Are you Ready to Crowdfund? Test yourself!

Today, crowdfunding allows independent innovators, entrepreneurs or small companies to overcome the challenge of pre-seed funding.

Crowdfunding also is a powerful marketing tool – but if you are not ready, no one will see or believe in your campaign.

So how do you prepare yourself, ahead of clicking that “Create Campaign” button? And are you ready for it?

Take the quiz to find out!

Before getting started on crowdfunding, you should…

Understand what kind of crowdfunding is most relevant for your company.

Make sure that your idea is a good fit for this type of funding.

Make sure that your team is capable of taking on a large amount of work running the crowdfunding campaign.

All of the above.

1 / 7

True or False? You can only kick off a crowdfunding campaign once your prototype is ready and looks appealing.

True, having a prototype that mimics your final product will be enough to help you sell it to prospective customers and backers ahead of finalizing the full product.

False. At this stage of the business, you need more than a prototype - you need a product that’s been proven and tested with a large pool of customers in order to be able to get backers’ attention.

2 / 7

True or False? Choosing the right platform is a first and key decision of running a crowdfunding campaign.

True - there are many different platforms out there so it is important to consider each platform as it relates to your project, including where you will find your largest number of backers.

False - crowdfunding platforms offer almost the same benefits, and so being on the most popular ones like Kickstarter would be most beneficial for you, no matter what.

3 / 7

When deciding on your goal, or the funding amount you are looking to raise, you should…

Be conservative and only take into account the price per product and multiply that by the number of backers you are targeting.

Be reasonable and have a clear reasoning for the target goal. A starting point could be to identify the price per product, and you should take into consideration initial product, team, and marketing costs.

Go above and beyond – set a target that is super ambitious and difficult to achieve but will set the bar high so backers understand that you need the funding to succeed.

None of the above.

4 / 7

When it comes to marketing your crowdfunding campaign, it’s important to…

Leverage your social media platforms, your network, and any other channels to create a buzz and ensure maximum participation in your crowdfunding campaign as soon as you announce the launch.

Be ready to spend online to build awareness and generate early sign ups and quality email leads.

Plan for a media and PR campaign before the campaign launch, including through specialized media platforms covering your industry.

All of the above – most importantly, make some noise and get creative with your marketing strategy!

5 / 7

Once your campaign is set up and kicked off on the right platform, what are major aspects to keep in mind to ensure its long term viability and success?

Product, product, product. It’s all about developing and finalising your prototype into a cool product that is ready for distribution on the market.

There are 3 key pillars that you should really balance your focus on: marketing, product, and legal.

Ramping up your marketing campaign – especially after the funding deadline – is key to meeting your sales targets.

All of the above.

6 / 7

When the campaign is over, you should focus on the following aspect:

Communicate your success and thank your community and supporters.Share updates with your community on a rolling basis, be transparent about any delays or hiccups you might face along the way.

Deliver on your promises by starting production and, as much as possible, staying within the timeline to reward supporters as promised.

Think about operations, continue fundraising, and find creative ways to maintain your cash flow.

All of the above are crucial.

7 / 7

Error Occured

Idea

Are you Ready to Crowdfund? Test yourself!

Before getting started on crowdfunding, you should…

True or False? You can only kick off a crowdfunding campaign once your prototype is ready and looks appealing.

True or False? Choosing the right platform is a first and key decision of running a crowdfunding campaign.

When deciding on your goal, or the funding amount you are looking to raise, you should…

When it comes to marketing your crowdfunding campaign, it’s important to…

Once your campaign is set up and kicked off on the right platform, what are major aspects to keep in mind to ensure its long term viability and success?

When the campaign is over, you should focus on the following aspect:

Create Your Account Now

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Idea

Are you Ready to Crowdfund? Test yourself!

Before getting started on crowdfunding, you should…

True or False? You can only kick off a crowdfunding campaign once your prototype is ready and looks appealing.

True or False? Choosing the right platform is a first and key decision of running a crowdfunding campaign.

When deciding on your goal, or the funding amount you are looking to raise, you should…

When it comes to marketing your crowdfunding campaign, it’s important to…

Once your campaign is set up and kicked off on the right platform, what are major aspects to keep in mind to ensure its long term viability and success?

When the campaign is over, you should focus on the following aspect:

Create Your Account Now

You might also like

Convertible Note Calculator

Course: What is crowdfunding and how can you unlock its potential?

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Course: What Are Convertible Notes and Its Value To Your Business?

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Fundraising & Funding Sources In The UAE: Bank financing & Government-funded programs

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Convertible Notes: Key Terms & Definitions

Pre-Money vs. Post-Money Valuations: What is the difference?

The most unusual source of startup funding: Crowdfunding

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