Entrepreneurship · Kickstarter

Kickstarter - who has succeed to rise his\her goal?

Adva Amir Ambitious hardworking open minded person

January 17th, 2017

Is this a good way to start ?

A great idea is 1% of the work. Execution is the other 99%. In this course, we’ll teach you how to conduct market analysis, create an MVP and pivot (if needed), launch your business, survey customers, iterate your product/service based on feedback, and gain traction quickly.

Steve Owens

January 17th, 2017

We have several customers who have tried this. They spend about $25K to $50K in direct marketing cost, a couple of months of time, and usually get $100K of sales. Of course, they owe everyone a product, so there is no actual "profit", but it does validate the market.


Of course, we have had people try to avoid the $25K to $50K of marketing cost, but they usually never get close to their goal.


Personally, I think there are easier ways to validate markets - or at least smaller/quicker experiments you can do. But for a "headliner" consumer product, it likely does add some PR that has some value.


I think if you just want to raise money, go the traditional way.


Filip Valica Product Development Engineer (Mechanical)

January 17th, 2017

No.


As Steve O mentioned, there are faster ways of validating the market. Crowdfunding is for teams that have an audience already. Think of it as a payment mechanism with some additional PR if successful. Kickstarter and Indiegogo both use algorithms that will bury your project if you don't fund 30-40% in the first week.


You can run the same validation on a smaller scale. I've interviewed a couple small business owners who started their businesses with Kickstarter successfully - you can listen to them tell the story:


http://theproductstartup.com/episode-4-brad-summey-with-savage-jerky/

http://theproductstartup.com/episode-7-fabienne-serriere-with-knit-yak/


Ricky Singh, MBA Growth Hacking Expert

January 28th, 2017

Hi. I have helped startups raise over $2 million dollars on Kickstarter and Indiegogo. The most important thing to do is to bring a crowd prior to launching on Kickstarter. You need to pre sell your product by setting up a limited set of rewards for early bird specials. You need to have a landing page set up to get emails from prospective buyers of your product. You use Facebook ads to target prospects who like Indiegogo, Kickstarter, Crowdfunding and your product niche. You then drive these prospects to your landing page to convert them. You need to make sure that you are able to get around 25% of your product funded in the first couple of days in Kickstarter. The prefunding stage is the most vital out of all of the steps in getting your product funded. I find it to be a better option than media outreach. Thanks.

Alexis Rhyner Zesty + Enthusiastic x Adventurous = Me

January 17th, 2017

Your safest best is to ensure you have a proper network in place before jumping into Kickstarter. If you tap out your existing network and don't succeed in reaching your goal, you won't be able to go back to them for a second ask quite some time. Yes, it's possible it will go viral, but given the sheer multitude of campaigns and great ideas out there, you can't bet on it.


Keep in mind it is very time consuming either way, and you'll want to have a plan in place before beginning, just like a social media campaign. The time commitment can take away from other important aspects of your business.


Follow through with your rewards and make sure they're something you can easily commit to once the campaign has wrapped. Also, it may be worth hiring a copy editor to polish it up for you.