As an inventor, you are more than likely inundated with many questions about the next steps in developing your product. You know crowdfunding has been growing, with $34 billion funded through crowdfunding campaigns worldwide in 2015, but how? How will you get funded? How will you let the public know about your idea? How will you even begin this process? If you have pondered these questions and searched for answers, you may have found that it could be beneficial to sign up for crowdfunding. Creating an account is the first step in the process, but once you do, where do you go from there?
Begin your prep
What many individuals who wish to create a crowdfunding campaign do not know is that you must prepare in advance. Prepping your invention and campaign 6 months ahead of time could be beneficial. Get your product ready as best as you can in order to try and receive the most funds possible during your actual campaign. Do your research to find out the best ways to run a crowdfunding campaign. You can even prep by taking quality photos if a prototype is available. Research to learn what the most successful campaigns did to become funded. It is important to prep yourself as well as your invention before planning in order to utilize the full potential of crowdfunding.
Make a plan
Like many parts of the business world that could benefit you as an inventor, making a plan could help you get your campaign to a fully funded status. Planning can not only give you a piece of mind during your campaign, but it can also give you time to develop the best campaign possible. Decide when exactly you are going to post to social media. Choose exact dates and deadlines. Even plan when you will give rewards to funders. Crowdfunding could be your invention’s chance at raising funds. Without a proper plan, you could be overwhelmed when your campaign starts, causing lack of motivation and momentum.
Commit to your campaign
Once you have signed up for crowdfunding, prepped and made a plan, committing to your campaign becomes the focus. Why waste time and effort developing a proper campaign if you aren’t willing to give it your all when the campaign begins? Set aside time every single day to work on your campaign, whether it be for 10 minutes or 2 hours. Create yourself a schedule or lists of tasks, and from then until your campaign begins, work diligently on the items you have to complete. The more time you spend focusing on your campaign the more likely you are to reach your crowdfunding goal. All of these things could be more beneficial than simply sitting back and expecting to become funded without a solid commitment.
Committing to your campaign is important, but once you have decided to commit, it is important to network. If you feel as though networking is unimportant to your crowdfunding process, consider this; websites such as Fund an Idea can help you become funded much easier than finding funds on your own. However, you are solely responsible for sharing your campaign’s URL and encouraging people to visit your page. There is a possibility for thousands of other campaigns to be running at the same time as your own. By networking, you are giving your invention a chance at life. Informing your connections on campaign updates could allow for more awareness surrounding your campaign. The more people aware of your campaign, the more likely funders will become aware of it.
There are no exact, clear and defined steps and rules when it comes to the crowdfunding process. Every individual inventor’s campaign could be different. Luckily, there remain certain important steps in the process that could benefit your invention if followed correctly. Becoming fully funded can be a tricky process, but following these steps once signed up for crowdfunding can help lead to more opportunities for funding.