We’ve been talking a lot about crowdfunding on this blog recently. It’s a vitally important new trend in business financing, and one that you cannot ignore. @CFSoftLaunch put out a great article recently along these lines that caught our eye. The tweet points us to an article which explains why crowdfunding campaigns fail. Take a look, read it carefully and be sure to account for these while planning your crowdfunding campaign.
https://twitter.com/CFSoftLaunch/status/441001188583297024
Nowadays, crowdfunding is a great fundraising tool. In fact, within a span of only five years, it has become one of the quickest and most efficient ways of collecting donations online.
Whether you’re a larger company a startup, a film producer or even a freelance author looking to publish your work, crowdfunding is for you.
Clarity, a San Francisco based marketing advice service along with Column Five Media, has put together an infographic to illustrate crowdfunding growth and a few facts about its future. The great infographic is at the bottom of this post.
High Tech investors and innovators use this fundraising tool to raise capital and spread the wealth. The crowdfunding economy is currently estimated at nearly two billion dollars. All this, because people are given a firsthand opportunity to learn about a product or service through quality videos and engaging campaigns, to help determine the overall appeal and value of the offer. The secret to the overwhelming success of crowdfunding is that we all enjoy giving feedback and sharing opinions with others.Crowdfunding is a social undertaking and if done right, everyone wins!
Take a look at how this fantastic video clearly outlines the aspects you’ll need to consider when setting up your crowdfunding campaign:
For more informative posts on crowdfunding check out our blog or visit us on Twitter @wizof_biz to get industry news and updates You can also ask the WizOf.Biz mentors about other fundraising strategies that can lead you to business success.
Continue thinking like an entrepreneur,
The WizOf.Biz team.
If you’re an expert, make sure you know what you know, or you just might be a victim of the Curse of Expertise – perhaps you think you know what you know, but don’t….
Think about it!
https://twitter.com/seriouspony/status/435512168272760832
Thank you Serious Pony for this amazing insight!
Crowdfunding, is one of the most popular ways to fund your project, small business or creative idea. Sites like RocketHub, Kickstarter and Indiegogo are sprouting up fast, but how can larger, enterprises use them to further their resources?
Increasingly big businesses use social media as a way to create a sense of community around their brand. Crowdfunding is quickly becoming an effective way for small businesses and enterprise level initiatives, to generate community involvement. Why? Quite simply it’s about the effective use of your most valuable and often overlooked asset; everyday people.
Why Should Large Companies Crowdfund?
1) Get It Out There: For starters, it’s an excellent way create a buzz around your product or service. If people are genuinely interested in what you’re selling.they will donate their time to your business. The good news, is that most online social software tools do not require financial commitment. They are put in place as a way to generate valuable data via platforms like Kickstarter and Indiegogo in order to get a better idea of what your audiences expect. It’s important to understand whether your concept is among the products and services that motivate people to take action.
2) Pay It Forward: Your crowdfunding campaign supporters will get an exclusive opportunity to interrupt firsthand with your product or service. Not only will you generate advanced financial returns and encourage participants to become eager guinea pigs willing to test out your concept but you will also encourage potential funders to access special features that are otherwise unavailable. This is bound to keep investors happy and willing to spread the word about your newest invention.
3) Keep Them Entertained: Don’t forget to keep the momentum going. Both existing and prospective clients enjoy being acknowledged and praised for their efforts. One way to do that, is to frequently update them about the status of your project. You can also provide occasional previews of upcoming features and discussions related to your product. What you’re doing is asking people to opt-in and continue spreading the news. Some great examples of tapping into your community include BarclayCard and U-Haul Investors Club.
4) Share Your Successes: People love knowing that they’ve contributed to something larger than themselves. Share your successes, talk about your failures and show your supporters the results you’ve been able to achieve as part of their contribution.
Crowdfunding is for everyone regardless of size or experience. When it comes to building a business community, it’s rarely just about cash flow. Enterprises often choose to do it in order to test market viability, as a way to garner support and secure the public’s commitment to the product or service and lastly and most importantly, to generate ongoing engagement with clients through shared successes.
Read more on the advantages crowdfunding brings to enterprises or visit us on twiiter @wizof_biz for more valuable tips and advice.
Mind Your Business,
The WizOf.Biz team.
“The term outsourcing has most commonly been associated with corporations, hiring workers overseas to lower the cost of making their goods” says CBC’s radio host Jian Ghomeshi. What if you could use outsourcing as a way of focusing on the more important things in life? New York Times economist Catherine Rampell argues that Outsourcing Your Way To Success, is not only possible but can also be necessary.
The idea is, that people should outsource more than just dog walking and cleaning. Take for instance John and Amy, a couple mentioned in Catherine’s essay. They are both PhD candidates who have found creative ways of paying someone else to do chores like cooking, IKEA furniture assembly, personal photo sorting and more.
Have a listen to Ghomeshi’s recent interview with Catherine Rampell to find out:
I think, that while not every phase of our lives can or should be outsourced there is certainly a place for doing so with tasks that you no longer enjoy or that have moved down on your list of priorities. While there are no guarantees, I am confident that both people and businesses alike, can potentially become more productive and thrive as a result of creative outsourcing.
We would love to hear your thoughts on this interview. How viable if at all, is this type of approach to outsourcing? Would you consider creative outsourcing for your business or everyday living?
For more interesting ideas on economic development check out economist Susan Athey from Stanford University. You can also read our post on the pros and cons of outsourcing. Or visit us on twitter @wizof_biz for engaging tweets on this topic.
Live, love, outsource and be happy,
The WizOf.Biz team.
This week’s tip comes from Dr. Jennifer Bennett who makes an important point about business. Businesses should learn to be themselves and be different from others. Don’t try to fit into the pack, stand out. As she says, people will notice, and that is of course what you want for your business.
Don't compare yourself to others…instead, be you, be different. Others will notice! #BusinessTips
— Dr. Jen Bennett (@DrJenBennett) February 11, 2014
Congrats Dr. Bennett
In life and in business, leadership is important. Whether it is leading our businesses, or leading our own lives, leadership skills are vital. Good leaders make all the difference.
Today’s tweet announces a wonderful opportunity to discuss leadership. Check out Fast Company’s upcoming discussion with authors Drake Baer and Faisal Hoque on Friday at noon. I doubt you’ll be disappointed.
This Friday at 12pm ET @faisal_hoque & @drakebaer join us to discuss what it means to be a great leader in 2014: http://t.co/WmP9Slan0M
— Fast Company Spotlight (@FastCoSpotlight) February 12, 2014