At a recently concluded Global Crowdsourcing Week event in Singapore I got an opportunity to share how crowd investors are disrupting the investments space – adding value beyond the regular legal, financial and tax due diligence of startups. I’m not disputing that the legal, financial and tax reviews are important, but along with the assessment those and the technology, what can decide between a startup’s success and failure is evaluating the team’s activities. These are the 5 evaluation of team efforts I’d shared during the event’s Startup Workshop:
Power of Asking
Many of us from the crowdsourcing community, especially those of us involved in the startup space, have seen many startup entrepreneurs shy aways from ask for contributions – even when running a crowdfunding campaign. There can many reasons here, including being labeled desperate for funds and fear of rejection. Startup projects, much more than creative and social ventures, seem to have this challenge.
Power of Influencers
These people are not just those with a large following or having some sort of a celebrity status but also ones who can help create more value from your project. An example here is of an Indian IoT crowdfunding project called ‘Gecko’, who didn’t get much traction until their product message was retweeted by Steve Wozniak (Apple’s cofounder). The media outlets that earlier ignored and rejected them, then started reaching out to them and amplified their campaign’s goal even further.
Power of Planning
Projects like ‘Gecko’ also had a good plan to execute – having 4 top team-members focusing on the project’s outreach efforts. It’s important to identify a team that can give all to the crowdfunding campaign – a success here can do a world of good to their confidence and the company’s growth plans. I would recommend teams plan on not just online activities but also the offline activities, especially the offbeat ones.
Power of Delivering
Most crowdfunding campaigns have giveaways to contributors. If one wants to win not just the minds but also the hearts of contributors, a personalised touch and the speed of delivery can be the answer. Offer additional rewards if one can, nothing like a pleasant surprise for one’s backers. As in most cases, under committing and over performing, can work like a charm.
Power of Storytelling
There’s nothing like listening to a good story. A story that can seamlessly integrate multiple formats of media. They may include those like relevant tweets, infographics and other visually-appealing content, to make the story experience compelling. The impatient generation of today may not have time for lengthy articles like this :p Make sure you share your project updates regularly, so to have your supporters follow your journey right through and much beyond the crowdfunding campaign.
A team and a crowdfunding project that aces all these will be worth investing in. To help you remember these 5, think of a today’s generation that used the power of IPADS (Influencers, Planning, Asking, Delivering & Storytelling). Here’s a random video, but one you’ll love 🙂