Kickstarter and Indiegogo are huge because they help people creating new gadgets, literary works, music, movies and other great products through crowdfunding project. Form Braille labeler to feature movie about influential writer Ursula K. Le Guin, crowdfunding websites can pave ways for creative people to make their dream projects available for everyone. However, with thousands of projects and proposals that pop out in Kickstarter and Indiegogo every year, many projects are just unable to make the cut.
Daniel Cooper, a tech writer with educational background in intellectual property law, perfectly described 5 reasons why a crowfunding project proposal cannot be brought into fruition. Pay attention to these if you plan to bring your creative plan in crowdfunding platform.
Things to Avoid in Crowdfunding Project Proposal
Are you thinking of promoting your project in crowfunding platform? Dreaming of making it big and even retiring early with your creative projects? Not so fast! Here are 5 top reasons that can make your project stumbles:
There are thousands of other projects
Many people can have similar ideas, but this also means that there will thousands of projects that share similarities with yours. This kind of project is the one that has low success level, because there is nothing new to offer. The competition level is too high, but there is little chance to win
Your fail to guess what the audiences want
Understanding the customers is one of important strategies in business, and this should apply to crowdfunding project, too. This is why you often see seemingly-cool projects that fail to get funded. They may seem nice on paper, and they look cool to share online, but it does not mean that people actually want the projects to be real. Since crowdfunding urges people to stick together and pay for a project, failure to understand what they want will make your project goes down.
Nobody close to you that likes your project
Some people think that approval from the closest family members and friends is not something important when following one’s own dream. However, the closest people to you can be good start in seeing how your project funding will happen. You will find relatively small difficulties in getting them to try your prototype, and they will be more likely to give honest opinions.
You fail to see the possibilities of cheap mass production
There are many projects that look good in the proposal, but later fail to go into fruition because the makers fail to see the effective way to produce it in mass. This is often obvious in high-tech projects, which look very cool as proposal, but very expensive to produce for the mass.
You brag about “not needing anyone’s money”
This may sound meager, but in this era when offhanded remarks in an interview or blog post can be shared easily and change people’s opinions about you. Crowdfunding platforms have now been used by companies to do promotion, but the big corporate personality can sometimes show up. Stating that you “actually don’t need crowdfunding to success but I did it anyway” can hurt your reputation and make people think twice to back you up.
In the end, your failure in crowdfunding project can happen not just from lack of money and promotion, but also from matters related to communication and failure in planning.