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Hardware Startups: Crowdfunding — The Power of ‘The Crowd’
As the popularity of crowdfunding has grown, hardware startup entrepreneurs in particular have found success tapping into ‘the crowd’ and moving their products from concept to shelves. A successful crowdfunding campaign begins with one key component: planning. Start planning and preparing for your campaign months in advance so that when it is time to go live, you have a well-polished campaign that highlights your brilliant product.
If you are ready to tap into the power of ‘the crowd’ below are four essential items that can’t be overlooked:
A Working Prototype
A functional prototype is necessary when you are trying to get people excited about a new product. While people can indeed envision a product from a great description, there is no substitute for the actual thing. This prototype not only shows potential investors what your product can do, it is also necessary for the marketing material on your crowdfunding page.
An Exciting Video
Our second point correlates directly with the previous one, you can’t have an exciting video unless you have a functional prototype. The video portion of your page is where you let your product shine. The more descriptive and creative your video is, the more people are going to get truly excited to contribute to your campaign.
Early Customer Connections
Don’t wait for your crowdfunding page to go live before you start connecting with your customer base—this is too late. Connect early-on with potential customers to help build anticipation for your product and campaign. This is the time where you tap into your connections to form key partnerships. Do you know any industry influencers? If so, connect with them and work on forming a partnership in which they will be willing to help share your campaign with their connections. Remember, crowdfunding is all about tapping into ‘the crowd’, so the more people that see your campaign the better your chances are for success.
Let your creativity run wild! This includes all videos, photos and text; make your content unique and memorable. Also don’t forget to include the “ask” in your pitch. This piece is often overlooked so the message gets lost. A clear and concise “ask”, coupled with a creative campaign means that you are on your way to crowdfunding success.
Setting up your crowdfunding campaign will take planning and hard work, but remember that it is also supposed to be fun. Show potential backers the fun side of your product and your team.