A fan and regular funder offers some advice for achieving success on the crowdfunding platform.
Matt Haughey, creator of MetaFilter, has posted some tips on his blog for achieving success on the crowdfunding site Kickstarter. He has been a fan since their launch and has funded almost 30 projects. Here is some of his advice to projects needing funding:
- Have a compelling idea: It’s obvious but important to have a clever and cool idea that no one has seen before.
- Don’t ask for too much, tell us what you need the money for: Haughey believes asking for too much money is the top reason why projects fail to get funded. Provide a detailed explanation so people know exactly what the money will be spent on.
- Structure your rewards carefully: If you’re asking for a large amount of funding, don’t offer your product too cheaply, as you will find it hard to raise enough funds. Haughey identifies the “sweet spot” as being $20-40. Also, make your higher rewards more creative and customized to encourage more funding.
- Have a good video: Providing a detailed or entertaining introduction for your project makes it more likely to get funded.
- Other tips: Check out the stats and lessons on the Kickstarter birthday blog post, answers questions quickly and fully on your project page, if you fail try reducing the costs and the scope of your project and relaunching it.
[via A Whole Lotta Nothing]