THINGS I ASK WHEN A STARTUP TELLS ME THEY WANT TO CROWDFUND
These days, every startup wants to do a crowdfunding campaign. Here are the questions you must have answers to before you pull the trigger.
- •Do you know when you plan to ship your product to your backers?
- •Have you actually made the product?Do you have a physical prototype? Pretty renderings do not count!
- •Do you have a full time hardware engineer on your team?You have someone on the team that is actually making your product, right?
- •How much funding do you have?Good crowdfunding campaigns are an investment in themselves. Count your pennies before you begin planning!
- •What platform are you using?Kickstarter? Indiegogo? Tilt? Know your platform. Know the fees associated with it.
- •How big is your mailing list?How many will support your crowdfunding campaign? If you have a big enough list, you can use it to get your campaign funded easily.
- •What's your price point?Is it affordable to your target customer?
- •Are you going to hire a PR firm or do it in house?
- •Do you have someone who can answer questions and give updates full time during your crowdfunding campaign?Your backers want to make sure their questions get answered. Your community also wants to hear when you pass major milestones.
- •Are you sure people will buy this?Parents don't count.