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Entrepreneurs and innovators can get hung up on perfection before seeking input. Not only can this hurt your idea, it can paralyze your whole startup process. The prescription for this may sound unlikely, but not unfamiliar: Indiegogo, Kickstarter, Gofundme. You recognize at least one of these names. You've also heard of the internet-age phenomenon called "crowdfunding." But more likely than not, even if you’ve got a great idea for this type of platform, there’s a good chance you still haven’t taken the leap.
Our advice? Take the leap.
The idea of monetized popular support has an immediate allure. After all, we'd all like to think our best ideas would resonate with a larger audience. Proof of that, in cash? Pretty awesome concept. Unfortunately, judgment can be as terrifying as it is necessary, and when the time comes to launch the idea, there’s often resistance. The "make or break” aspect of crowdsourced support may seem like crazy high stakes. That's intimidating by itself. In fact, the prospect of a public failure is the single biggest hurdle in launching a campaign.
But Indiegogo's Co-Founder, Danae Ringelmann, among others, would recommend taking the leap. After all, daring "greatly" (to borrow from Brené Brown) is indispensable to success.
While the insights brought from running a crowdfunding campaign (successful or not) can be exponential, let’s focus on 5 guaranteed lessons:
The idea of monetized popular support is universally alluring. After all, we'd all like to think our best ideas would resonate with a larger audience. We also recognize that judgment can be as terrifying as it is necessary. Entrepreneurs and innovators can get hung up on perfection before seeking input.
The "make or break” aspect of crowdfunding may seem like crazy high stakes. That's intimidating. In fact, the prospect of public failure is the single biggest hurdle in launching a campaign.
But Indiegogo's Co-Founder, Danae Ringelmann, among others, would recommend taking the leap. After all, daring "greatly" (to borrow from Brene Brown) is indispensable to success.
While the insights brought from running a crowdfunding campaign (successful or not) can be exponential, let’s focus on 5 guaranteed lessons:
Proof of concept
First and foremost, the most gratifying insight you can gain from a campaign is concept validation. Whether it’s a business, product, or project, putting your idea out there will give others the opportunity to support it. Criticism is inevitable, no doubt. It essential that you don’t allow it to stop you from making vital connections. For every critic, you'll find someone who may help you. They can even be one in the same. Remember what Teddy Roosevelt said “It’s not the critics who count” -- usually.
Room for improvement
Now, while the critical masses should not terrorize you away from trying, it is important to sift through the negative feedback in search of helpful commentary, or rather, constructive criticism. Regardless of whether you reach your funding goal, the insight gained from critique can be reward in itself.
Key Demographics
While conventional market research could cost you thousands of dollars, crowdfunding campaigns will give you critical market insights for little out of pocket. Who supports your idea? Do any of these people believe in your idea so much that they would be willing to tell others? As Jonah Kelly suggests: Discover your product“evangelists”? The immediate opportunity is to connect with the people who will support you the next time around.
Price Point
Crowdfunding can provide you with some useful financial data. No matter the outcome of your campaign, you will gain information about how much money people are willing to give you and your ideas. This can help you shape your pricing and give your investors confidence.
Marketing
Now that you’ve gotten some validation, some constructive criticism, some devotees, and a pricing strategy, you’re ready to do some marketing! If your campaign was successful, these insights will inform your move forward. If your campaign didn’t reach its goal, at least you will come away with the chops to run a better one next time.
While that sense of "do or die" urgency during a campaign feels real, and you want all supporters to get behind you in the first go 'round, the critical takeaway is, in the words of Francis Ford Coppola, “failure is not durable.”
Success is rarely a product of beginner’s luck. Most often, success is the result born from perseverance through failure. To attempt, fail, learn, and attempt again will yield results. Procrastinating, promising yourself and others that “someday” you’ll deliver "perfection" is a holding pattern, nothing more. If you’re looking to get off the mental treadmill, see what it looks like to launch a crowdfunded HeroX Challenge. It might be a lot less daunting than you thought.