Raising Funding From Kickstarter (5 Lessons)
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Copyright 2014 Kevin Lehtiniitty. Do not distribute. Raising $500k on Kickstarter
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Brief talk for the Art and Design 326 course at the University of Illinois at Urbana Champaign. Talks about strategies for effective kickstarter campaigns including story telling, stretch goals, and making a better version of an every day product. Lessons: 1) Define success 2) Validate markets 3) Products not ideas 4) Redesign every day things 5) Use stretch goals
Transcript of Raising Funding From Kickstarter (5 Lessons)
Copyright 2014 Kevin Lehtiniitty. Do not distribute.
Raising $500k on Kickstarter
Copyright 2014 Kevin Lehtiniitty. Do not distribute.
Copyright 2014 Kevin Lehtiniitty. Do not distribute.
Killer Product Idea!
Create Campaign!
Spam Friends!
Profit???
Copyright 2014 Kevin Lehtiniitty. Do not distribute.
KPI: Easy Urban Farming!
CC: Kickstarter!
SF: Social Media!
Profit???
Copyright 2014 Kevin Lehtiniitty. Do not distribute.
Copyright 2014 Kevin Lehtiniitty. Do not distribute.
Lesson #1: !
Define what success means for you.
Copyright 2014 Kevin Lehtiniitty. Do not distribute.
276 backers !$62,867
Copyright 2014 Kevin Lehtiniitty. Do not distribute.
Average: $228!Most Backed: $245
Copyright 2014 Kevin Lehtiniitty. Do not distribute.
People are willing to contribute $200+!
Social media exposure of 5,500 people!
Tackling a problem worth solving
Copyright 2014 Kevin Lehtiniitty. Do not distribute.
Lesson #2: !
Use Kickstarter to validate markets and your idea.
Copyright 2014 Kevin Lehtiniitty. Do not distribute.
Tell a story!
Incentivize through rewards!
Spam everybody!
Use the momentum
Copyright 2014 Kevin Lehtiniitty. Do not distribute.
S: Organic food you can grow!
RW: Lower priced rewards!
SE: Social, PR, Email, Partners!
M: The Hacker’s Guide to Getting Press - Austen Allred
Copyright 2014 Kevin Lehtiniitty. Do not distribute.
Copyright 2014 Kevin Lehtiniitty. Do not distribute.
464 backers !$88,811
Copyright 2014 Kevin Lehtiniitty. Do not distribute.
Average: $191!Most Backed: $218
Copyright 2014 Kevin Lehtiniitty. Do not distribute.
168% backers!141% funding
Copyright 2014 Kevin Lehtiniitty. Do not distribute.
Lesson #3: !
Kickstarter is used to buy products, not fund ideas
Copyright 2014 Kevin Lehtiniitty. Do not distribute.
Find an object everybody uses!
Make a better version!
Keep rewards cheap!
Reward sharing!
Time stretch goals
Copyright 2014 Kevin Lehtiniitty. Do not distribute.
Copyright 2014 Kevin Lehtiniitty. Do not distribute.
4,242 backers !$168,289
Copyright 2014 Kevin Lehtiniitty. Do not distribute.
Lesson #4: !
Kickstarter rewards well designed every day product
replacements
Copyright 2014 Kevin Lehtiniitty. Do not distribute.
Copyright 2014 Kevin Lehtiniitty. Do not distribute.
Lesson #5: !
Use stretch goals when momentum drops
Copyright 2014 Kevin Lehtiniitty. Do not distribute.
Recap:!
1. Define success!2. Validate markets!3. Products not ideas!4. Redesign every day things!5. Use stretch goals
Copyright 2014 Kevin Lehtiniitty. Do not distribute.
@KevLeht!
http://kevinlehtiniitty!
