The Kauffman Foundation has released their newest addition to the popluar “Sketchbook” web video series. The video titled “Wizard of Fundz” features Slava Rubin, founder and chief executive of the popular crowdfunding platform, Indiegogo. Mr. Rubin discusses how to make a crowdfunding campaign successful. Here are some of the highlights below:
- The three keys to a successful crowdfunding campaign: have a good pitch, be proactive, and find an audience that cares.
- If you fund 25% of your campaign in the first week, you’re five times more likely to hit your target.
- Four or more people on your team means you’ll usually raise 70% more than if you’re working by yourself.
- If you give updates to your campaign contributors every 5 days or less you’ll raise four times more money than if you update every 20 days or less.
- The three best tools for pushing people to your campaign are (in order): email, Facebook and Twitter.
- If you have a video on your campaign profile page you’ll raise 114% more money.
- You should offer between three and eight perks associated with your campaign.
- On average, successful campaigns hit their target on day 36 of a 47 day campaign.
Other than the three keys to making a campaign successful, I think the most important bit of information is that a video increases your funding potential by 114%. Creating a video that is informative while keeping the attention of the viewer is critical. If you can keep your video in line with the three keys (having a good pitch, being proactive, and finding an audience that cares) you have a great chance of being successful.
It’s important to consider your target audience. If you’re trying to fund some serious issue/product you don’t want to base your video around a comedy routine. On the flip side, a video that simply lists statistics and product/service benefits will have difficulty keeping the attention of your average viewer.
Make sure your video has a call to action. Don’t just advertise your product; tell people what they get in exchange for funding your project.
Broadcast your campaign to the world. If you have an especially good video, it could go viral. Your project will get funded if it’s worthwhile. Your project will get funded a lot faster if you have a great video to go with it.
Content contributed by Aaron Harris, ARKSourceLink. ARKSourceLink is a proud affiliate ofU.S.SourceLink, America’s largest resource network for entrepreneurs.