One of the things that stands out the most for any person trying to raise money for their own business endeavors is the rise of crowdfunding. It seems like every company is at least trying it, and some are having success, while others come up well short of their goals.
It’s frustrating for those who don’t meet expectations, but one of the reasons why is due to poor marketing. Joe Parker, Senior Marketing Coordinator at InventureX, has been working in the industry for quite a few years now. He believes that with proper reward-based crowdfunding, a person can reach expectations in a short amount of time. Here’s what he has to say about the current landscape of crowdfunding, and if changes are coming in the future.
Is crowdfunding still a very good option for all types of entrepreneurs?
As long as a person dedicated enough time to get to where they want to be, it is still very valuable. There is plenty of money out there to be secured, and so many people are looking to be in on something new and exciting early on.
How does InventureX help each type of individual?
What we offer is a unique solution for every single type of person out there. Some people are facing pretty significant obstacles to raise money initially, but we lay out a strategy that can work. Our goal is to make every client we work with feel like they have a very good shot at meeting goals and reaching expectations.
What are your thoughts on rewards for early backers?
I believe rewards are a huge opportunity that not a lot of people put time and effort into. This is one way to stand out from the competition, so never mail in thinking about it.
Think about what people might like to call their own. If they are giving money towards a new idea, they probably want something related to the crowdfunding campaign. Early access is always great, but so are a few surprises along the way as well.
Should rewards evolve?
There is nothing wrong with offering different rewards not only for different types of backers, but at different times during the campaign as well. If something isn’t working properly, feel free to change it and evolve with the times. No one wants to be the person who is trying to put everything together, and they come up short because people are just not motivated to provide the funds.
Any final tips for people still learning about the industry?
You might want to check out and learn from these biggest kickstarter failures. There is no reason to not be successful with the very first crowdfunding campaign. Some people think it’s a huge challenge, but it’s not incredibly difficult to figure out. It just takes time, and some people try to rush things instead of crafting out a specific plan. If a plan is put in place, trust the process and more often than not, people will be very satisfied with how the campaign goes.