What is Crowdfunding?
We had a drafting table in the basement when I was a kid. It was baby blue, cumbersome, the size of a compact car. I suppose my dad used it for work — mechanical engineering in the days before computers. What I remember most is that he used it to draw his inventions. Some of them were never realized beyond paper, others came to life in and around our home. Every once in awhile my dad would see something at the store or on TV, something he had invented years before. He would pull out his drawings, talk about his designs and what inspired them. So many great ideas, too many unfulfilled. I think my dad could have successfully marketed his inventions through the crowdfunding platforms available today. Crowdfunding is, according to Google, 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. Billions of dollars have been pledged toward millions of campaigns through websites like Gofundme, Kickstarter and Indiegogo. As a son frustrated for his father and a longtime DIY (do-it-yourself) gospeler, I’m a proponent of crowdfunding. Banks and businesses, especially the larger ones, like numbers and sure things. Numbers are important. Sure things don’t exist. Those who create know passion long before it makes sense on paper. Many have the drive to actualize their vision, but they need support of others who perceive value in what they are doing. That is the scenario well-suited to crowdfunding. There are a few points I feel responsible to clarify before continuing. Crowdfunding is not a replacement for traditional funding methods. Crowdfunding is not a get rich quick scheme, nor is it a vehicle to support your lifestyle. Lastly, raising funds involves risk and responsibility. Crowdfunding is no different on these points. Still interested? There are some things to consider before you sign-up and launch a campaign. Your project is a start-up; you’ll be in business if you succeed. Choose your best idea and clear your desk of the other stuff. Draft a business plan for yourself — short and to the point. You will be marketing yourself and your product. Your plan should include a strategy. Build your social network by searching out friends, family members and acquaintances. Crowdfunding, like most things in life, starts with who you know. Make a prototype, a demo, or some concept art. Don’t be afraid to spend a few dollars to polish up your image. Share your idea with others, approach people you deem smart and successful. Get feedback. See what you can put together. You’ll be armed and ready for a crowdfunding campaign after you check the above items off your to-do list.
