Crowdfunding: An Entrepreneurs Guide

Crowdfunding: An Entrepreneurs Guide by Bill Carmody, CEO of Trepoint

OCTOBER 17, 2016

About Bill Carmody & Trepoint

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INTRODUCTIONS

© 2016 Trepoint, Inc

Bill Carmody CEO, TREPOINT

The purpose of my life is to be an inspirational leader who solves problems and creates breakthroughs in myself and others.

The purpose of Trepoint is to deliver breakthrough marketing and innovation that is as powerful as the clients we serve.

A bit about me.

4© 2016 Trepoint, Inc

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INTRODUCTIONS

Meet Trepoint

Who are we?Trepoint is a boutique digital engagement agency with demonstrated capability across a variety of

industries spanning strategy through execution.

What do we do?

Setting up a Facebook page or building a web site is (relatively) easy. Creating an online experience

that serves as a true extension of your brand while aligning to your overarching business goals – not so

much. We design and execute digital strategies that enable brands to connect with consumers

throughout the customer journey in a meaningful, measurable and consistent way.

Why do we do it?

We believe that digital offers a greater opportunity than broadcasting your marketing message. We are

inspired by our desire to demonstrate the tangible impact of digital engagement to your bottom line.


NEW YORK KANSAS CITY SAN FRANCISCO

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INTRODUCTIONS

Some of Our Clients


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CROWDFUNDING

Agenda


Background on Bill Carmody

Crowdfunding Defined

Many Crowdfunding Platforms

Jamey Stegmaier: A Crowdfunder’s Strategy Guide

Workshop: What’s Your Big Idea?

5 Unalienable Truths about Crowdfunding

Definitive 12-Step Pre-Launch Checklist

Workshop: Plan of Action

Wrap Up and Next Steps

Crowdfunding Defined

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CROWDFUNDING DEFINED

What is Crowdfunding?

๏ In 2015, over $34 billion dollars were raised via crowdfunding which Wikipedia defines as “the practice of funding a project or venture by raising monetary contributions from a large number of people, today often performed via Internet-mediated registries.”



https://www.pinterest.com/2bis2pin/visuals-on-crowdfunding/


http://www.crowd101.com/list-crowdfunding-and-fundraising-websites/

Workshop: What’s Your Big Idea?

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5 Unalienable Truths about Crowdfunding

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JAMEY STEGMAIER’S 5 UNALIENABLE TRUTHS ABOUT CROWDFUNDING

#1 Community Building Is More Important Than CashJamey Stegmaier says:

“If your focus is on people, not on money, you will be significantly more successful — crowd precedes funding in crowdfunding.”


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#2 It’s Not Easy MoneyJamey Stegmaier says:

“For a successful project — or a mega-successful one — you will work harder than you ever have. If you don’t have much free time, running a crowdfunding campaign is extremely difficult.”


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#3 You Need a Polished, Tested Concept (Not Just an Idea)Jamey Stegmaier says:

“It’s great that you have a cool idea, and crowdfunding is the perfect place to gauge demand for a new innovation. But you need to actually design, develop, and prove that you have something worth people’s hard-earned funds before you launch the campaign.”


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#4 Making Something Awesome is ExpensiveJamey Stegmaier says:

“If you create something that’s awesome enough and price it fairly to compel thousands of people to pledge to receive it, the vast majority of the revenue will go toward actually making that awesome thing, not into your pocket.”


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#5 Crowdfunding is Just the BeginningJamey Stegmaier says:

“True crowdfunding success means funding something people continue to want even after the campaign ends. Do you want to make one product or launch an entire business?”


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INTRODUCTIONS

What Is One Thing About Crowdfunding You Didn’t Know or Expect?


Definitive 12-Step Pre-Launch Checklist

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29© 2016 Trepoint, Inc https://betterhumans.coach.me/how-to-make-sure-your-product-will-be-successful-before-you-launch-eea394ad2f00#.zf2f1xdfu

https://betterhumans.coach.me/how-to-make-sure-your-product-will-be-successful-before-you-launch-eea394ad2f00#.zf2f1xdfu

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JAMEY STEGMAIER’S DEFINITIVE 12-STEP PRE-LAUNCH CHECKLIST

#1 Start A BlogJamey Stegmaier says, “Focus on creating content that is interesting and useful to other people and write one to three entries per week for three months.”

Why?

๏ You must first build an audience before you can expect them to contribute ๏ A blog demonstrates your knowledge and expertise and helps people know you ๏ Before anyone invests in you, they first must know, like and trust you

Great Examples:

๏ http://www.kickstarterlessons.com ๏ http://www.riverpoolsandspas.com/pool-101-pricing ๏ http://www.billcarmody.com/blog ๏ http://www.inc.com/author/bill-carmody


http://www.kickstarterlessons.com

http://www.riverpoolsandspas.com/pool-101-pricing

http://www.billcarmody.com/blog

http://www.inc.com/author/bill-carmody

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#2 Hunt Down & Subscribe to At Least 20 BlogsJamey Stegmaier says, “Read them every day. Comment on at least one a day. Do not think of this as networking. think of it as reading about a subject you love and interacting with people who share your passion.”

Why?

๏ Discover what others are already talking about & what’s important to their readers ๏ Engaging in other communities is the surest way to build your own community ๏ 20 may seem extreme, but it forces you to get out there on a regular basis

Action Steps:

๏ Google search what blogs exist on your topic of interest ๏ Subscribe to at least 20 of the ones you find ๏ Reach each one every day and comment on at least one per day


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#3 Read Every Kickstarter Lesson on Jamey’s BlogJamey Stegmaier says, “Read every Kickstarter Lesson on my blog, listen to a number of Richard Bliss’s Funding the Dream podcast episodes, and read James Mathe’s blog about Kickstarter.”

Why?

๏ What you don’t know WILL hurt your chances of success ๏ Reading these Crowdfunding resources will enlighten and guide you ๏ There’s no reason to “pioneer” what others have already figured out for you

Action Steps:

๏ Get reading on http://www.kickstarterlessons.com ๏ Listen to https://itunes.apple.com/us/podcast/funding-dream-on-

kickstarter/id478958956?mt=2 ๏ Read more on http://www.jamesmathe.com/category/kickstarter/


http://www.kickstarterlessons.com

https://itunes.apple.com/us/podcast/funding-dream-on-kickstarter/id478958956?mt=2

http://www.jamesmathe.com/category/kickstarter/

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#4 Back 10 to 20 Crowdfunding ProjectsJamey Stegmaier says, “Back ten to twenty crowdfunding projects and read every update in real time, taking note of when you reach the point at which you have the intense desire to unsubscribe. According to statistics pulled form John Coveyous’ extensive Kickstarter data mining, you chance of successfully funding your first project if you’ve backed only one project is 23%. If you’ve backed between eleven and twenty-five projects, you chances nearly doubles to 55%”

Why?

๏ Think of it as the best research money can buy; now you know what to expect ๏ By seeing what others are doing, you can improve your own project ๏ By backing other people’s projects, you’re much more prepared for your own project

Action Steps:

๏ Start by looking up projects you actually are interested in ๏ Make sure they are both inside and outside your industry focus ๏ Keep track of who’s doing it right and what is so special about it


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#5 Add Daily Value to Something Important to a StrangerJamey Stegmaier says, “Add value to something that’s important to a stranger every day, for at least two months. share a crowdfunding project you love. Be active and positive on a message board or comment section. Send a message to a project creator and tell her what you love about what she’s doing. Proofread and offer feedback on another crowdfunded’s preview page. Contribute to a conversation on the Kickstarter Best Practices Facebook group. Play-test someone else’s game. Do all these things without asking for anything in return or even mentioning that you are working on your own project.”

Why?

๏ In life, you MUST make deposits before you can ask for withdrawals ๏ Put the laws of reciprocity to work for you and your project ๏ Build goodwill now so that your community gets to know, like and trust you

Action Steps:

๏ Make a list of all the awesome sauce you can deliver ๏ Pick one a day and schedule it / add it to your calendar ๏ Do this for 60 days and watch the magic happen in your life


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#6 Create a Spreadsheet of At Least 10 Successful ProjectsJamey Stegmaier says, “Create a spreadsheet of at least ten successful crowdfunding projects that are similar to your project to compare them with one another.”

Why?

๏ It helps to break each project down to wrap your head around what works best ๏ Putting the projects on paper will give you crisp insights ๏ Analysis is only effective when you have multiple examples to draw from

Action Steps:

๏ Make a list of 10 or more successful projects similar to your project ๏ What appears to be the drivers of success for each project? ๏ Provide key data points for each project to build your spreadsheet


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#7 Create an Extensive Budget for Your ProjectJamey Stegmaier says, “Create an extensive budget for your project, factoring in a number of different outcomes and what they mean for production and shipping. This step is where you need to figure out how you’re going to ship your product around the world in a way that is efficient and cost-effective for you and your backers. Don’t wait to do this after your project has funded or launched.”

Why?

๏ Prices will change based on different factors such as volume and shipping options ๏ You need to prepare for different outcomes and know the finances needed ๏ By NOT doing this, you risk running into post-launch financial challenges

Action Steps:

๏ What are the 3 to 5 biggest factors that impact your budget? ๏ Map out each scenario to determine financial impact ๏ Create contingency funding options based on these options


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#8 Pay a Professional Artist for Eye-Catching ArtJamey Stegmaier says, “Pay a professional artist and designer to create some really attractive, eye-catching art to show off on your project page. Find an artist you love and pay him. Don’t go cheap on art. Make sure that art is actually good by seeking feedback from people who don’t care at all about your feelings (i.e. not your friends or family).”

Why?

๏ Great art and illustrations make you look professional ๏ A picture says a thousand words and a great picture will help you sell ๏ Your idea must come alive and jump off the page to be successful

Action Steps:

๏ Identify the most important point or aspect of your project ๏ Sketch out or describe what you need illustrated ๏ Ask your community to provide candid feedback


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#9 Send Out Samples of Your Product to High Impact BloggersJamey Stegmaier says, “Send out samples of your product to several high-impact bloggers, podcasters, or YouTube channels. For game creators, this means sending full game prototypes. Don’t send the samples out of the blue — send them only to people you’ve been a fan of for a while and have interacted with in some context.”

Why?

๏ Influencers who already are aware of you will give you great feedback ๏ If they fall in love with your product, they will help you promote it when launched ๏ Think of high impact bloggers as your echo chamber / ripple effect

Action Steps:

๏ Make a list of the high impact bloggers in your industry ๏ Get to know as many of them as you can (by engaging them) ๏ Ask them if it would be okay to send them a sample & do it


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#10 Share Your Project Preview Page with At Least 20 PeopleJamey Stegmaier says, “Share your project preview page with at least twenty people, asking for their feedback. Ask three specific questions and two open-ended questions. If there are consistencies in the answers you get, pay really close attention and do something about it even if you disagree.”

Why?

๏ You are too close to your own project; you need an outside perspective ๏ Consistent feedback tell you that your message isn’t landing and how to fix it ๏ Much better to fix the problems before you launch then afterwards

Action Steps:

๏ Make a list of 20 people who will give you honest / candid feedback ๏ Ask them if they will spend 5 minutes reviewing what you’ve built ๏ Don’t fight any feedback given; instead, seek to understand


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#11 Send Out Personalized Press Releases to 15 to 20 BlogsJamey Stegmaier says, “Send out personalized press releases to fifteen to twenty blogs and relevant news outlets at least one week before your project launches.”

Why?

๏ You want your biggest industry influencers to know what you’re up to ๏ Personal isn’t “Dear [Name]”, it’s a custom video or tailored message ๏ Taking the time to show you know a top blog / relevant site, they will notice you too

Action Steps:

๏ Make your key influencer and industry media list ๏ Build custom messages and/or video speaking to why they should care ๏ Follow-up if you don’t receive an acknowledgment or response


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#12 Clear Your Schedule for Launch DayJamey Stegmaier says, “Clear your schedule for launch day so that you can spend all day sending personal invitations to share your dream with your friends and family and respond to individual backers as they pledge.”

Why?

๏ Launch day is your most important day; it’s all hands on deck ๏ When you’re not responding to questions, you’re making sure your audience

knows ๏ You don’t get a second chance to make a first impression

Action Steps:

๏ Block off your launch day and keep it blocked ๏ Pull in your friends and colleagues who are willing to help you ๏ Be ready for whatever your community asks you to do that day


Workshop: Plan of Action

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Wrap Up & Next Steps

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Thank You

Trepoint.com

http://trepoint.com

https://www.facebook.com/Trepoint



















https://twitter.com/TrepointTweets



















https://www.linkedin.com/company/trepoint



















Crowdfunding: An Entrepreneurs Guide

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