Inventors hoping to self-prototype an idea and market their new products often find themselves in the position of needing extra cash to help fund their ventures. For these new entrepreneurs, funding a project can mean soliciting friends, family, or local businesses, hat in hand, presenting your idea and hoping for a handout. With the growth of crowdfunding. Are you unfamiliar with fundraising?
What the hell is Crowdfunding?
Crowdfunding is a popular worldwide social media and marketing strategy now used by entrepreneurs and small businesses. It allows motivated people with ideas to raise financing from Internet sources willing to donate towards the idea. What do they get in exchange?: A piece of the action through equity investment. Where to Go
There are now hundreds of platforms through which you can pitch your idea, the most famous of which is Kickstarter, which is known for launching techie projects. Rising in popularity is Indiegogo.com, which has launched more than 45,000 campaigns and raises millions of dollars each month by the socially conscious set. It’s not as simple as posting your new product, however, and waiting for the money to pour in. Crowdsourcing requires stamina and strategy. Successful crowdfunding campaigns, which average 30 days in length, can take months to prepare.
Presentation of Quality
As you might expect, random visitors are not going to hand over money to just any idea. There needs to be a clear, concise, and persuasive presentation of your idea through video, illustrations, and text. If you are not fluent in online video production, there is a support system of video producers, editors, and other consultants available through sites such as CrowdCrux.com.
Crowdsourcing may even help you raise a “community” around your new product with which you may build engagement and accept ideas and feedback. As many inventors have learned, one way in which to fine-tune your idea is to get feedback from parties with an interest in your idea and knowledge of the concepts and science behind it. With potential funders, you may find both.
This is the super basics. If you and your invention idea are willing to explore all the possible next steps, then keep doing your homework and find out what avenues are best for you!