Crowd Funding

"Money, Money, Money, Money....Money!"

"Money, Money, Money, Money....Money!" or Less Jumia More Chimamanda?

You have to sing or like the soundtrack to Donald Trump’s Celebrity Apprentice otherwise it doesn’t work. This song has been stuck in my head for a while now. Why? Because I get this question all the time! Where can I raise money for my business? Or what are the sources of funds for entrepreneurs? Well today I thought we’d talk a little bit more about one that comes to the limelight recently, crowd funding. Read more about how Nigerian startups can access Crowd funding. While you’re at it, you should also look over the legal implications of crowd funding. After you’ve made some big decisions like which platform to use, Kickstarter or Imeela or whatever else tickles your fancy, you then need to understand what makes a crowd funding campaign successful. Here are some insights I’ve picked up from my experience.

1. Tell a story

2. Tell a story

3. Tell a story

Yep! That’s all the advice I’ve got for you today. But if you remember it you’ll be golden. Crowd funding isn’t like putting up a product on Jumia to sell. Unfortunately most people treat it like that – i.e put up a few nice pictures and say “Buy Now!” Umm no…I think not. Here’s what to keep in mind instead. People want transparency You’re asking people to give you their hard earned dollar bills for a product that may never exist, I think you can spare a few moments to be totally transparent about what the money will be used for. Use as much multimedia as possible (photos, videos, animation, etc). This is especially important if you have the word ‘ Nigeria’ anywhere on your page. We still have a long way to go when it comes to transparency. People are attracted to Vulnerability Be as open as possible about your challenges. Don’t whine but rather elaborate and proffer solutions that might be possible after a successful crowd funding campaign. Everyone has been through starting challenges and your audience may even surprise you with a piece of advice or two. Journeys always sell Be ready to send regular updates. It will heighten the satisfaction of people who’ve already given you money as well as encourage people who have not yet given to finally take action. Crowd funding is an important innovation in the lives of entrepreneurs and has made a huge difference in the lives of startups that may not otherwise have access to more traditional sources of funding! Are you crowd funding currently? Tell me your challenges; I’d love to help.

Wonuola Okoye Principal Coach Big Startup

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