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Random thoughts on Crowdfunding Success Long Term

If you are on a path to achieve the American Dream, there’s no doubt you will be buying products or selling your own products using crowdfunding in the future.

Here’s some random thinking on how to successfully use crowdfunding as an investor and an entrepreneur in the future.  Any others you can think of?

  1. The more specific you can be with how you are going to spend the money, the better.  Mushy = failure.
  2. Long run, nearly all products and services will be funded this way, so get good at it.
  3. Customer financing via early bird sales on tangible, yet to be released products works better than soft offerings.
  4. It can be used to expand a current, successful offering (bridge financing), but don’t ask for money to fund ongoing operations.  It has to offer a promise.
  5. It’s best used when selling something new or more of something customers already love.
  6. Your funders are a community.  They aren’t a crowd of anonymous nobodies.  IF you treat them that way, you will fail.  Treat them with respect as community that supports what you do = decades of success.
  7. Over the long run, your reputation is everything.  Right now, reputation systems are still in flux.  Soon, they will be set in digital stone.

 

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Discussion — 3 Responses

  • Edward Mulder November 14, 2013 on 8:33 pm

    Hi John

    You might have heard of this. There are a bunch of links at the bottom too.

    http://www.peers.org/

    Reply
    • John Robb Edward Mulder November 15, 2013 on 1:25 am

      I have. Have you participated? JR

      Reply
      • Edward Mulder John Robb November 15, 2013 on 4:40 pm

        I just signed up.

        Reply