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Crowdfunding
WYNTK
* (what you need to know)
Hands-on
For Entrepreneurs
48-West , 16 February 2013 CJ Cornell – Propel Arizona
10+ companies
$250M Funding 4 Exits (great !)
$3B Revenues 4 Failures (awful !)
Lots of lessons. Chaos, Pain and Joy.
‘Serial/Parallel Entrepreneur”
EIR, Venture Partner
Angel Investor
5 Companies 9 Boards
3,000 Tylenol Caplets. Ego and Brain Atrophy.
Investor/Venture Capitalist
Professor of Digital Media & Entrepreneurship
Arizona State University, SJSU, Stanford (Lecturer)
New York Institute of Technology
Knight Center for Digital Media Entrepreneurship
Research in digital media, behavior, entrepreneurship
University Professor
Advisor/Mentor, Author etc.
ASU – Skysong, Venture Catalyst, RSS etc
Arizona Commerce Authority / Venture ready
Arizona Innovation Challenge
Book: Age of Metapreneurship. Blog/Articles
CJ Cornell
@cjcornell
cj@cjcornell.com
Crowdfunding
Workshop
Agenda
1. Crowdfunding overview
2. Crafting the Idea and Campaign
3. Preparing the Visuals
4. Perks and rewards
5. Running the campaign
6. Success factors
www.propelarizona.com
What is
Crowdfunding?
… and why should you care?
The Funding Gap
Concept to Product to Growth
Concept to Product to Growth
$ $ $
$
Concept to Product to Growth
$
Entrepreneur IPO
Concept to Product to Growth
$
Entrepreneur IPO
$
Entrepreneur IPO
$
Venture
Capital
The Kauffman Index of Entrepreneurial
Activity is a leading indicator of new
business creation in the United States.
In 2012 - The state with the HIGHEST level of
Entrepreneurial Growth was …
Arizona.
# 1 in Entrepreneurial Growth
# 46th in Venture Capital $
Concept to Product to Growth
$
Entrepreneur IPO
$
Entrepreneur IPO
$
Venture
Capital
$
Entrepreneur IPO
$
Venture
Capital
$
Angels,
accel & incub
The Series-A Crunch
The Series-A Crunch
Source: Pitchbook
The Series-A Crunch
The Series-A Crunch
Propel Arizona - Practical Crowdfunding Workshop
Propel Arizona - Practical Crowdfunding Workshop
Propel Arizona - Practical Crowdfunding Workshop
Propel Arizona - Practical Crowdfunding Workshop
Source: http://theyec.org/making-sense-of-the-jobs-act-and-crowdfunding-infographic/
Concept to Product to Growth
$
Entrepreneur IPO
$
Venture
Capital
$
Angels,
accel & incub
Crowdfunding
$
$
Concept to Product to Growth
$
Entrepreneur IPO
$
Venture
Capital
$
Angels,
accel & incub
Crowdfunding
$
$ Crowdfunding
$
Concept to Product to Growth
$
Entrepreneur IPO
$
Venture
Capital
$
Angels,
accel & incub
Crowdfunding
$
$ Crowdfunding
$ Crowdfunding
$
Concept to Product to Growth
$
Entrepreneur IPO
$
Venture
Capital
$
Angels,
accel & incub
Crowdfunding
$
$ Crowdfunding
$ Crowdfunding
$ Crowdfunding
$
Crowdfunding
Soliciting & Collecting relatively small amounts
of money (“funding”) from a large number of
people (“crowd”)
WYNTK
(what you need to know)
http://blog.intuit.com/trends/crowd-power-what-is-crowdfunding-infographic
“
Crowdfunding is a term used to describe individuals
coming together to support – and directly fund
projects by other individual and organizations.
“
• Source – http;//crowdfunder.com
• Source – http;//crowdfunder.com
Equity Crowdfunding
(aka Investment)
Propel Arizona - Practical Crowdfunding Workshop
Propel Arizona - Practical Crowdfunding Workshop
5 APRIL, 2012 (AND … AUGUST 2012, DECEMBER 2012 …)
Jumpstart Our Business Startup
ACT, Title III (JOBS Act).
Equity Crowdfunding - JOBS
• Eliminates ban on general solicitation and general advertising in connection
with private offerings to accredited investors under Regulation D (Rule 506) and to
qualified institutional buyers under Rule 144A.
• Exemption from Securities Act registration “crowdfunding” transactions
(involving access to small amounts of capital through the internet).
• Exemption to allow issuance of up to $50 million of securities in any 12-month
period, up from the current $5 million threshold
• An increase in the number of shareholders a company may have before being
required to register its common stock with the SEC and become a public reporting
company from 500 to 2,000 total shareholders (including up to 500
“unaccredited” shareholders)
• Amount each person may invest in offerings of this type, tiered by the person's net
worth or yearly income.
http://www.pepperlaw.com
www.propelarizona.com
WYNTK
(what you need to know)
BEFORE - (SEC “Reg D” Rule 504, 505, 506, 144a) … Since 1933
– 35 Unaccredited Investors (max), Unlimited Accredited
– 500 Shareholders (max)
– $1M max per 12 months, or $5M+ w/Reporting & restrictions
– No “General Solicitations”
AFTER - (JOBS Act) … 2012/2013, maybe
– General Solicitations – to accredited investors
– 35 Unaccredited Investors (max), Unlimited Accredited
– 500 Shareholders (max)
– $1M max per 12 months, or $5M+ w/Reporting & restrictions
– No “General Solicitations”
But,
if you think the JOBS act
moves the SEC into
the 21st century …
SAN FRANCISCO, Dec 6 (Reuters) - Netflix Inc said on Thursday
securities regulators warned they may bring civil action against the
company and its chief executive for violating public disclosure rules with
a Facebook post …
Fraud, Deceit, Scamming Widows,
Retirees and Helpless Babies.
Fraud?
• Case One: Australia – Equity Crowdfunding
• The Australian Small Scale Offerings Board (www.ASSOB.com.au), founded in 2007, is the largest investment crowdfunding
platform in Australia and one of the largest in the world. It is an equity crowdfunding platform that has successfully served
both accredited and non-accredited investors since its inception over 5 years ago, raising $130,409,669 since 2007. 132
companies have been funded to date and not a single case of fraud has been reported. ASSOB operates within the current
securities structure in Austral
• Case Two: UK – Equity Crowdfunding
• Crowdcube (www.crowdcube.com) is the largest equity-based crowdfunding platform in the UK has been operating since
February 15, 2011 with no reported fraud. Crowdcube operates within the current securities framework within the UK and
allows issuers to raise equity capital using an online portal.
• 29 pitches have been funded with £4.25M. Average raise is £146,552. Average equity given up is 16%. Average numbers of
investors is 63. Average days to fund are 51. Average age of entrepreneur is 40 and total number of registered investors is
24,023. No fraud has been reported.
• UK based, Funding Circle (www.fundingcircle.com) was founded in 2010. It is an online marketplace enabling savers and
investors to sidestep banks and directly lend to small businesses. Funding Circle differs from other lending platforms in that
it facilitates loans to businesses, rather than consumers while also proving easy access to investors’ money at any time. It
provides low cost finance for small, UK firms frustrated by the loan terms offered by the
http://www.crowdfundcapitaladvisors.com/resources/26-resources/120-crowd-detects-fraud.html
Fraud?
• Case Four: US - Fraud Derailed
• An example of fraud that was derailed on a portal is a campaign on Kickstarter called
Mythic. FromTechdirt.com:
• “A recent video game project on Kickstarter that turned out to be fake. As BetaBeat reports, the
crowdsourcing scam was exposed by a crowdsourced investigation:
• ... a campaign for an action video game, MYTHIC: The Story Of Gods and Men, has just been busted by
forum users at Reddit, SomethingAwful and Rock, Paper, Shotgun. The creators claimed to be an
independent studio, “Little Monster Productions,” of 12 industry veterans in Hollywood. “Our team has
done a significant amount of work on the World of Warcraft series as well as Diablo 2 and the original
Starcraft,” says the project page.
Bull____, said the Internet. Turns out the art was cribbed, the text for backer rewards was copied and
pasted from another Kickstarter project, and even the office photos were from another game
studio, Burton Design Group.
• When people brought their accusations to the Kickstarter comments, the developers made a few weak
attempts at deflection then quietly shut down having raised just under $5,000 (far short of their goal, so
that money won't actually be released). With Kickstarter gaining more attention every day, we're sure to
see more attempts at scams—and maybe even some successes—but with a savvy community that polices
itself like this, the scammers face an uphill battle.”
http://www.crowdfundcapitaladvisors.com/resources/26-resources/120-crowd-detects-fraud.html
Propel Arizona - Practical Crowdfunding Workshop
Bull____, said the Internet. Turns out the art was
cribbed, the text for backer rewards was copied and
pasted from another Kickstarter project, and even the
office photos were from another game studio, Burton
Design Group.
http://www.crowdfundcapitaladvisors.com/resources/26-resources/120-crowd-detects-fraud.html
Propel Arizona - Practical Crowdfunding Workshop
• Equity Crowdfunding - not in the USA (yet)
• JOBS act (April 2012) technically enables CF – but has
not yet been approved by SEC.
• No documented fraud in USA or other areas.
• Equity CF is for “high growth companies” seeking
significant funding from experienced investors
• Will dramatically change in 3-5 years (CJ prediction)
www.propelarizona.com
WYNTK
(what you need to know)
Real Crowdfunding –
that works.
Today
“THE KICKSTARTER MODEL”
Rewards-based, Donation Crowdfunding:
Propel Arizona - Practical Crowdfunding Workshop
Propel Arizona - Practical Crowdfunding Workshop
Propel Arizona - Practical Crowdfunding Workshop
ALL OR NOTHING
Perks &
Rewards
Updates (and Blogging)
Updates (and Blogging)
Comments & Engagement
Kickstarter (2012)
2.2 million people pledged a total of
$319,786,629
(up 221% from 2011)
Backers pledged $606.76 per minute
People in 177 countries backed a project in 2012
(That's 90% of the countriesin the world)
Source: http://KickstartersHQ.com
WHY …
Do people Crowdfund?
Propel Arizona - Practical Crowdfunding Workshop
Lessons from Ethan Mollick’s “The Dynamics of Crowdfunding: Determinants of Success and Failure”
3 Why’s: 1. They connect to the greater
purpose of the campaign
2. They connect to a physical
aspect of the campaign like the
rewards
3. They connect to the creative
display of the campaign’s
presentation
three main reasons why
people unconnected to a
project or business would
support it:
What Is Crowdfunding And How Does It Benefit The Economy - Forbes
http://www.forbes.com/sites/tanyaprive/2012/11/27/what-is-crowdfunding-and-how-does-it-benefit-the-economy
The Real
(Crowdfunding)
Why’s
• Passion
– For the technology
– For the industry
– For the cause
– For the product
• Affinity
– For the Entrepreneur
– For the region, industry etc
• Connection
• Every reason BUT R.O.I. …
emotional ROI.
Not financial ROI
WYNTK
(what you need to know)
Crowdfunding is about …
(when crowdfunding …)
“its not what you do,
but why you do it,”
WYNTK
(what you need to know)
http://www.kickstarter.com/projects/1104350651/tiktok-lunatik-
multi-touch-watch-kits
Propel Arizona - Practical Crowdfunding Workshop
http://trendwatching.com/trends/infographics/presumers/
“Consumers who want products before they are
developed”
Pre-orders
Early adopters
Supporters
UH OH …
The Kickstart Model..
Propel Arizona - Practical Crowdfunding Workshop
Propel Arizona - Practical Crowdfunding Workshop
1. Crowdfunding = New “1st Money” for ventures
($10k - $50k average– but wild exceptions)
2. Equity Crowdfunding is Still Far away
3. Rewards based Model IS Crowdfunding today
4. All or Nothing Crowdfunding – Standard
5. Perks and Rewards: Pre-order Crowdfunding
6. Social Media & Content Intensive
www.propelarizona.com
WYNTK
(what you need to know)
What does success
look like?
• The iPhone-friendly Pebble watch earned $7.6
million more than its $100,000 goal.
• And the Galileo iPhone platform closed its
Kickstarter campaign at $702,000, far
surpassing its $100,000 goal.
• Ouya raised $2 million in one day for a new Android gaming
console (it’s raised more than $5 million to date),
• the Nifty MiniDrive, external memory for Apple MacBooks.
The tiny storage company is more than 2,000% above its
$11,000 goal with 15 days left in the campaign.
What do successful
campaigns have in
common?
http://www.kickstarter.com/projects/hop/ele
vation-dock-the-best-dock-for-iphone
Projectio
http://www.kickstarter.com/projects/1209578799/projecteo-the-tiny-instagram-projector
http://www.kickstarter.com/projects/mikebond/ti2-sentinel-titanium-cache?ref=home_popular
http://www.kickstarter.com/projects/poots/kingdom-death-
monster?ref=home_popular
http://www.kickstarter.com/projects/smartthings/smartthings-make-your-
world-smarter?ref=category
http://www.kickstarter.com/projects/thejumpshot/jumpshot-a-new-weapon-to-
battle-pc-frustration?ref=category
http://trendwatching.com/trends/infographics/presumers/
Successful campaigns took an average
11 days preparing for their launch.
http://blog.indiegogo.com/2013/01/12-insights-for-2012.html
Campaigns ran an average 49 days in
2012, as opposed to 60 in 2011.
Successful campaigns fundraised for
39 days.
Crowdfunding Myths & Mistakes
• Myth #1: If You Build It, They Will Come
• Myth #2: Cash is Free
• Making it about you
• Unrealistic Expectations
• Lack of clarity
• No call to action
• Expecting to be found: (No Marketing)
• Ignoring Small Donations/Donors
http://kickstartershq.com/articles/5-project-crushing-kickstarter-mistakes-how-to-avoid-them
http://www.crowdsourcing.org/document/3-big-crowdfunding-myths-via-funderhut/23804
www.propelarizona.com
WYNTK
(what you need to know)
Successful Crowdfunding
Campaigns Focus on
The new 4 P’s …
the
1.
the
2.
the
4.
the
3.
focus on “them” –
not your company
WHO are they?
What motivates them?
Interests, Values …
the
1.
The new 4 P’s of
Crowdfunding ..
www.propelarizona.com
the
2.
You are pitching to “them”
TELL A STORY !!
WHY is more important than $$
VIDEO(s) & VISUAL(s)
Tell the story in small ‘chapters’
VIDEO(s) & VISUAL(s)
And even smaller “sound bites”
Give them a Story they
can tell to others.
the
3.
$$ Value is a negative driver !
UNIQUE
It’s about THEM
EXCLUSIVE
And what is important to “Them”
FIRST
Make sure it is …
BUZZWORTHY
the
4.
It’s a daily/hourly effort …
SOCIAL MEDIA
It’s a conversation …
UPDATES, BLOGS, NEWS
Provide Value, and Talking Points
RE-POST, TWEETable
It’s about … for their network
VALIDATION & EVIDENCE
Crafting a
Successful
Crowdfunding Campaign
Some initial rules ….
1. Crowdfunding takes work, new skills.
2. It takes a strategy, and preparation.
3. The rules are different.
4. You can’t just post and run …
5. It’s a public success or failure – that “stays on
your resume”
www.propelarizona.com
WYNTK
(what you need to know)
Components
of a
Crowdfunding Campaign
 Title & Short Description
• (repeatable & compelling)
 Long Description (“The Pitch”)
• Make it a story … about “them”
 Visuals: Video, Photos, Images
 Team, Deliverables, Details
 Perks & rewards
 Funding Goals: Amount and Timeframe
 Updates & SOCIAL MEDIA CAMPAIGN
• Repeatable Messages
• Daily “routine”
• Traditional marketing too
Crafting the “Pitch”
First: Who What Why When …
• The 3 Who’s:
– Who are the donors? (affinity & passion)
– Who is benefits? (the market)
– Who are you?
• The 3 Why’s
– Why would your donors care?
– Why does the market care?
– Why are you the right team to do it?
First: Who What Why When …
• What is your project & goal?
– Understandable & Simple
– Compelling & Intriguing
– Repeatable & Memorable
• How and When
– How will you achieve your goal? Realistic?
– When, after funding? When will I get my perks?
Other Tips
• Tell a story
• Make it about them
• The History of the idea is intriguing
• What is the Impact? – why is this important?
• Try a FAQ
• Call to action – get them involved!
Exercise –
Craft the Pitch
Crafting your Pitch
Title & Short Description
•(repeatable & compelling)
Long Description (“The Pitch”)
•Make it a story … about “them”
Visuals: Video, Photos, Images
Team, Deliverables, Details
Perks & rewards
Funding Goals: Amount and Timeframe
Updates & SOCIAL MEDIA CAMPAIGN
•Repeatable Messages
•Daily “routine”
•Traditional marketing too
Tell a story
Make it about them
The History of the idea is intriguing
What is the Impact?
Why is this important?
Try a FAQ
Call to action – get them involved!
The 3 Who’s:
Who are the donors? (affinity & passion)
Who is benefits? (the market)
Who are you?
The 3 Why’s
Why would your donors care?
Why does the market care?
Why are you the right team to do it?
What is your project & goal?
Understandable & Simple
Compelling & Intriguing
Repeatable & Memorable
How and When
How will you achieve your goal?
Realistic?
When, after funding?
When will I get my perks?
Propel Arizona - Practical Crowdfunding Workshop
Pitch Notes - 1
• Who (donors, market)
• “Why” – the story
• Impact (on the market)
• Impact (on the donors)
Pitch Notes - 2
• Story, and History …
• FAQ
• Perk Ideas (what’s important to donors)
• Calls to Action
Visuals
The Importance of Visual Media
• 64% of successful campaigns in had pitch videos.
• Campaigns with videos under 5 minutes were 25% more likely to reach
their goal than those with videos that were longer.
• Average campaign video length for campaigns was 3 min, 27 seconds.
Campaigns that reach their goal are 16 seconds shorter.
• On average, successful campaigns uploaded 6 media to their gallery.
• http://blog.indiegogo.com/2013/01/12-insights-for-2012.html
Perks & Rewards
Propel Arizona - Practical Crowdfunding Workshop
Directed by
Patrick Million
Executive Producer
CJ Cornell
a Patrick Million FILM
American Grandmaster
Rewards Crowdfunding
• Incentives & perks
• Pre-Orders
• Pre-Sumers
• Market Validation
Propel Arizona - Practical Crowdfunding Workshop
Rewards don’t have to worth $$
Propel Arizona - Practical Crowdfunding Workshop
• $25 perk is the single most claimed perk,
representing nearly 25% of all perks that are
selected.
• While the $25 dollar perk is only responsible
for raising 11% of total funds.
• $100 perks raise more money than any other
perk price and make up nearly 30% of total
funds. A $100 perk combined with the next
three perk price points: $50, $500, and $1000
makes up about 70% of total money raised by
perks
Propel Arizona - Practical Crowdfunding Workshop
some
Rules for Rewards
1. Make perks unique &
exclusive
Avoid T-shirts, Mugs & Hugs
2. Target them
3. Give them a
connection
“The
Cocktail Party
Effect”
“The
Restaurant
Effect”
“The
Carey School
Effect”
The less tangible the perk,
the more public (visible) &
EXCLUSIVE it needs to be.
Propel Arizona - Practical Crowdfunding Workshop
Propel Arizona - Practical Crowdfunding Workshop
The Campaign
How much $$ ?
How long?
Discussion
• How much should we raise?
– Have you raised money before? Return?
– Do you/did you work at a highly visible position?
– *** Your social network? Large? Followers?
– Idea - big market? How unique?
– How much (marketing) work will you do?
HOW to Crowdfund?
PUSH - Running the campaign
• Social Media
• Comments & Updates
• Networking
• Personal Pitches
Your mission: To get
them talking about
your project
Now that you’ve launched …
Continue the story
Social Engagement
– Transparency & Trust
– Social Proof & Viral FX
– Engagement & “The Fundamentals”
– Twitter
– Facebook
– Blogging
most successful projects receive about
25-40% of their revenue from their
first, second and third degree of
connections.
This could include friends, family, work acquaintances, or
anyone that the owner is connected to.
• http://www.forbes.com/sites/tanyaprive/2012/11/27/what-is-crowdfunding-and-how-does-it-benefit-the-economy/
1. Create: (of course)
- A Facebook Account
- A Twitter Account
(for your campaign)
2. Tweet & Post
–Frequently
–Uniquely
–Personally
3. Post Updates & Blog
•About your progress
•About the subject
•About the industry
•About the People
4. Go 1-1
•Reply to comments
•Retweet/Repost
Your fans and donors are your most
powerful advocates!
5. Target, Measure & Adjust
•Different Messages for different
groups
•Google, Hootsuite, others
•Learn and Adjust focus
Metrics
http://www.perlsteinlab.com/blog/anatomy-of-a-crowdfund-week-3-slow-and-steady
Metrics
http://www.perlsteinlab.com/blog/anatomy-of-a-crowdfund-week-3-slow-and-steady
the importance of google analytics to track
and improve performance
• + perks from fivvr
•
• http://www.perlsteinlab.com/blog/anatomy-of-a-crowdfund-week-3-slow-and-
steady
Campaign Checkist
Social Media
Create a schedule 2-5x / week
Use an automated tool
Eg Hootsuite
Post interesting info –
Not just pleas for money
Not just updates
Vary your targets
Call to action 1/3-1/2 time
Use analytics and other metrics
Traditional Marketing
Pitch Events
Press Releases
Demos
Testamonials
Use an automated tool
What to Communicate:
1. Your Progress
2. Successes, Evidence of success
3. Ammunition for your supporters
4. Industry Info, Factoids
5. People Info
Plan, Schedule & Update
Your Social Network is a Force
Multiplier – but you have to give
them help.
Propel Arizona - Practical Crowdfunding Workshop
Success Factors
http://online.wsj.com/article/SB100008723963904438558045776010130940
84438.html?mod=googlenews_wsj#articleTabs%3Darticle
http://www.indiegogo.com/blog/2012/05/indiegogo-insight-campaigns-that-take-these-six-actions-raise-8-times-more-
money-than-campaigns-that-dont.html
http://www.indiegogo.com/blog/2012/05/indiegogo-insight-campaigns-that-take-these-six-actions-raise-8-times-more-
money-than-campaigns-that-dont.html
http://www.indiegogo.com/blog/2012/07/indiegogo-insight-winning-the-middle-game.html
successful campaigns raise, on average, 49%
percent of their goals during the first and
last 10% of the campaign length.
The most important
secret is …
Showing Momentum
(the perception of momentum)
The most obvious
secret is …
Credibility
= trust, competence
& follow-through
www.propelarizona.com
Crowdfunding
Entrepreneurship & Innovation
Arizona Economic Growth
Practical
Crowdfunding
Workshop
www.propelarizona.com
@PropelArizona
Slideshare/PropelArizona
Propel Arizona - Practical Crowdfunding Workshop

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Propel Arizona - Practical Crowdfunding Workshop

  • 1. Crowdfunding WYNTK * (what you need to know) Hands-on For Entrepreneurs 48-West , 16 February 2013 CJ Cornell – Propel Arizona
  • 2. 10+ companies $250M Funding 4 Exits (great !) $3B Revenues 4 Failures (awful !) Lots of lessons. Chaos, Pain and Joy. ‘Serial/Parallel Entrepreneur” EIR, Venture Partner Angel Investor 5 Companies 9 Boards 3,000 Tylenol Caplets. Ego and Brain Atrophy. Investor/Venture Capitalist Professor of Digital Media & Entrepreneurship Arizona State University, SJSU, Stanford (Lecturer) New York Institute of Technology Knight Center for Digital Media Entrepreneurship Research in digital media, behavior, entrepreneurship University Professor Advisor/Mentor, Author etc. ASU – Skysong, Venture Catalyst, RSS etc Arizona Commerce Authority / Venture ready Arizona Innovation Challenge Book: Age of Metapreneurship. Blog/Articles CJ Cornell @cjcornell cj@cjcornell.com
  • 3. Crowdfunding Workshop Agenda 1. Crowdfunding overview 2. Crafting the Idea and Campaign 3. Preparing the Visuals 4. Perks and rewards 5. Running the campaign 6. Success factors www.propelarizona.com
  • 4. What is Crowdfunding? … and why should you care?
  • 6. Concept to Product to Growth
  • 7. Concept to Product to Growth $ $ $ $
  • 8. Concept to Product to Growth $ Entrepreneur IPO
  • 9. Concept to Product to Growth $ Entrepreneur IPO $ Entrepreneur IPO $ Venture Capital
  • 10. The Kauffman Index of Entrepreneurial Activity is a leading indicator of new business creation in the United States. In 2012 - The state with the HIGHEST level of Entrepreneurial Growth was … Arizona.
  • 11. # 1 in Entrepreneurial Growth # 46th in Venture Capital $
  • 12. Concept to Product to Growth $ Entrepreneur IPO $ Entrepreneur IPO $ Venture Capital $ Entrepreneur IPO $ Venture Capital $ Angels, accel & incub
  • 22. Concept to Product to Growth $ Entrepreneur IPO $ Venture Capital $ Angels, accel & incub Crowdfunding $ $
  • 23. Concept to Product to Growth $ Entrepreneur IPO $ Venture Capital $ Angels, accel & incub Crowdfunding $ $ Crowdfunding $
  • 24. Concept to Product to Growth $ Entrepreneur IPO $ Venture Capital $ Angels, accel & incub Crowdfunding $ $ Crowdfunding $ Crowdfunding $
  • 25. Concept to Product to Growth $ Entrepreneur IPO $ Venture Capital $ Angels, accel & incub Crowdfunding $ $ Crowdfunding $ Crowdfunding $ Crowdfunding $
  • 26. Crowdfunding Soliciting & Collecting relatively small amounts of money (“funding”) from a large number of people (“crowd”) WYNTK (what you need to know)
  • 27. http://blog.intuit.com/trends/crowd-power-what-is-crowdfunding-infographic “ Crowdfunding is a term used to describe individuals coming together to support – and directly fund projects by other individual and organizations. “
  • 28. • Source – http;//crowdfunder.com
  • 29. • Source – http;//crowdfunder.com
  • 33. 5 APRIL, 2012 (AND … AUGUST 2012, DECEMBER 2012 …) Jumpstart Our Business Startup ACT, Title III (JOBS Act).
  • 34. Equity Crowdfunding - JOBS • Eliminates ban on general solicitation and general advertising in connection with private offerings to accredited investors under Regulation D (Rule 506) and to qualified institutional buyers under Rule 144A. • Exemption from Securities Act registration “crowdfunding” transactions (involving access to small amounts of capital through the internet). • Exemption to allow issuance of up to $50 million of securities in any 12-month period, up from the current $5 million threshold • An increase in the number of shareholders a company may have before being required to register its common stock with the SEC and become a public reporting company from 500 to 2,000 total shareholders (including up to 500 “unaccredited” shareholders) • Amount each person may invest in offerings of this type, tiered by the person's net worth or yearly income.
  • 36. www.propelarizona.com WYNTK (what you need to know) BEFORE - (SEC “Reg D” Rule 504, 505, 506, 144a) … Since 1933 – 35 Unaccredited Investors (max), Unlimited Accredited – 500 Shareholders (max) – $1M max per 12 months, or $5M+ w/Reporting & restrictions – No “General Solicitations” AFTER - (JOBS Act) … 2012/2013, maybe – General Solicitations – to accredited investors – 35 Unaccredited Investors (max), Unlimited Accredited – 500 Shareholders (max) – $1M max per 12 months, or $5M+ w/Reporting & restrictions – No “General Solicitations”
  • 37. But, if you think the JOBS act moves the SEC into the 21st century …
  • 38. SAN FRANCISCO, Dec 6 (Reuters) - Netflix Inc said on Thursday securities regulators warned they may bring civil action against the company and its chief executive for violating public disclosure rules with a Facebook post …
  • 39. Fraud, Deceit, Scamming Widows, Retirees and Helpless Babies.
  • 40. Fraud? • Case One: Australia – Equity Crowdfunding • The Australian Small Scale Offerings Board (www.ASSOB.com.au), founded in 2007, is the largest investment crowdfunding platform in Australia and one of the largest in the world. It is an equity crowdfunding platform that has successfully served both accredited and non-accredited investors since its inception over 5 years ago, raising $130,409,669 since 2007. 132 companies have been funded to date and not a single case of fraud has been reported. ASSOB operates within the current securities structure in Austral • Case Two: UK – Equity Crowdfunding • Crowdcube (www.crowdcube.com) is the largest equity-based crowdfunding platform in the UK has been operating since February 15, 2011 with no reported fraud. Crowdcube operates within the current securities framework within the UK and allows issuers to raise equity capital using an online portal. • 29 pitches have been funded with £4.25M. Average raise is £146,552. Average equity given up is 16%. Average numbers of investors is 63. Average days to fund are 51. Average age of entrepreneur is 40 and total number of registered investors is 24,023. No fraud has been reported. • UK based, Funding Circle (www.fundingcircle.com) was founded in 2010. It is an online marketplace enabling savers and investors to sidestep banks and directly lend to small businesses. Funding Circle differs from other lending platforms in that it facilitates loans to businesses, rather than consumers while also proving easy access to investors’ money at any time. It provides low cost finance for small, UK firms frustrated by the loan terms offered by the http://www.crowdfundcapitaladvisors.com/resources/26-resources/120-crowd-detects-fraud.html
  • 41. Fraud? • Case Four: US - Fraud Derailed • An example of fraud that was derailed on a portal is a campaign on Kickstarter called Mythic. FromTechdirt.com: • “A recent video game project on Kickstarter that turned out to be fake. As BetaBeat reports, the crowdsourcing scam was exposed by a crowdsourced investigation: • ... a campaign for an action video game, MYTHIC: The Story Of Gods and Men, has just been busted by forum users at Reddit, SomethingAwful and Rock, Paper, Shotgun. The creators claimed to be an independent studio, “Little Monster Productions,” of 12 industry veterans in Hollywood. “Our team has done a significant amount of work on the World of Warcraft series as well as Diablo 2 and the original Starcraft,” says the project page. Bull____, said the Internet. Turns out the art was cribbed, the text for backer rewards was copied and pasted from another Kickstarter project, and even the office photos were from another game studio, Burton Design Group. • When people brought their accusations to the Kickstarter comments, the developers made a few weak attempts at deflection then quietly shut down having raised just under $5,000 (far short of their goal, so that money won't actually be released). With Kickstarter gaining more attention every day, we're sure to see more attempts at scams—and maybe even some successes—but with a savvy community that polices itself like this, the scammers face an uphill battle.” http://www.crowdfundcapitaladvisors.com/resources/26-resources/120-crowd-detects-fraud.html
  • 43. Bull____, said the Internet. Turns out the art was cribbed, the text for backer rewards was copied and pasted from another Kickstarter project, and even the office photos were from another game studio, Burton Design Group. http://www.crowdfundcapitaladvisors.com/resources/26-resources/120-crowd-detects-fraud.html
  • 45. • Equity Crowdfunding - not in the USA (yet) • JOBS act (April 2012) technically enables CF – but has not yet been approved by SEC. • No documented fraud in USA or other areas. • Equity CF is for “high growth companies” seeking significant funding from experienced investors • Will dramatically change in 3-5 years (CJ prediction) www.propelarizona.com WYNTK (what you need to know)
  • 56. Kickstarter (2012) 2.2 million people pledged a total of $319,786,629 (up 221% from 2011) Backers pledged $606.76 per minute People in 177 countries backed a project in 2012 (That's 90% of the countriesin the world)
  • 58. WHY … Do people Crowdfund?
  • 60. Lessons from Ethan Mollick’s “The Dynamics of Crowdfunding: Determinants of Success and Failure”
  • 61. 3 Why’s: 1. They connect to the greater purpose of the campaign 2. They connect to a physical aspect of the campaign like the rewards 3. They connect to the creative display of the campaign’s presentation three main reasons why people unconnected to a project or business would support it: What Is Crowdfunding And How Does It Benefit The Economy - Forbes http://www.forbes.com/sites/tanyaprive/2012/11/27/what-is-crowdfunding-and-how-does-it-benefit-the-economy
  • 62. The Real (Crowdfunding) Why’s • Passion – For the technology – For the industry – For the cause – For the product • Affinity – For the Entrepreneur – For the region, industry etc • Connection • Every reason BUT R.O.I. …
  • 63. emotional ROI. Not financial ROI WYNTK (what you need to know) Crowdfunding is about …
  • 64. (when crowdfunding …) “its not what you do, but why you do it,” WYNTK (what you need to know)
  • 67. http://trendwatching.com/trends/infographics/presumers/ “Consumers who want products before they are developed” Pre-orders Early adopters Supporters
  • 68. UH OH … The Kickstart Model..
  • 71. 1. Crowdfunding = New “1st Money” for ventures ($10k - $50k average– but wild exceptions) 2. Equity Crowdfunding is Still Far away 3. Rewards based Model IS Crowdfunding today 4. All or Nothing Crowdfunding – Standard 5. Perks and Rewards: Pre-order Crowdfunding 6. Social Media & Content Intensive www.propelarizona.com WYNTK (what you need to know)
  • 73. • The iPhone-friendly Pebble watch earned $7.6 million more than its $100,000 goal. • And the Galileo iPhone platform closed its Kickstarter campaign at $702,000, far surpassing its $100,000 goal.
  • 74. • Ouya raised $2 million in one day for a new Android gaming console (it’s raised more than $5 million to date), • the Nifty MiniDrive, external memory for Apple MacBooks. The tiny storage company is more than 2,000% above its $11,000 goal with 15 days left in the campaign.
  • 75. What do successful campaigns have in common?
  • 83. Successful campaigns took an average 11 days preparing for their launch. http://blog.indiegogo.com/2013/01/12-insights-for-2012.html
  • 84. Campaigns ran an average 49 days in 2012, as opposed to 60 in 2011. Successful campaigns fundraised for 39 days.
  • 85. Crowdfunding Myths & Mistakes • Myth #1: If You Build It, They Will Come • Myth #2: Cash is Free • Making it about you • Unrealistic Expectations • Lack of clarity • No call to action • Expecting to be found: (No Marketing) • Ignoring Small Donations/Donors http://kickstartershq.com/articles/5-project-crushing-kickstarter-mistakes-how-to-avoid-them http://www.crowdsourcing.org/document/3-big-crowdfunding-myths-via-funderhut/23804
  • 86. www.propelarizona.com WYNTK (what you need to know) Successful Crowdfunding Campaigns Focus on The new 4 P’s … the 1. the 2. the 4. the 3.
  • 87. focus on “them” – not your company WHO are they? What motivates them? Interests, Values … the 1. The new 4 P’s of Crowdfunding .. www.propelarizona.com the 2. You are pitching to “them” TELL A STORY !! WHY is more important than $$ VIDEO(s) & VISUAL(s) Tell the story in small ‘chapters’ VIDEO(s) & VISUAL(s) And even smaller “sound bites” Give them a Story they can tell to others. the 3. $$ Value is a negative driver ! UNIQUE It’s about THEM EXCLUSIVE And what is important to “Them” FIRST Make sure it is … BUZZWORTHY the 4. It’s a daily/hourly effort … SOCIAL MEDIA It’s a conversation … UPDATES, BLOGS, NEWS Provide Value, and Talking Points RE-POST, TWEETable It’s about … for their network VALIDATION & EVIDENCE
  • 90. 1. Crowdfunding takes work, new skills. 2. It takes a strategy, and preparation. 3. The rules are different. 4. You can’t just post and run … 5. It’s a public success or failure – that “stays on your resume” www.propelarizona.com WYNTK (what you need to know)
  • 92.  Title & Short Description • (repeatable & compelling)  Long Description (“The Pitch”) • Make it a story … about “them”  Visuals: Video, Photos, Images  Team, Deliverables, Details  Perks & rewards  Funding Goals: Amount and Timeframe  Updates & SOCIAL MEDIA CAMPAIGN • Repeatable Messages • Daily “routine” • Traditional marketing too
  • 94. First: Who What Why When … • The 3 Who’s: – Who are the donors? (affinity & passion) – Who is benefits? (the market) – Who are you? • The 3 Why’s – Why would your donors care? – Why does the market care? – Why are you the right team to do it?
  • 95. First: Who What Why When … • What is your project & goal? – Understandable & Simple – Compelling & Intriguing – Repeatable & Memorable • How and When – How will you achieve your goal? Realistic? – When, after funding? When will I get my perks?
  • 96. Other Tips • Tell a story • Make it about them • The History of the idea is intriguing • What is the Impact? – why is this important? • Try a FAQ • Call to action – get them involved!
  • 98. Crafting your Pitch Title & Short Description •(repeatable & compelling) Long Description (“The Pitch”) •Make it a story … about “them” Visuals: Video, Photos, Images Team, Deliverables, Details Perks & rewards Funding Goals: Amount and Timeframe Updates & SOCIAL MEDIA CAMPAIGN •Repeatable Messages •Daily “routine” •Traditional marketing too Tell a story Make it about them The History of the idea is intriguing What is the Impact? Why is this important? Try a FAQ Call to action – get them involved! The 3 Who’s: Who are the donors? (affinity & passion) Who is benefits? (the market) Who are you? The 3 Why’s Why would your donors care? Why does the market care? Why are you the right team to do it? What is your project & goal? Understandable & Simple Compelling & Intriguing Repeatable & Memorable How and When How will you achieve your goal? Realistic? When, after funding? When will I get my perks?
  • 100. Pitch Notes - 1 • Who (donors, market) • “Why” – the story • Impact (on the market) • Impact (on the donors)
  • 101. Pitch Notes - 2 • Story, and History … • FAQ • Perk Ideas (what’s important to donors) • Calls to Action
  • 103. The Importance of Visual Media • 64% of successful campaigns in had pitch videos. • Campaigns with videos under 5 minutes were 25% more likely to reach their goal than those with videos that were longer. • Average campaign video length for campaigns was 3 min, 27 seconds. Campaigns that reach their goal are 16 seconds shorter. • On average, successful campaigns uploaded 6 media to their gallery. • http://blog.indiegogo.com/2013/01/12-insights-for-2012.html
  • 106. Directed by Patrick Million Executive Producer CJ Cornell a Patrick Million FILM American Grandmaster
  • 107. Rewards Crowdfunding • Incentives & perks • Pre-Orders • Pre-Sumers • Market Validation
  • 109. Rewards don’t have to worth $$
  • 111. • $25 perk is the single most claimed perk, representing nearly 25% of all perks that are selected. • While the $25 dollar perk is only responsible for raising 11% of total funds.
  • 112. • $100 perks raise more money than any other perk price and make up nearly 30% of total funds. A $100 perk combined with the next three perk price points: $50, $500, and $1000 makes up about 70% of total money raised by perks
  • 115. 1. Make perks unique & exclusive Avoid T-shirts, Mugs & Hugs
  • 117. 3. Give them a connection
  • 121. The less tangible the perk, the more public (visible) & EXCLUSIVE it needs to be.
  • 125. How much $$ ? How long?
  • 126. Discussion • How much should we raise? – Have you raised money before? Return? – Do you/did you work at a highly visible position? – *** Your social network? Large? Followers? – Idea - big market? How unique? – How much (marketing) work will you do?
  • 127. HOW to Crowdfund? PUSH - Running the campaign • Social Media • Comments & Updates • Networking • Personal Pitches
  • 128. Your mission: To get them talking about your project
  • 129. Now that you’ve launched … Continue the story
  • 130. Social Engagement – Transparency & Trust – Social Proof & Viral FX – Engagement & “The Fundamentals” – Twitter – Facebook – Blogging
  • 131. most successful projects receive about 25-40% of their revenue from their first, second and third degree of connections. This could include friends, family, work acquaintances, or anyone that the owner is connected to. • http://www.forbes.com/sites/tanyaprive/2012/11/27/what-is-crowdfunding-and-how-does-it-benefit-the-economy/
  • 132. 1. Create: (of course) - A Facebook Account - A Twitter Account (for your campaign)
  • 133. 2. Tweet & Post –Frequently –Uniquely –Personally
  • 134. 3. Post Updates & Blog •About your progress •About the subject •About the industry •About the People
  • 135. 4. Go 1-1 •Reply to comments •Retweet/Repost Your fans and donors are your most powerful advocates!
  • 136. 5. Target, Measure & Adjust •Different Messages for different groups •Google, Hootsuite, others •Learn and Adjust focus
  • 139. the importance of google analytics to track and improve performance • + perks from fivvr • • http://www.perlsteinlab.com/blog/anatomy-of-a-crowdfund-week-3-slow-and- steady
  • 140. Campaign Checkist Social Media Create a schedule 2-5x / week Use an automated tool Eg Hootsuite Post interesting info – Not just pleas for money Not just updates Vary your targets Call to action 1/3-1/2 time Use analytics and other metrics Traditional Marketing Pitch Events Press Releases Demos Testamonials Use an automated tool What to Communicate: 1. Your Progress 2. Successes, Evidence of success 3. Ammunition for your supporters 4. Industry Info, Factoids 5. People Info Plan, Schedule & Update Your Social Network is a Force Multiplier – but you have to give them help.
  • 147. successful campaigns raise, on average, 49% percent of their goals during the first and last 10% of the campaign length.

Notas do Editor

  1. People – who, the target(s) niches … why … what is important to them Pitch – cool, intriguiing, MAKES THEM WANT to BE A PART OF YOUR JOURNEY! AND GET OTHERS TO JOIN!