Is Your Invention Right for Crowdfunding?
By Emily Moorhead
You may be wondering whether or not your invention will find success through crowdfunding. Many different types of inventors and entrepreneurs have become funded through crowdfunding campaigns. Just because your invention may fit into a different category than other popular inventions that have been funded, does not mean your product can’t also raise money. Consider these few things to decide if your invention has what it takes to start a crowdfunding campaign.
A growing public interest
Of course, not everyone will automatically know of your product immediately. A growing public interest could increase your chances of raising funds. If you have already begun the process of informing the public on your invention, and have a good number of followers, you should consider crowdfunding. This process can happen slowly, but it is important to grow the public’s interest in you and your invention prior to creating a campaign.
You can do this by having members of your family and close friends spread the word about your product. Give them their own prototype if one is available. If you are not yet at the stage of having a prototype, make sure they are informed on all of the details your invention will have to offer if it becomes fully funded. If they like your idea they will be sure to share the information with people who are close to them.
Wide audience appeal
Many products that do well with crowdfunding appeal to a wide range of consumers. Pebble Time was a smart watch that was able to raise over $20 million through crowdfunding on Kickstarter. Many different types of consumers were interested in this type of technology, and were willing to give donations to make this smart watch a reality.
Even if you believe your product only fits a niche market, try to market your invention to appeal to a broader audience. Show the public why they would benefit from donating to your campaign, even if your product is not one that he or she is incredibly interested in. Give them other incentives such as being listed as a donor on your company’s website, or the ability to donate your product to someone in need.
Large social media following
An easy way to gain followers and interested donors is through social media. Many of the most successful crowdfunding campaigns gained a large social media following prior to launching their campaign. Many of their donations were received by individuals who followed them on different social media platforms, and were directed straight to the campaign page through links made in posts on various pages.
Before you can venture into creating your own crowdfunding campaign, you should develop a strong presence on social media sites such as Twitter, Facebook, and Instagram. Gain followers by sharing your invention’s posts to your own personal pages. You can even boost your posts with a set amount of money on sites such as Facebook.
You can’t let the fear of failing in your crowdfunding campaign keep you from trying to raise funds. All of the work and time you have put into your invention should also be put into your crowdfunding campaign. If you were able to obtain a growing public interest, a wide audience appeal, and a large social media following, then you could be ready to begin the development of your campaign. The obstacles in your way of receiving donations can be overcome, and you can be on your way to a positive crowdfunding experience.