10 Myths of Crowdfunding by Indiegogo
Indiegogo first released the helpful Crowdfunding Field Guide earlier this year, which broke down the crowdfunding process for those who were new to the game. A couple of days ago, the Indiegogo team announced on Twitter that their newest free guide, or rather -- debunking document, is now available for download. Continue reading to get the rundown on what their new publication is all about.
The guide brings up some very real worries that I'm sure many crowdfunders have. Are you going to be able to meet your goal? What if you don't? How do I come up with perks? What if my idea is terrible and no one wants it anything to do with it? These doubts have manifested into -- yes -- a sort of mythology about crowdfunding that wards off potential success stories from participating.
What myths make the top 10? Here's the list:
- It's online panhandling
- I might fail
- I can't raise money without a fancy video
- I'm afraid I won't reach my goal
- I have to have a big social media following to be successful
- I have no perks to offer
- I don't have time
- Crowdfunding is only about the money
- I should wait until I have the perfect idea/product/etc
- I'm not sure my idea will be accepted
If you've ever launched a crowdfunding campaign or thought about launching one, no doubt at least one of these thoughts have popped into your head, and Indiegogo brings up some pretty good points, along with relevant data, to assuage those feelings of doubt and fear of failure.
The guide suggests thinking of your campaign as a learning opportunity rather than a test of skill or strength:
Crowdfunding is perhaps one of the best modern examples of the saying, “You won’t know until you try.” If you don’t pursue or share an idea that you are passionate about, then you’ve prevented any chance of it being realized. --Each and every campaign provides a learning opportunity for a campaigner -- whether or not they hit their goal. By engaging with the crowd, you can receive crucial feedback that can allow you to tweak your idea and hone your approach. From a simple thumbs up to in-depth market research and validation, crowdfunding allows you to test your idea out in front of others.
The rest of the guide has a lot of helpful information about crowdfunding -- not just with Indiegogo, but in general as well. If you're interested, you can download it here.
Have you given Indiegogo's 10 Myths of Crowdfunding a read? What did you think? Let us know in the comments below.