I thought I won’t have anything to scribble this week in my blog. Fortunately, I attended last night’s crowdfunding event organized by the team behind Crowdonomic.com. If you aren’t familiar with crowdfunding, this infographic from Pleasefund.us will shed some light.
From the term itself, it’s basically getting funds from a crowd. The crowd can be your friends, your family or anyone who believes in your project or just somebody who is an advocate of crowdfunding. There’s a lot of crowdfunding platforms in the world. According to Wikipedia, there are over 450 existing platforms so you can search and take your pick. BUT if you’re in Asia, why not patronize the local version, Crowdonomic.com. (…and no I’m not part of their team, just a believer of their brand )
Whenever, I hear the word crowd, I always remember the book by James Surowiecki: The Wisdom of Crowds, which is a nice book by the way. So last night’s event, though we were 23 minutes late, was very educational and informative. It’s a shame I missed a few part of Kevin’s presentation, I hope he sends me a copy of it. Kevin is the marketing head of Crowdonomic; and by the way, he has a new first name #theAdorable (blame Daniel for this!), so he must always be addressed as #theAdorable Kevin (with a hashtag!).
There was an open discussion and an open-mic session. The owners of successful crowdfunded projects were there to share their insights and experiences in the journey. The most memorable line from the panel was “Like your wife is giving birth” when he was asked how his first day of campaign was. A few people also pitched in their ideas, Daniel talked about his wall climbing app, Mathilde about her urban gardening concept and another guy (sorry I didn’t catch his name) about his musical instruments app. This infographic from prafulla.net shows the different models of crowdfunding.
What will you get from crowdfunding?
Aside from what is pretty obvious, $$$, here are a few things that you could get from crowdfunding your project:
1. Fans (aka Traction) – Those who are frequent visitors of the site will get a peek of your project. If they like your project, they may spread it to their friends and their friends’ friends.
2. Validation – You will know if your project will work if there’s a lot of people talking about it in the site or if there’s a number of people funding it. Although, this may not be an accurate gauge since the “crowdfunding” crowds may not be the market you’re targeting.
3. Exposure – If the site has 1M followers, then roughly 1M people will know your project. But I’m pretty sure you’re more interested if these 1M followers donate at least $1 each to your project. 🙂 As Lee Moyer stated in his article Kickstarter What Does It All Mean?, “It’s a funding platform that sells you rather than one that buys you.”
4. True friends – You’ll know who your true friends are and who your enemies are. Those who donated more than $50 are better friends, and those who donated $1 are your enemies. Of course I’m just kidding on this part! 🙂
If you have a project in mind and have no money to fund it, try crowdfunding. If you have money but don’t know how to gain attention, try crowdfunding. If you are in Asia and want some cash for your project, go to Crowdonomic.com, #theAdorable Kevin will be there to guide you and help you achieve a successful campaign.
For more information on how Crowdonomic works, go to their Learn section.