A crowdfunding campaign is an intense drama. You put heart and soul into your project. You believe in your mission. You launch a campaign and obsessively track your contributions. You go down to the wire as you work your social media connections. You contact bloggers and journalists and see if they will write about your passion and help you. The clock ticks down and, in the final moments, you don't make your goal.
It's devastating and disheartening. But crowdfunding campaigns that don't make it the first time can often have another shot.
In the last few months I've witnessed some crowdfunding squeakers - campaigns that didn't look like they were going to make it, but pulled through at the last moment. The people running those campaigns knew how to plan, when to pivot and when try new things. When their campaigns hit the the wall, they knew what to do.
To understand their success, let's look at what's behind a crowdfunding failure. Then we'll examine the crowdfunding afterlife.
Top Ten Reasons Crowdfunding Campaigns Fail
Reason #10. Not making clear what the money is for. If you want contributors to take action and give, you need to be really specific about how you plan to... Read more
It is time to create freely. It is time to sing the song, shoot the movie, launch the prototype, publish the book, dance the dance. Go ahead: Create your non-profit, change the world. Now it's your turn.
Are you dreaming? Am I? I don't think so. I'm writing this, aren't I? You're reading it. We must be awake now. Crowdfunding can be somewhat dreamy, certainly. Movies by famous people, like the Veronica Mars Movie Project, Zach Braff's Wish I Was Here, and Spike Lee's "newest, hottest joint" have raised so many millions using Kickstarter, they are very nearly in the yadda-yadda-already-heard-that-one category. Artists you may have never heard of are raising hundreds of thousands on IndieGoGo and Rockethub. Causes and socially-responsible businesses are sprouting up on GoFundMe and Razoo. Donors Choose is supporting teachers. There is a crowdfunding channel for YouTube creators called TubeStart.
Crowdfunding has arrived. According to Crowdsourcing.org, there are more than 400 crowdfunding platforms operating all over the world. $772 million has been funded on more than 48,000 Kickstarters so far, according to Kickstarter. You can prototype everything from a mini-greenhouse for an apartment to an espresso machine, get backers, go into production, start a business. All without a dime of venture capital, all without giving... Read more