Crowdfunding

We want to use crowdfunding to raise $25K-$35K. Which platform?

Mike Ellsworth Enterprise Social Media Strategy Consultant and Author, and IT Program Manager

Last updated on July 21st, 2017

So far, we're self-funding our social selling mobile app. We're getting ready to choose a developer, and we'll need $25K-$35K to get the MVP out. We're considering crowdfunding. It doesn't look like there's a ton of action for business mobile apps on Kickstarter. Any recommendations for a site to do the raise? Any other advice on a crowdfunding campaign?

Abduljabbar Zia Usman CEO, project manager, explorer

July 21st, 2017

try gofundme.com

Paul Garcia President at TABLE

July 22nd, 2017

Crowdfunding tends to work only for tangible consumer-level products. It does not really gel with B2B products. And it rarely jives with services. The issue with crowdfunding models is that they generally operate in one of two ways. 1) you solicit your friends until they're annoyed enough to give you money, or 2) you find something gimmicky that consumers are willing to gamble on having in their hot little hands as a takeaway (like early purchase or reward).


Crowdfunding is unfortunately imagined as this "if only people knew, they would give me a little money to show their faith." But that's not what it is. They're either buying something at a discount, rewarding someone for a cause, or responding to a begging friend. It isn't some blessed pool of wish water that suddenly squirts out dollars because you are floating in the pond of ideas.


At the low dollar figure you're suggesting, you're talking an amount that isn't too difficult to get a personal loan, extend a credit card or two, or dip into savings. In the world of apps, they're quite literally a dime a dozen. It's very hard to get anyone to believe in an app unless they have a personal use for it, and in that way, they might be willing to pre-purchase at a discount. But B2B? Very few businesses are interested in taking any risks, even if it MIGHT solve a problem they have. So, you're in that uncomfortable space where investment options are exceptionally thin. You're not asking for enough money that you need an outside partner, and you're not finalizing something that has already proven its usefulness and needs to grow.


I'm fearful that you'll be extremely disappointed with all of the usual crowdfunding sites if you're on the business user side. Seriously consider looking at a basic loan, you're far more likely to get the dollar figure you're asking for. Because what does anyone have when you have your MVP? Is it even really useful yet, or will you need another $300K to turn it into a viable business-grade product? They won't come back to dip again. In that way, it's really more of your gamble to get the product to a point where people might say "yeah, this works, but with some real money it could be great."


Good luck.

Michael Harrington Curiosity to know. Discovery to do.

July 21st, 2017

Indiegogo, StartEngine, and WeFunder. You need to talk to each of them to answer your questions. -- Michael Harrington michael@harrington.com *www.tukaglobal.com * *www.michaelharrington.info * *www.amazon.com/author/michaelharrington * *https://www.linkedin.com/in/michaelharrington1/ *

Kelvin Joseph Cofounder & CEO@redwidgets(acquired)

July 21st, 2017

Create engaging content with success measures that can be tracked

Randy Consultant Marketing consultant

July 21st, 2017

I am just about to help my ciient sell stock through the Jobs Act crowdfunding approach. But there is no reason that a properly managed Kickstarter campaign won’t give you the results if the app is cool enough. The key is the marketing, whether for Kickstarter or a stock offering. Happy to discuss with you.

Babatunde Sheriff-Balogun DOS, TOLABAT PRIVATE SCHOOLS, MUSHIN, LAGOS, NIGERIA

July 21st, 2017

Send some success stories through blogs, give info about the new app, the benefit and differences from other similar apps. Then seek for assistance

Nishant Shukla The wizard of creating strategies and critical path solution .

Last updated on July 22nd, 2017

If your funding is enough for now then try to hire developer on partial payment.

Or hire someone who is able to take a risk with differed cash.

Without prototype or demo application you can't convince the good investor.