Crowdfunding - Lessons Learned

Download Crowdfunding - Lessons Learned

Post on 28-Jan-2015

103 views

Category:

Education

0 download

Embed Size (px)

DESCRIPTION

Follow me on twitter: http://twitter.com/blacktar for more - CC Attribution-NonCommercial License: You must attribute Vidar Andersen as author and provide a link back to this original Slideshare page if you want to use this presentation. Thanks.

TRANSCRIPT

<ul><li> 1. CROWD FUNDING LESSONS LEARNED BY VIDAR @BLACKTAR ANDERSEN VIDARANDERSEN.COM </li></ul> <p> 2. IM VIDAR ANDERSEN NORWEGIAN LIVING IN COLOGNE, DE SINCE 2005 PROFESSIONAL EXPERIENCE WORKING WITH F500 AND GOS SOLVING PROBLEMS WITH WEB/MOBILE TECH SINCE 1997 STARTUP FOUNDER &amp; ENTREPRENEUR (HITS &amp; MISSES) CORPORATE ENTREPRENEURSHIP CONSULTANT TO F100 CORPORATIONS THROUGH PLUSANDERSEN.COM EDUCATOR (STARTUP NEXT INSTRUCTOR, UNIVERSITY LECTURER ON STARTUP ENTREPRENEURSHIP &amp; CERTIFIED LEAN LAUNCHPAD INSTRUCTOR @ STANFORD) MORE: VIDARANDERSEN.COM 3. IVE BEEN AROUND AND MORE 4. I FOUND STUFF TOO 5. CERTIFIED LEAN LAUNCHPAD EDUCATOR @ STANFORD 2013 #PIXORITDIDNTHAPPEN 6. MY CROWD FUNDING EXPERIENCES #1 #2 7. NUMBER OF USERS ALL GERMAN NATIONAL PLATFORMS COMBINED ORDER OF MAGNITUDE BIGGER (AKA NUMBER OF READY WALLETS) 8. TRY #1 IPHONE APP AN INSTAGRAM FOR ONE SECOND VIDEOS 9. ONESEC HYPOTHESES IT IS POSSIBLE (FOR US - RIGHT NOW) TO CROWD FUND THE DEVELOPMENT OF AN IPHONE APP? IS THERE ANY INTEREST IN THE MARKET FOR THIS PRODUCT? HOW EFFICIENT IS OUR SOCIAL AND MARKETING REACH AND SKILLS? WHAT IS THE CONVERSION RATE FROM PUBLISHED STORIES ABOUT THIS? 10. ONESEC - VIDEOS THE APP SPOT HTTP://YOUTU.BE/9PJ4HKCRA3E THE CAMPAIGN VIDEO HTTP://YOUTU.BE/TGSH8EBY-YS $ 25 HTTP://YOUTU.BE/RR3MSVYNJW4 $ 500 (WE SOLD ONE!) HTTP://YOUTU.BE/HUQ2CHZ7MK4 $ 1.000 HTTP://YOUTU.BE/UQN2KY9REPA 11. #FAIL 12. #WIN ACQUIRED BY TWITTER IN OCTOBER 2012 FOR A REPORTED $30 MILLION 13. IDEAS ARE WORTHLESS EXECUTION IS EVERYTHING 14. STATS ONLY 8% OF GOAL REACHED GAZILLION HOURS WASTED 15. #FACEPALMIF WE WOULD HAVE INVOICED THE HOURS SPENT DOING CUSTOMER WORK INSTEAD OF RUNNING THIS CAMPAIGN WE WOULD HAVE MADE 10XOUR GOAL BUT: MADE THE FRONTPAGE OF INDIEGOGO TECH CAMPAIGNS FEATURED ON INDIEGOGO BLOG FEATURED ON DVICE FEATURED ON TREND HUNTER FEATURED ON BUZZ PATROL FEATURED ON GADGET EXPLORER PETE HATES MUSIC LOVES ONESEC FEATURED ON MOBILE DEVICE RUSSIA AND MANY MORE 16. TRY #2 I GET INVITED TO STANFORD TO SPEAK ABOUT THE COLOGNE STARTUP SCENE TO GET TAUGHT &amp; TRAINED BY STEVE BLANK AS A SCHOLARSHIP AND TO BRING BACK THE BEST STARTUP EDUCATION AVAILABLE TO COLOGNE, DE 17. HYPOTHESES CAN I GET THE MAJORITY OF THE STARTUP SCENE OF COLOGNE TO OWN A STAKE IN BRINGING BETTER ENTREPRENEURIAL EDUCATION TO COLOGNE? CAN I GET FRIENDS AND STRANGERS TO CO-INVEST AND SPLIT MY FLIGHT AND LIVING COSTS FOR THE? DURATION WITH ME? CAN I MAKE THIS A STORY BIGGER THAN MYSELF, ABOUT A LARGER GOAL? CAN I EMOTIONALIZE IT AND CONNECT WITH THE AUDIENCE? 18. HYPOTHESES CAN I GET THE MAJORITY OF THE STARTUP SCENE OF COLOGNE TO OWN A STAKE IN BRINGING BETTER ENTREPRENEURIAL EDUCATION TO COLOGNE? CAN I GET FRIENDS AND STRANGERS TO CO-INVEST AND SPLIT MY FLIGHT AND LIVING COSTS FOR THE? DURATION WITH ME? CAN I MAKE THIS A STORY BIGGER THAN MYSELF, ABOUT A LARGER GOAL? CAN I EMOTIONALIZE IT AND CONNECT WITH THE AUDIENCE? ES! 19. #EPICWIN 20. STATS 203,26% OF GOAL REACHED 12 HOURS TO MEET 100% GOAL RUNNING TIME 19 DAYS, 52 PLEDGERS 1,707 FACEBOOK LIKES, 243 TWEETS MADE INDIEGOGO GLOBAL HOMEPAGE 21. SO WHAT DID I LEARN? 22. ONESEC HYPOTHESES IT IS POSSIBLE (FOR US &amp; RIGHT NOW) TO CROWD FUND THE DEVELOPMENT OF AN IPHONE APP? IS THERE ANY INTEREST IN THE MARKET FOR THIS PRODUCT? HOW EFFICIENT IS OUR SOCIAL AND MARKETING REACH AND SKILLS? WHAT IS THE CONVERSION RATE FROM PUBLISHED STORIES ABOUT THIS? NO! YES! HORRIBLE! NON-EXISTING! 23. ONESEC CONCLUSIONS WE FAILED TO EXPLAIN THE PRODUCT WELL ENOUGH WE FAILED TO MAKE AN EMOTIONAL CONNECT WITH POTENTIAL USERS AND BACKERS WE FAILED TO IDENTIFY THE TARGET USER SEGMENTS AND MULTIPLIER GROUPS WE FAILED WITH TONGUE-IN-CHEEK, NO-BUDGET STYLE WHEREAS MORE SUCCESSFUL CAMPAIGNS USE BETTER STORYTELLING AND POLISHED VIDEOS 24. TRY #2 CONCLUSION COLOGNE LOVES STARTUPS! 25. CONCLUSIONS HAD A VERY CLEAR STORY HAD A VERY CLEAR WHY AND BUY-IN HAD A VERY CLEAR, LIMITED AUDIENCE HAD A MODEST GOAL TRANSPARENCY ON HOW EXACTLY THE MONEY WOULD BE USED HAD SOCIAL PROOF CLEARLY COMMUNICATED WHAT WOULD HAPPEN IF GOAL NOT REACHED PUSHED LIKE CRAZY - BEYOND UNCOMFORTABLE AND THEN SOME 26. LESSONS LEARNED THINGS TO CONSIDER FOR YOUR CAMPAIGN 27. SHOW THE PRODUCT MAKE PEOPLE UNDERSTAND THE PRODUCT MAKE PEOPLE UNDERSTAND &amp; FEEL WHY THEY WOULD WANT THE PRODUCT 28. FIND THE MULTIPLIERS WE FAILED TO FIND THE GROUPS OF PEOPLE AND CHANNELS OUTSIDE OF OUR FRIENDS, FAMILIES AND NETWORK OUTSIDE THE STARTUP WORLD WHO WOULD BE INTERESTED IN AND PASSIONATE ABOUT THE PROBLEM THE PRODUCT IS SOLVING ONCE WE HAD REACHED ALL OF OUR NETWORKS, THE CAMPAIGN STALLED 29. DO THE RESEARCH UP-FRONT, TEST AND FIND THE COHORTS AND CHANNELS, THE PEOPLE WHO YOUR PRODUCT AND MESSAGE WILL RESONATE WITH BEFORE LAUNCHING HAVE AN ACTUAL PLAN ON WHO TO MARKET IT TO, WHERE THEY ARE AND HOW TO BEST REACH THEM FIND THE MULTIPLIERS 30. STORYTELLING HAVE A STORY TO TELL, CREATE ONE - YOU NEED IT! ADD AS MUCH AS POSSIBLE TO THE STORY ABOUT WHATS IN IT FOR ME FOR THE USER, FOR THE BACKER: ONLY YOU MAKE IT HAPPEN IF YOU HELP MAKE THIS HAPPEN, YOU WILL BE ABLE TO DO X AND Y FOCUS ON THE EMOTIONAL APPEAL, THINK APPLE, THINK TITANIC 31. WHATS IN IT FOR ME EMOTIONALIZE IT MAKE THE BACKERS PART OF THE STORY / EXPERIENCE VISUALIZE IN IMAGES WHATS IN IT FOR THE BACKERS SHOW, DONT TELL 32. INCLUDE THE BACKERS REACH OUT TO THE PEOPLE WHO HAVE ALREADY BACKED YOU PUBLISH THEIR STORY ABOUT WHY THEY BELIEVE IN YOU MAKE THE STORY ABOUT SOMETHING BIGGER THAN YOURSELF AND THE APP KEEP BUILDING YOUR SUCCESS NARRATIVE, YOUR STORY AS THE CAMPAIGN MOVES ALONG 33. CONSEQUENCES CLEARLY COMMUNICATE WHAT IS GOING TO HAPPEN IF YOU FAIL TO RAISE THE GOAL AMOUNT PAINT A PICTURE OF THE CONSEQUENCES, HOW POOR AND SAD THE KITTEN WILL BE EMOTIONALIZE IT 34. WHEN &amp; HOW TO PUSH REACH MORE THAN $ 1.000 PLEDGED BEFORE PUSHING TO PRESS KEEP PUSHING PRESS ALTHOUGH THEY FIRST DONT REACT KEEP IT UP AND PING PRESS ON ANY UPDATES KEEP BUILDING YOUR MOMENTUM STORY 35. TRICKS PAY THE FIRST $ 1.000 YOURSELF, CONSIDER THE PAYPAL FEE MARKETING EXPENSES USED PAID MARKETING TO TARGET YOUR AUDIENCE AND DRIVE TRAFFIC TO CAMPAIGN YOU CAN ACTUALLY EXTEND RUNNING TIME OF CAMPAIGN BY CONTACTING INDIEGOGO SUPPORT BY MAIL 36. SO YOU GOT FUNDED - NOW WHAT? 37. AFTERMATH DELIVERING ON PERKS CAN BE A PAIN IN THE NECK AND A NASTY FINANCIAL SURPRISE BE VERY CAREFUL ABOUT HOW MUCH YOUR PERKS ARE GOING TO COST IN TIME AND MATERIAL TO DELIVER AND CALCULATE ALL THIS IN ADVANCE, ADD TO AMOUNT YOU ARE RAISING IF NEEDED KEEP PLEDGERS INFORMED IN THE TIME (YES IT IS GOING TO TAKE MUCH LONGER THAN YOU THINK) IT TAKES FROM YOU CLOSE TO YOU CAN FULFILL ON YOUR PLEDGERS PERKS BEST CASE, USE ONLY PRODUCT OR DIFFERENT VERSIONS AND AMOUNTS OF ITSELF AS PERKS OR IF NON-PRODUCT ONLY PERKS THAT DONT HAVE A LOT OF COST AND AFTERMATH LOGISTICS FOR YOU ATTACHED TO THEM ENCOURAGE PLEDGERS TO TAKE PICTURES OF DELIVERED PERKS AND SHARE THEM ON SOCIAL MEDIA - PICS OR IT DIDNT HAPPEN! 38. SO YOU DID NOT GET FUNDED - NOW WHAT? 39. SHIT HAPPENS - DONT TAKE IT PERSONAL 40. NOTHING VENTURED, NOTHING GAINED 41. LEARN, CHANGE, REPEAT 42. GOOD LUCK! TELL ME ABOUT YOUR CROWD FUNDING PROJECT VIDARANDERSEN.COM TWITTER.COM/BLACKTAR FACEBOOK.COM/BLACKTAR LINKEDIN.COM/IN/VIDARANDERSEN </p>