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All our dreams can come true if we have the courage to pursue them. ~Walt Disney
So you have an idea that you believe it viable and would be a crowdfunding success but are unsure where to begin. At this stage in the game you probably have thousands of questions running through your mind. What would be my crowdfunding goal? How do I find a manufacturer? Is a prototype necessary? Where do I turn for packaging design?
While setting up your crowdfunding campaign is exhilarating, it is critical that you are well prepared. Below are points to consider as you are preparing to launch your campaign.
1. Don’t Underestimate Product Costs. One major issue facing new inventors is how easy it can be to underestimate the actual cost of bringing a product to market. Crowdfunding is typically an all or nothing funding approach, so depressing the funding goal is a common error. Without a proper funding target you are creating future issues and doing a major disservice to you and your investors. A way to combat this is by having a professional analyze your designs and provide you with an estimate on the actual manufacturing costs. This proactive approach not only helps with your campaign, but it also proves to investors that you are serious and well prepared.
2. Prototype. Your product should be prototyped. This stage lets you work out any design challenges and ensures that your product is in fact viable and able to be manufactured. It also helps define product costs, create marketing material, file a patent and gain customer feedback before manufacturing begins.
3. Details, Details, Details. Really put time and effort into the information you share with potential investors. Show them your initial development timeline and prototype changes. Explain how you have overcome certain challenges and how this has prepared you for the journey that is ahead.
4. Invest in Marketing. A video on our crowdfunding page is a must-have. You don’t need to invest in a big marketing firm but you do need a quality video and product images. Check around with friends and colleagues to see if they know someone that can help or reach out to freelance marketers for assistance.
5. Patent Protection. It is always a good idea to think about some form of intellectual property protection before placing your idea on a crowdfunding website. Most potential investors want you to succeed but there are those few that may want to steal your idea. Research patent protection through the USPTO and/or take some time to chat with a licensed patent attorney.
Have additional questions about launching your crowdfunding campaign? Please feel free to send your questions our way at firstname.lastname@example.org
3D Innovations is a full service 3D Engineering/Design company – from the 3D Design to a fully functional 3D Prototype & Product.