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The next thing that I want to talk about is crowdfunding. And if you're not familiar with crowdfunding
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such as with Kickstarter or with Indiegogo,
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it's essentially a platform that allows you to showcase your idea or your project and gathering people
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together who are interested in funding the end result.
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So on these websites people can pledge a certain amount that you define so that they can get certain
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perks and those perks or rewards can be anything from just a thank you note to a T-shirt with your brand
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on it or the actual product at the end which is usually the most popular.
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And anything to you know a personal a personal meeting with the founder et cetera.
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So the nice thing about crowdfunding as a idea of validation methodology is that it really gets to the
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crux of the problem.
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I.e. will people pay for your idea? And as much as it helps to gather information through looking at
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sign ups via landing pages or seeing if people will click on a buy button,
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there's nothing that tells you more about your idea than if people actually pull out their credit card
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and put it down to buy what it is that you're going to make.
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There is no better validation than that.
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So Crowdfunding is a huge topic and I think success in it takes a lot of preparation, probably a little
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bit more than just having a good idea.
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We're probably going to make a separate course just for this because as some of you guys know, we had
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a pretty huge crowdfunding effort last year and it went surprisingly well. And we just wanted to tell
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you guys about a few of things that we discovered along the way.
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And more of a systematic approach to how you actually go about creating a successful crowdfunding project.
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Everything from videos to drawing attention to how you list it to
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what are the setting of the dates and time.
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There's a whole load of factors around crowdfunding on Kickstarter and Indiegogo that we're probably going
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to dive into. Another 8 module or 50 hour kind of project
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I think it's going to be.
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But yeah if you're interest in that just hit us up over email or over Slack and we'll let you guys know once
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that's ready.
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But anyways back to the idea of using crowdfunding as an idea validation tool. Essentially you're looking
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at the big two which is Kickstarter or Indiegogo. Now
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they have now they have slightly different rules and slightly different use cases but for the most part
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Kickstarter is a slightly larger community so it has I would say more active users and more hits than
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Indiegogo on a daily basis.
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But Indiegogo has slightly more favorable rates especially after your crowdfunding event has ended. Now
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with crowdfunding you have a limited amount of time in which your project is visible and you can set
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that time.
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So it could be as long as you know three months or it could be as short as a week or two.
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And I think for Project validation something like about 30 days is probably ideal.
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The longer that you run your crowdfunding the more sleepless nights and constant caffeination you will
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have.
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So think about the toll on your team as well.
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But it's basically just a great place where you can make a video describing what your app does or what
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your or what your product does and then you know tell people what are the features, what are they going
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to get from it,
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what is it going to do for them i.e. the benefits.
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And then if people are interested in it, they can pledge and back for a number of rewards.
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So this is a currently active Kickstarter called the Beelinguapp
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I just found on the front page of Kickstarter and you can either pledge one euro for support or you
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can have a ad free version for 10 euros or some of the other pledges that you can look through.
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And they're doing relatively well. 8 days to go
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and they've raised €10,000.
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So I think looking at the percentage they're probably going to make it.
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And that means that you've got users from day one.
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And also you have the funds that enables you to take time out of work or work on this as a side project
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or being able to get a professional designer etc And you can set that goal to whatever you feel is necessary.
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Now we think that that goal shouldn't be too high.
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Don't be overly optimistic.
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Instead just put down whatever it is that you think you will need in order to get it done.
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And it is a great community actually
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Kickstarter there's a lot of really really awesome people on there who will cheer you on, who will be
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there for you
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you know even in the toughest of times. And we certainly had a lot of lows you know shipping shipping
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a physical product as is incredibly difficult actually.
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And there have been so many unexpected turmoils and I have to say you know our community of over 700
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backers have actually been a huge boon
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and you know every time we read a comment that is really supportive, it just cheers us up just a little
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bit
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and it really really is-- makes a world of difference for us.
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So yeah building that community about people with people who actually care for your product is another
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huge advantage.
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So in my opinion, if you're building an app or if you're building a product, running a crowdfunding project
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for 30 days is a really great way of testing the waters and seeing if people are actually willing to
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pay for the end product.
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So have a look at it,
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have a think about it and it does take a little bit of time to set up especially creating the videos
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and creating some of the assets.
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But as we said, we're currently planning on making a full course on this just because we learned so much
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during the four months that we did this that we want to share with you guys as well.
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Anyways have a look at Kickstarter, have a look at Indiegogo and if you are about to launch and if you
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are thinking about whether if your idea is going to work or if you want to validate the market then
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this is a great way of going about it.