Crowdfunding · Social Entrepreneurship

What are the key attributes that make a crowdfunding campaign successful?

Deepika Goyal Co-Founder at Karmyo

July 27th, 2015

As a first time entrepreneur, I plan to raise funds through the crowd for my project- Karmyo. We partner with NGOs to create and sell cool merchandise for them, such as stationary, tshirts, phone accessories etc. It enables them to connect with many young people and also raise funds. 

So far, I have managed this project alone,  at a small scale in offline mode. I am looking for funds to build an online platform and a small team. One angel investor I met, suggested to built a site and get some traction first. So I am exploring the option of crowd-funding. How can I make a crowd-funding campaign valuable and interesting for backers? I am based in India (if that's relevant for this question)
 
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Anand Shukla Traveler by heart, Sportsman by hobby and a Salesman by profession helping startups develop a world class product!

July 27th, 2015

Hi Deepika, 

Nice idea! I concur with the advice of that angel investor who suggested that it will be good to have a working prototype, apart from a detailed business plan, to get you some traction for funding. On crowdsourcing, get on the Kickstarter and put your story in front of the world. If required, create some videos showing the story of the NGOs that you are planning to work with and upload the video as a part of your campaign. Make sure that your story should be able to convey your message clearly to the Millennials so much so that they would be willing to donate whatever amount you are expecting from them. In return, you can provide them with some really cool merchandise at an attractive investment price or something similar. Go through some of the campaigns online to understand how it works.

I wouldn't suggest you to put in your savings in building a complete platform just yet. Get a simple website done and use commercially available products like Shopify's e-commerce platform which will enable you to sell online through your website and pretty much will provide everything that you would need to use your product as an MVP. And it wouldn't cost you much to get it done. It will also give you a valuable feedback on your idea. 

Feel free to reach out should you have some more queries. All the Best!

- Anand

Eleanor Carman Incoming BLP Sales Associate at LinkedIn

July 27th, 2015

Great question. We have tons of discussions on this very topic already on FD:Discuss. Here are a few I think will be helpful to your specific question.
Make sure you do a search before posting because there are often existing discussions on popular topics like crowdfunding. That's what makes discuss so valuable, too, because there are already so many awesome responses by entrepreneurs on Discuss. Also make sure to follow these topics so you get notifications when there is a new response that might be helpful. Hope this helps! 

Denis duNann Co Founder at Hempworks Ventures

July 27th, 2015

To have a successful crowd funding raise, you need to have, at least, 25% committed money when you launch the campaign.  If you can't raise the 25% from investors you know, do not expect to attract investors that you do not know.

Alex Place

July 28th, 2015

Sounds like an interesting platform; way to go!

You will need to:
1. Get the 25% secured before launching. 
2. Have at least 25 ambassadors-- people willing to post and tag on your behalf. 
3. A script for these ambassadors with FB posts, tweets, etc... pre-made. 
4. *** Secured partnerships with nonprofits and social businesses. Why? So you can show a real use-case scenario and say that the money raised will go towards buying the first inventory that you will put on the platform and manage for the nonprofits/social businesses. 
5. Send me an email (afbplace@gmail.com) and I can connect you with the head of Grameen Check, the clothing company of the Grameen bank who could be a good partner.