iBOSS Inc. is more effective than Kickstarter

Crowdfunding is so big right now that it seems that it would be the best way to raise money for an entrepreneur or a start-up. But just being popular doesn’t make it the right idea for everyone. Crowdfunding on any platform requires much more than just a great idea or business venture. The downfalls of crowdfunding include the need for a strong social media presence, the ability to stay in frequent and detailed touch with the public, and the ability to show that you are credible and have the ability to carry through with the plan. And that’s all before you even secure investment through crowdfunding. Because if your idea does catch on and becomes a hit, there are more potential pitfalls including the time and resources needed to fulfill rewards and communicate with your backers. Both during the campaign and during the fulfillment phase, it is crucial to stay on top of communication and any fulfillment promises. Your performance will not just affect the potential of the business you were trying to get funding for but will follow you around in the future as part of the evidence as to whether or not you are a considered a good business risk.

As the article “4 Famous Crowdfunding Fails” points out, crowdfunding fails are commonplace. Only 44% of Kickstarter campaigns and less than 10% of Indiegogo campaigns are successful. The article highlights four very different crowdfund attempts that were ultimately all unsuccessful in attaining initial funding. The article discusses the New York City Opera’s failed Kickstarter campaign and how their public profile and long history were just not enough. Crowdfunding successfully requires an element of social proof. Social proof is evidence of viability and sustainability. When the Opera attempted their crowdfund, they were already in debt and on the verge of bankruptcy. The amount they were trying to raise was only a small amount of the money they needed to actually continue their current season. By admitting that this money was a drop in the bucket, they showed how even if the crowdfund was successful they might have to shutdown. This doesn’t give potential backers a sense of confidence that their rewards will be fulfilled let alone that their efforts were anything but in vain. Proof that this campaign was too little too late came when days after the campaign failed the Opera filed for bankruptcy protection. This article clearly shows how crowdfunding is risky no matter your visibility, history, or popularity.

But there are many ways to successfully raise capital funds. At iBOSS we specialize in helping our clients assess their goals, and find the right path to funding. We can help take the unknown out of the capital investment process. With our help, both start-ups and investors can get better results. Our CEO and Business Strategist Lorette Farris has created a quiz that you can take that will help you figure out what type of investment elements might work best for you and your goals. Go to CAB Roadmap to the Right Capital to take the quiz.

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