Media

How to market crowdsourcing effort to raise start-up funds

Sunday, May 5, 2013

WeCo, a small business in St. Paul, is using the Indiegogo crowdsourcing fundraising website to raise start-up funds. How can we enhance this marketing campaign to increase donations? If this campaign is unsuccessful, should we launch another campaign on a different crowd fundraising website?

Toni Grundstrom
WeCo (The Wehrman Collaborative)

Answer

On its face, crowd­sourcing start-up funds seems like an easy tactic for artists, businesses and nonprofits to get relatively free investment. Having been involved in a successful Kickstarter campaign last spring to raise money to make prototype molds for an iPhone accessory at a company called Qwik-keyz.com, I know just how hard it actually is.

In crowdsourcing, set your sights realistically for the funding amount, and prepare to do most of the work yourself, including proactive social media posting; reaching out to like-minded bloggers; and staging as many public relations activities as you can muster.

Mike Porter, director, Master of Business Communication Program, University of St. Thomas Opus College of Business

Originally published: 05/05/2013, Star Tribune