Goldrush Era for Crowdfunding

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One of the biggest challenges I hear all the time relates to finding funding to develop a product for market.  Fortunately for everyone the world is quickly changing, and new options are more viable than ever.  One of the biggest, most accessible and exciting is the tremendous growth of crowdfunding as a viable option for launching new products and projects.

Crowdfunding worldwide is on target to double this year to over $6 billion dollars.  With a 40% success rate for design projects launched on the most popular sites I would agree with Forbes magazine in calling this the Goldrush Era for crowdfunding.

I’ve been very curious about this process for some time, and so I decided to learn more about it first hand.  This on Tuesday the 26th I’m launching a Kickstarter campaign to bring one of my new products to market.  I’m really excited about the product, but I’m also excited to document and share what I learn with others along the way.

Through the end of the year I’ll be posting and sharing my journey to Kickstart and launch a new product, and open the veil on what you can expect to go through if and when you do this for your next project.

While a 40% success rate is fantastic, that still means 60% don’t get the funding they need.  Like everything else with the inventing process, education and learning from others is critical before you spend your time and money pursuing your idea.

I’ll be reaching out again on Tuesday the 26th to show your the product when we go live.  I hope you’ll join me on this trip and see if this is the path that makes sense for your idea.

Wish me luck, and leave a comment to let me know what you most want to know about launching and running a crowdfunding project!

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7 comments

  1. Posted by Susan, at Reply

    Hello Ryan,
    Thank you for your message !
    I also thought of crowdfunding and willmost probably start with my project in the next week. Although I could do with practical advice in general, I have one small problem that causes me some difficulty and that is to make a videoclip. I am not sure what content will capture people’s interest and neither do I know how to actually make one. Perhaps you can share some advice on that.
    I shall be following you and wish you an increased imagination and good luck !!!

    • Posted by Ryan Grepper, at Reply

      A strong video is one of the most powerful tools to connect and communicate with your potential backers. In our video I focused on 3 main things:
      1. Clearly communicate the product and the project goal
      2. Paint a picture of all the benefits/joy/opportunities that come from using the product
      3. Connect with the personality of the project creator, and give confidence in my ability to deliver as promised
      Keep an eye out on Tuesday and let me know what you think! :)

  2. Posted by Quentin Pain, at Reply

    Very interested in watching your progress Ryan. I am certain this will help many people.

  3. Posted by Tim Mardis, at Reply

    Sounds like a fantastic opportunity for you, and I can’t wait to see what you’re rolling out this time. Good Luck… I know that you will most definitely be one of the 40 percenters!!!

  4. Posted by Ken, at Reply

    Hi Ryan,
    Thanks for sharing your knowledge and expertise!
    I have located an invention that is now public domain, the benefits great! Can you please give some suggestions or steps on how to bring a public domain invention to market?
    Best wishes…

    • Posted by Ryan Grepper, at Reply

      Hey Ken,

      The nice thing about launching something that is in the public domain is that while you can’t get a patent, you also can’t be sued for marketing it.

      For example, the flashlight built into the lid of the Coolest was my idea, but someone else had and patented that same idea years ago. Luckily for me the patent is expired and now I’m free to add that element into my design.

      You’ll want to launch strong into the market and hopefully have other IP or a strong brand and competitive pricing however as nothing stops others from knocking you off if you prove the market loves your idea.

      Good luck!

  5. Posted by Joel Gonzalez, at Reply

    Hello Ryan,

    I’ve been quietly reading IB for a while now. I read this today December 15, 2013 and noticed that you picked my birthday to post this article and my weeding anniversary to venture into crowdfunding. You’ll do as well as I have staying alive this long and being married. It has been a few weeks since you started on your adventure and I’m wondering how are you doing so far. Good luck!