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Crowd Funding?

Discussion in 'Starting Your Startup' started by Goldstandard89, Apr 16, 2016.

  1. Goldstandard89

    Goldstandard89 Entrepreneur

    Have you ever tried to crowd funding for a project or to start a business? Were you successful and do you have any advice? Did you fail and what did you learn from it?
    T J Tutor likes this.

  2. T J Tutor

    T J Tutor Administrator Entrepreneur

    I have researched it and it is a viable alternative to other forms of funding. It would be worth your time to research what products and services perform best with crowdfunding. I can tell you that you need more than an idea to use crowdfunding effectively.

    If you have a viable product or service, have a working model prepared along with a business plan, you can find many crowdfunding sources today that are industry specific as well as those that are more generic in form and fashion.
    Last edited: Apr 17, 2016
  3. Corazon

    Corazon Entrepreneur

    When we started our computer supplies retailing business in 1993, my husband had offered shares of stocks to firends and relatives. It was actually a single proprietorship so the shares of stock is just a promissory note of sorts. Immediately there were 3 investors of 1,000 pesos each (about $40 at that time). And the total money he gathered amounted to only 5,000 for 5 people who invested. It's not much but it was a good start since crowdfunding was not yet a word then.

    I think it is now easier for crowdfunding because there is the internet to promote your business.
  4. jona

    jona Entrepreneur

    You need to create a heck of a video presentation and have a product that's really innovative and novel to reach any kind of notoriety on a site like Kickstarter, otherwise you are going to be nothing but a small blip among a sea of products competing for attention and money, most are terrible but some of them are really good, think stuff like the Oculus Rift that was born there if I remember correctly.

    Remember: you will invite basically investors, so you are going to be handling other people's money, you will have to get serious about your deadlines and feasibility of the product.

    Usually the projects that do well are so "cool" that can get away with giving investor minor perks like t-shirts that feature the product and not the product itself so more people can pledge small quantities.

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