Crowdfunding Workshop

Crowdfunding is now constantly in the media, lots of success stories of projects that are now up and running like Hello Ruby that managed to get 9,258 backers and funding of $380,747! We needed to know more.

Last Thursday we had a very enjoyable workshop on Crowdfunding given by a very entertaining and informative Lorna Sixsmith. Lorna has written and successfully used crowdfunding to publish her own book entitled “would you marry a Farmer?”

Lorna  talked us through her own crowdfunding campaign , it gave us a working insight into the whole crowdfunding process from how she established and achieved her goals, set her rewards, right through to putting her books in the post.

From the start of the workshop Lorna captured our attention with her witty examples of good and not so good crowdfunding pitches and through this we learned what makes a successful crowdfunding campaign 

What did we Learn?

 

·         A great video - The video is king to entice prospective pledgers, you need to introduce the product and the people behind the campaign, people need to feel your passion before they are enticed to pledge to your campaign. Using the likes of  u tube to host your video means you only have a few minutes to grab peoples attention so make the most of it! 

·         Itemise spending -  Do your homework on the finances, pledgers need to know where their money is going. Give a clear and concise breakdown of what your expenditure is going to be.

·         Put up some funds yourself - You need to invest some of your own money in to the project, this shows that you have confidence in your own campaign. Pledgers like to see that you are prepared to "put your money where your mouth is" so to speak

·         Set realistic targets – you need to plan your campaign carefully, send press releases, tell family and friends to spread the word and remember hidden costs such as postage.

·         Rewards - Rewards are very important, also keep them relevant to your project and even better if the reward is something that money can’t buy like naming a character in your film after them!! 

·         Pledges - The importance of correctly gauging your pledge amounts, the most popular is €40 – €50. Get your family and friends to get the pledging off to a good start, solid pledging entices others to pledge.

·         Use positive language - Staying positive even when things get tough is vital to the success of the campaign. To entice your followers give out little tit-bits like a chapter of your book or a trailer of your film. 

·         Keep in constant touch -Use social media during your campaign to engage with your pledgers, by using  tweets, engaging in light positive conversation, and keeping your blog and Facebook current. 

Some of the crowdfunding websites that should get your crowdfunding project up and running are:

• Fundit.ie
• ifundit.ie
• Linkedfinance.com
• Kickstarter.com
• indiegogo.com

There are two types of funding:

All or nothing  and  flexible funding 

• Consider your options carefully and read the terms and conditions and charges carefully before you decide which option is best for you. 

If crowdfunding has got you thinking, on the 14^th of May we are holding a workshop on Alternative Funding which will definitely inspire you to get that project up and running.