Testing Your Deal for a Crowdfunding Raise
Crowdfunding works well with certain types of products and businesses.
Consider these points in determining if crowdfunding is a good fit for your campaign:
1. Is the value proposition immediately clear when someone sees it?
2. Does it solve a specific need rather than a general tool?
3. Can you describe its main use case in five words or less?
4. Is it unique, and does it stand out from the competition?
5. Does the product provide significant value?
6. Have you tested the idea on a non-family member?
7. Would you ask your family and friends to fund it?
8. Can you show social proof to validate the market and the product?
9. Have you raised some funding already on it?
Consider these questions in determining whether or not you should pursue crowdfunding as part of your fundraise.
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Hall T Martin is the director of Investor Connect, which is a 501(c)(3) nonprofit dedicated to the education of investors for early-stage funding. All opinions expressed by Hall and podcast guests are solely their own opinions and do not reflect the opinion of Investor Connect. This podcast is for informational purposes only and should not be relied upon for the basis of investment decisions.