Over the past 5+ years,
ambitioning creatives and entrepreneurs have sought funding through a
historically different platform. In
2008, Time
Magazine titled the method ‘crowdfunding.’
Being that it’s not a new development, floods of campaigners have cast
their nets widely and indiscriminately.
Unfortunately this creates glut, distracting backers from finding
serious projects worthy of contribution.
So how does one grab attention quickly and effectively? It happens in the first 30 seconds. Kissmetrics
presents an infographic detailing the importance of a well-crafted video. The
first 30 seconds of any video set the tone and answer the question, “Why should
I keep watching this? Why should I care?” I bring up video in conjunction with crowdsourcing
because you cannot reach your full potential without it. Plain and Simple. A video is essential to your crowdfunding
success. It’s kind of like online dating. The ones who haven’t posted a picture are
quickly, if not instantly through search criteria, filtered out. It’s not important how I know this, only that
I do. Let’s just say that I’ve done my
research.
‘Net surfers lack the
patience for long, drawn out introductions and pitch feeds. If a campaign
doesn’t grab within the first 30 seconds, the audience will move on. This doesn’t mean a campaign isn’t any good, but
that the package lacked attractive wrapping and alluring accouterments - not to
be mistaken with frippery or ostentatious adornment. But the invitation for contribution must be
palatable and savory, at best. It’s the
first thing backers see. You only have
one chance to make a first impression, and so it better be solid – it better be
good. Here are some “goodness” rules of
thumb:
1.
Pick the Right
Platform.
Some of the crowdfunding
sites out there are: Kickstarter, IndieGoGo, Kiva, Peerbackers,
ChipIn, Sellaband, and Pledgemusic, to name a few. Each has its own unique niche. For example,
Kickstarter leads the pack with over $100 million in contributions towards
filmmaking alone. Peerbackers was created to help business owners garner funds for
startup or expansion costs, and Kiva works intercontinentally with microloans
to “help people create better lives for themselves and their families.” In
theory, all three could be tapped for, say, a documentary on the effects of
Kiva, empowered by a newly created small business venture. But Nicole
Fende on a podcast called, “SmallBizFinance,” suggests narrowly focusing your
campaign and driving it forward through strong marketing strategies. It’s important to research which option will
be the right fit for right now. Start
with one platform and diversify later, if need be.
2.
Research Other
Campaigns (competition).
There are 42 pages of
campaigns on Peerbackers; 5 categories of film and video on Kickstarter; and
Sellaband has helped over 80 artists or groups through more than $4 million
from investors. Crowdfunding is a big
deal – and a successful one at that.
Know what you are up against.
Listen, watch and research what already exists or has achieved success. The only way to stand out is to know where you stand – and what stands next
to you.
3.
Script. Plan.
Practice. Polish.
The newness of the
platform does not negate the need for quality and detail. Developing your presentation is no different
than preparing a pitch. Gordon
Firemark of Entertainment Law Update reiterates the importance of
preparation and due-diligence, saying:
“I am often consulted
by film and stage producers who tell me they are ready to start work on raising
the financing for their films/ plays/ musicals, or what-have-you, but often as
not, as we get to work, it becomes clear that they’re not as ready as they
think.” (Firemark, 2012)
Package yourself for
success. Assuming you take yourself and your
project serious, treat the preparation of your campaign the same. Remember: first impressions will never happen
again. Get it right the first time.
Additional Links of
Interest:
Sen. Brown Law Proposal:
Craig Newman: Crowdfunding
fraud??
Nat.l Endowment for the
Arts:
Film Crowdfunding Success:
Entrepreneur Magazine “How
To”:
Five Successful
Crowdfunding Campaigns:
Small Business Trends:
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