As an inventor with a new idea, you may be curious about the world of crowdfunding. Crowdfunding is the process of connecting large groups of people over the internet, and asking them to support your idea through fundraising by making a financial contribution. This may seem big and scary, but yes, it is possible to achieve your goal on websites such as Fund an Idea. Although you know it can be effective, you may be asking yourself, “Is crowdfunding right for me and my invention?”
You have an Idea
So, you have an idea. Many individuals who have an idea for their invention are unsure of the next steps to take. If you do not know exactly what direction you should head, crowdfunding is a great place to start. Many different types of inventions have been funded through crowdfunding, from technology to home improvement and from childcare to office products.
You don’t have the funds
Many inventors have the idea, but don’t have the funding to produce their idea. Fortunately, crowdfunding is the best place to start for these types of inventors. It is okay not to have the funds yet! You are just starting out, and can look to crowdfunding to get the ball rolling.
You don’t have investors
It can be difficult to find investors who are willing to agree to not own a portion of your company. With Fund an Idea, you won’t have to worry about losing ownership of your business. Owning the rights to your invention is important to you and crowdfunding allows you to find backers who will donate for a small reward, not for a part of your company.
You have a network of supporters
You can’t crowdfund alone. Your friends, family, and coworkers are absolutely essential during all aspects of the crowdfunding process, such as setting up your campaign, spreading the word, donating, and even just moral support. If you have a strong network of supporters, you are more likely to reach your crowdfunding goals.
You’re savvy with social media
One huge aspect of crowdfunding is social media. Utilizing social media will help get your campaign off the ground and on its feet. The more Facebook friends you have, the probability of becoming fully funded could increase by as much as 40%. Building and maintaining a social presence will help inform the public not only about your campaign, but also convince them why they should donate. Your friends will get to personally experience your campaign through your own posts and shares.
You’re ready to put in some hard work
Crowdfunding can become difficult at times. Dedicated inventors put time and effort into getting their campaign successfully funded. An average campaign can last well over three months. If you want to give your invention the best chance of success, you’ll want to put a lot of time and effort into your campaign.
No matter what your goal for fundraising may be, you may want to consider crowdfunding if you found yourself falling under a few of these categories. Crowdfunding could provide you with the opportunities for funding that you never imagined before. Don’t be afraid to give it a chance!