NYP, 29 April 2016

CROWDFUNDING

By Yuying Deng Co-founder Ideal Workspace

Email: yuying@idealworkspace.com Twitter: @yuyingdeng

“the practice of funding a project or venture by raising many small amounts of money

from a large number of people, typically via the Internet”

What is crowdfunding

Crowdfunding platforms

• Kickstarter

• Indiegogo / Generosity

• GoFundMe

• and many others…

5 necessary ingredients• Have the right product

• Be at the right stage

• Build your community before

• Get your pitch right

• Master the crowdfunding algorithm

Have the right product

• Mass market

• Priced below USD200

• “Cool” and “Wow” factor

Be at the right stage

• Proof-of-concept prototype

• Certification requirement

• Shortlist of manufacturers

• Manufacturing, shipping and tax cost estimate

• Timeline estimate

Build your community before

• 6 months preparation

• Landing pages with email collection

• Interact on social media and forums

• Run Facebook and Google ads

• Buildup excitement to launch

Get your pitch right • You have 2 seconds

• A great video is essential

• Get good photographs

• Tell your story

• Understand what your customers want to hear

• Approach the press

Master the algorithm• Structure your perks cleverly

• Time your launch

• First 48 hours are crucial - rally your troops

• Have a strategy for the mid-campaign slump

• Last 48 hours are crucial

We crowdfunded the Aspirus Smart Workstation on Indiegogo, raising 120% above our goal:

http://igg.me/at/aspirus