Over the past several years, crowdfunding has become the preferred method of attempting to raise funds for inventions. We have all seen reality television where a nervous inventor stands in front of billionaires, asking for donations to get their product off the ground. What if it did not have to be that difficult? Luckily, with crowdfunding, it does not have to be.
By creating a crowdfunding campaign, you are asking millions of potential backers for small amounts of funds. They will then be more willing to support your campaign. Don’t leave yourself relying on only one wealthy investor, but instead open up other opportunities with crowdfunding.
Better opportunities for funding
When your only opportunity for funding lays in the hands of one individual, your chances of raising money decreases. With crowdfunding, you do not have to worry about appeasing one person. You can rely on attracting many different types of people who are willing to give you a donation.
Crowdfunding gives you a better chance at finding backers to fund your idea. Without a reputable site like Fund an Idea, backers may fear the legitimacy of you and your invention. This could mean they may not give you any money at all, even if they love your idea.
Spread the word about your invention
Creating a crowdfunding campaign online for your invention lets you gain the opportunity to seek money from millions rather than just one main investor. By seeking these millions across the world, you are also letting everyone become aware of your product. One of the best parts about a popular crowdfunding campaign, is that it lets everyone know that you have this cool invention, and once it becomes funded, they can have one too.
People could be more likely to buy a product, or become interested in something if everyone is talking about it. Have your friends and family share your campaign on social media in order to spread the word about both the campaign as well as your invention. Ask backers to share to their own accounts once they have given donations. The more individuals that know about you, your product, and your crowdfunding campaign, the better.
Stay in control of your company
Unfortunately, many investors are looking to own a portion of your company when giving you funds. With crowdfunding, you will not face this issue, and can remain in total ownership of your invention. Instead of asking for money in return for a portion of your company, you can give backers rewards that make their donations worthwhile.
Rewards can range anywhere from a small listing on your website as an investor, to sending your backers your product once it has become funded. Of course, you have to be able to live up to the rewards you promised, so set them to standards you know you can keep. You can even ask for dollar donations in exchange for campaign updates. Surprisingly, many individuals could be interested in giving a very small amount, just for the sake of helping you and your small business.
Crowdfunding could lead to many more opportunities than simply putting all of your faith into one or even a few investors. All it takes is some time and preparation put into making a strong campaign, and you could accomplish more than just simply receiving donations.