In this series of columns, Arthur van de Graaf, partner of ImpactCity The Hague, will answer the most frequently asked questions about crowdfunding
When can you start crowdfunding?
During my conversations with entrepreneurs, the first question asked is nine out of ten times when can I start with crowdfunding. This is quite a logical question as starting entrepreneurs often need money fast. What the entrepreneur, however does not realize is that he has already started his or her crowdfunding campaign.
In this column, I will explain how this works.
The two entrepreneurs
Some time ago I was sitting at a table with two entrepreneurs. They also asked me when they could start with
crowdfunding. During this conversation, a number of people including myself showed an interest in their product. We were just not asked if we wanted to participate and buy the product. I then stated that I have no confidence in the successful completion of the project. These entrepreneurs could easily have turned our enthusiasm into a deal, but unfortunately, this opportunity was missed.
The next day
The entrepreneurs contacted me a day later and asked me what they should have done differently. I advised them to get back to everyone they have ever talked about their idea or product to see if these people were still enthusiastic. These people were then asked if they wanted to participate in the upcoming crowdfunding campaign.
Ready, set, go
With this advice, the entrepreneurs set out on their mission. A few hundred committed to their idea before the start of the crowdfunding campaign. In the first few days of the campaign, 280 people pressed the “pledge button” and 90% of the target was achieved in no time. Eventually, the campaign ended at over 200% and 1,600 products were sold.
When did you start talking?
The answer to the question: “when can I start crowdfunding?” Is really the answer to the question: “when did you start talking about your idea?” From that moment on you can involve people in your crowdfunding campaign.
Coffee and crowdfunding
Do you want to know what else you can do for an optimal start of your initiative or company and its crowdfunding? Then join our Coffee and Crowdfunding morning. This is organized every Tuesday between 9 AM and 10 AM.
Send an e-mail to firstname.lastname@example.org if you want to know more.
A cup of coffee will get you started!