Ways to Raise Money for Your New Invention
How Can You Raise Money to Make Your Idea a Reality? Crowdfunding vs. Traditional Methods
Do you have a great idea you would like to bring to life but are short on cash? Have you tried asking family members for money to invest in your product idea but got the cold shoulder? Or have you tried getting a bank loan with no luck? Are you reluctant to use your credit card because of high fees or the fact that it’s maxed out? Or have you gone as far as trying to find an angel investor? If haven’t had any luck raising funds to make your idea a reality, crowdfunding may be a great alternative.
New Ways to Raise Money for Your New Invention: Crowdfunding
In the ever-changing world of social media and online marketing, crowdfunding has found its way into people’s consciousness. Many consider it the number one way to raise money for a new invention. Traditional methods, like bank loans, are complicated and tend to have many limits and requirements. With crowdfunding, the process is more straightforward. You need a complete description of your new idea, your story, and a video to show your process and your purpose. You list your campaign on a site like Kickstarter, which caters to people who need money for ideas they believe will make it big. The public supports the idea by chipping in financially. With enough interest, the product gets made and the contributors usually get first cut or a special benefit. Still, even with an incredible idea, it is not enough to just post your pitch and assume you’ll get funded. You need to work hard to bring attention to your campaign.
Can Marketing Your Idea Help You Get Funded?
Crowdfunding sites are proving over and over that they are a great option for raising money for a new invention. Some inventors even get more than what they asked for. But the question is: how do you ensure success? Crowdfunding sites do not promote individual projects and there are only so many people in your personal network who will support your idea and be willing to back you. So, how can you guarantee the success of your campaign? The truth is that no one can. There are lots of tips to help you run a strong campaign, like: keeping the campaign under 30 days; making a budget and including it with your campaign; making an effective pitch; offering rewards; promoting your campaign before you launch; getting personal and being a part of it; engaging with the community; and making a great video. Researching other campaigns can be a great way to get ideas on how to reach your campaign goal. One thing you will find through your investigation on how to raise money for your new invention is to market your campaign: market, market, market! If you don’t promote your idea and show it to the world no one will see it.
Crowdfunding is a great way to raise money for your new invention, but do you have what it takes to get that idea out there? Stay tuned to our next blog post for tips and help on how to market your crowdfunding campaign.