uploaded 6 media to their gallery. • http://blog.indiegogo.com/2013/01/12-insights-for-2012.html
- 81. 7 habits of highly successful crowdfunding campaigns 1. They already have fan bases 2. They build off of something familiar 3. They are simple 4. They are (usually) NOT about the company 5. They appeal to a specific interest …. 6. They are BUZZWORTHY …. 7. They work really hard at it!
- 82. Perks & Rewards
- 84. American Grandmaster a Patrick Million FILM Directed by Patrick Million Executive Producer CJ Cornell
- 85. Rewards Crowdfunding • Incentives & perks • Pre-Orders • Pre-Sumers • Market Validation
- 87. Rewards don’t have to worth $$
- 89. • $25 perk is the single most claimed perk, representing nearly 25% of all perks that are selected. • While the $25 dollar perk is only responsible for raising 11% of total funds.
- 90. • $100 perks raise more money than any other perk price and make up nearly 30% of total funds. A $100 perk combined with the next three perk price points: $50, $500, and $1000 makes up about 70% of total money raised by perks
- 93. 1. Make perks unique & exclusive Avoid T-shirts, Mugs & Hugs
- 94. 2. Target them
- 95. 3. Give them a connection
- 96. “The Cocktail Party Effect”
- 98. “The Carey School Effect”
- 99. The less tangible the perk, the more public (visible) & EXCLUSIVE it needs to be.
- 102. The Campaign
- 103. How much $$ ? How long?
- 104. Discussion • How much should we raise? – Have you raised money before? Return? – Do you/did you work at a highly visible position? – *** Your social network? Large? Followers? – Idea - big market? How unique? – How much (marketing) work will you do?
- 105. HOW to Crowdfund? PUSH - Running the campaign • Social Media • Comments & Updates • Networking • Personal Pitches
- 106. Your mission: To get them talking about your project
- 107. Now that you‟ve launched … Continue the story
- 108. Social Engagement – Transparency & Trust – Social Proof & Viral FX – Engagement & “The Fundamentals” – Twitter – Facebook – Blogging
- 109. most successful projects receive about 25-40% of their revenue from their first, second and third degree of connections. This could include friends, family, work acquaintances, or anyone that the owner is connected to. • http://www.forbes.com/sites/tanyaprive/2012/11/27/what-is-crowdfunding-and-how-does-it-benefit-the-economy/
- 110. 1. Create: - A Facebook Account - A Twitter Account (for your campaign)
- 111. 2. Tweet & Post –Frequently –Uniquely –Personally
- 112. 3. Post Updates & Blog •About your progress •About the subject •About the industry •About the People
- 113. 4. Go 1-1 •Reply to comments •Retweet/Repost Your fans and donors are your most powerful advocates!
- 114. 5. Target, Measure & Adjust • Different Messages for different groups • Google, Hootsuite, others • Learn and Adjust focus
- 117. the importance of google analytics to track and improve performance • + perks from fivvr • • http://www.perlsteinlab.com/blog/anatomy-of-a-crowdfund-week-3-slow-and- steady
- 118. Success Factors
- 123. successful campaigns raise, on average, 49% percent of their goals during the first and last 10% of the campaign length.
- 124. Successful campaigns took an average 11 days preparing for their launch. http://blog.indiegogo.com/2013/01/12-insights-for-2012.html
- 125. Campaigns ran an average 49 days in 2012, as opposed to 60 in 2011. Successful campaigns fundraised for 39 days.
- 126. The Average Successful Campaign took 11 days to prepare.
- 127. Crowdfunding Myths & Mistakes • Myth #1: If You Build It, They Will Come • Myth #2: Cash is Free • Making it about you • Unrealistic Expectations • Lack of clarity • No call to action • Expecting to be found: (No Marketing) • Ignoring Small Donations/Donors http://kickstartershq.com/articles/5-project-crushing-kickstarter-mistakes-how-to-avoid-them http://www.crowdsourcing.org/document/3-big-crowdfunding-myths-via-funderhut/23804
- 128. Successful Crowdfunding Campaigns Focus on The new 4 P‟s … WYNTK (what you need to know) the 1. the the the 2. 3. 4. www.propelarizona.com
- 129. The new 4 P‟s of the WHO are they? What motivates them? Crowdfunding .. 1. focus on “them” – not your company Interests, Values … the the the 2. 3. 4. You are pitching to “them” $$ Value is a negative driver ! It‟s a daily/hourly effort … TELL A STORY !! UNIQUE SOCIAL MEDIA WHY is more important than $$ It‟s about THEM It‟s a conversation … VIDEO(s) & VISUAL(s) EXCLUSIVE UPDATES, BLOGS, NEWS Tell the story in small „chapters‟ And what is important to “Them” Provide Value, and Talking Points VIDEO(s) & VISUAL(s) FIRST RE-POST, TWEETable And even smaller “sound bites” Make sure it is … It‟s about … for their network Give them a Story they BUZZWORTHY VALIDATION & EVIDENCE can tell to others. www.propelarizona.com
- 130. The most important secret is …
- 131. Showing Momentum (the perception of momentum)
- 132. The most obvious secret is …
- 133. Credibility = trust, competence & follow-through
- 134. www.propelarizona.com Crowdfunding Entrepreneurship & Innovation Arizona Economic Growth
- 135. Practical Crowdfunding Workshop www.propelarizona.com @PropelArizona
Notes de l'éditeur
- People – who, the target(s) niches … why … what is important to themPitch – cool, intriguiing, MAKES THEM WANT to BE A PART OF YOUR JOURNEY! AND GET OTHERS TO JOIN!