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Tips for A Successful Crowdfunding Campaign

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Tips for A Successful Crowdfunding Campaign

Crowdfunding websites have opened up a whole new world of opportunity for entrepreneurs hoping for capital to start a business. Although you have probably read tons of viral stories about incredibly successful campaigns, there are also those that make common mistakes and don’t perform as desired. So, before you kickstart (pun intended) a crowdfunding campaign, read these tips:

1. Pick the right platform.

As crowdfunding rises in popularity, more and more big players are entering the field. To ensure success, it’s important to pick the right website for your campaign. First, decide whether you are offering equity or a small reward in exchange for an investment. Websites like Crowdfunder only allow campaigns that sell equity, debt or revenue-based securities, while others like Kickstarter offer investors small rewards at your expense. Once you’ve made this decision, see if your industry has a niche crowdfunding website. Trying to raise funds for an innovative app? Use Appbakr. Launching a music career? PledgeMusic is the place for you. You should also look at the different fees associated with each crowdfunding site. Most websites take a percentage off of every raised fund and then an additional percentage off for credit card processing fees. Some sites, like RocketHub, take a higher percentage of your earnings if you don’t meet your stated campaign goal. Making the right decision when picking the platform guarantees that your campaign will reach its intended audience and at the right price.

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2. Personalized Pitch.

“People fund people, not just ideas,” says Indiegogo CEO Danae Ringelmann. Follow her advice and make your pitch video personal and convincing. Talk about what motivated you in your journey and how you want to impact the world with your product or idea. What problem are you solving? How will your product or idea personally help the potential investor watching your video? Investors want to feel your passion for the project, so be open, honest and hopefully, convincing.

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3. Do your homework.

Websites like Kickstarter and Indiegogo keep campaigns posted on the website even after they have finished. What does this mean for you? You have a treasure trove of past campaigns and their results at the click of a mouse. If possible, find campaigns within your industry and see how they performed. Analyze the pitch videos, rewards offered and any other information you can find to see how you can mimic success and avoid failure. After you’ve researched past campaigns, learn about your audience. Most investors are male between the ages of 24-35 earning over $100,000 a year. This is the group you have to win over to make a sale, so keep this audience in mind when creating a pitch.

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What’s in it for me?

Imagine sitting at home on the computer watching pitches for startup businesses. What would it take you to get up, grab your wallet, and pay a stranger online to pursue their dream? Ask yourself this question as you plan your campaign. The reward or equity the investor receives must be enticing enough to convince them to spend their hard earned money on you.

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A little trick that Kickstarter suggests is using the $1 donation option. Although it may not seem like much, each dollar donated adds up quickly. The $1 donation gives potential investors an option to contribute without sacrificing much, while still feeling like they’ve made a difference. Also, unlike the larger investments, the $1 commitment does not require a substantial reward in exchange for the donation. Entrepreneurs typically offer a digital thank you note or something similar in size which won’t add to your campaign expenses.

Have you ever invested in or launched a successful crowdfunding campaign? Tell us about it in the comments below!

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Joel Goldstein

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Last Updated on November 15, 2021

20 Ways to Describe Yourself in a Job Interview

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20 Ways to Describe Yourself in a Job Interview

“Please describe yourself in a few words”.

It’s the job interview of your life and you need to come up with something fast. Mental pictures of words are mixing in your head and your tongue tastes like alphabet soup. You mutter words like “deterministic” or “innovativity” and you realize you’re drenched in sweat. You wish you had thought about this. You wish you had read this post before.

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    Image Credit: Career Employer

    Here are 20 sentences that you could use when you are asked to describe yourself. Choose the ones that describe you the best.

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    “I am someone who…”:

    1. “can adapt to any situation. I thrive in a fluctuating environment and I transform unexpected obstacles into stepping stones for achievements.”
    2. “consistently innovates to create value. I find opportunities where other people see none: I turn ideas into projects, and projects into serial success.”
    3. “has a very creative mind. I always have a unique perspective when approaching an issue due to my broad range of interests and hobbies. Creativity is the source of differentiation and therefore, at the root of competitive advantage.”
    4. “always has an eye on my target. I endeavour to deliver high-quality work on time, every time. Hiring me is the only real guarantee for results.”
    5. “knows this job inside and out. With many years of relevant experience, there is no question whether I will be efficient on the job. I can bring the best practices to the company.”
    6. “has a high level of motivation to work here. I have studied the entire company history and observed its business strategies. Since I am also a long-time customer, I took the opportunity to write this report with some suggestions for how to improve your services.”
    7. “has a pragmatic approach to things. I don’t waste time talking about theory or the latest buzz words of the bullshit bingo. Only one question matters to me: ‘Does it work or not?'”
    8. “takes work ethics very seriously. I do what I am paid for, and I do it well.”
    9. “can make decisions rapidly if needed. Everybody can make good decisions with sufficient time and information. The reality of our domain is different. Even with time pressure and high stakes, we need to move forward by taking charge and being decisive. I can do that.”
    10. “is considered to be ‘fun.’ I believe that we are way more productive when we are working with people with which we enjoy spending time. When the situation gets tough with a customer, a touch of humour can save the day.”
    11. “works as a real team-player. I bring the best out of the people I work with and I always do what I think is best for the company.”
    12. “is completely autonomous. I won’t need to be micromanaged. I won’t need to be trained. I understand high-level targets and I know how to achieve them.”
    13. “leads people. I can unite people around a vision and motivate a team to excellence. I expect no more from the others than what I expect from myself.”
    14. “understands the complexity of advanced project management. It’s not just pushing triangles on a GANTT chart; it’s about getting everyone to sit down together and to agree on the way forward. And that’s a lot more complicated than it sounds.”
    15. “is the absolute expert in the field. Ask anybody in the industry. My name is on their lips because I wrote THE book on the subject.”
    16. “communicates extensively. Good, bad or ugly, I believe that open communication is the most important factor to reach an efficient organization.”
    17. “works enthusiastically. I have enough motivation for myself and my department. I love what I do, and it’s contagious.”
    18. “has an eye for details because details matter the most. How many companies have failed because of just one tiny detail? Hire me and you’ll be sure I’ll find that detail.”
    19. “can see the big picture. Beginners waste time solving minor issues. I understand the purpose of our company, tackle the real subjects and the top management will eventually notice it.”
    20. “is not like anyone you know. I am the candidate you would not expect. You can hire a corporate clone, or you can hire someone who will bring something different to the company. That’s me. “

    Featured photo credit: Tim Gouw via unsplash.com

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