Crowdfunding Financial Flash Mobs!

Find one person who likes the feeling they experience when they discover they’ve been ripped off.  I don’t know anyone.  Supporters are trying to avoid this feeling when they back a crowdfunding campaign.

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The 1st Principle of Successful Crowdfunding is TRUST

Trust is .. ‘the confident belief or reliance on the character, ability, strength, honesty of someone or something’ (a definition I have cobbled together based on several dictionaries)

Financial Flash Mobs

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If lots and lots and lots of trust exists before the crowdfunding campaign starts, things can get a little crazy ….  FINANCIAL FLASH MOB crazy …

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Hello Harto – target of $50,000 raised in 6 hours and went on to raise a total of $223,000. An incredible amount of engagement between Hannah and her supporters on Indiegogo with over 2000 comments + updates

Big Hearted Business – Clare Bowditch surpassed her target of $26,450 in 6 days and her campaign is currently over $35,000 with another 38 days remaining

Brain Fargo – Torment:  Tides of Numenera, a game, raised $2.3 million in the first 3 days well surpassing his goal (18 days to go).  In 2012, Brain raised nearly $3 million on Kickstarter with another game, Wasteland 2.

First Dog on the Moon Cartoobs and other Typos – surpassed their target amount of $3000 in just 6 hours and there’s still 10 days remaining 

Veronica Mars, a cult series off the air for six years brought crowdfunding into mainstream media even downunder with articles in the Sydney Morning Herald and on New Zealand’s news site, Stuff.  $2 million raised in one day!  Now standing around $3.5 million and 25 days remaining.

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A decision to pledge is made more quickly and firmly if the trust exists before the crowdfunding campaign is launched.

Some of these project creators have been filling buckets with trust before Indigogo was even a thought.

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Don’t despair if you are without a trusting crowd; there have been many successful crowdfunding campaigns that started without one.  Trust can be built into every step of your crowdfunding campaign plan.

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In an upcoming blog post, several project creators will tell you how they created trust for their crowdfunding success.

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RELATED POST

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P.S. Brian Fargo features in The Crowdfunding Bible, passing on the knowledge he learnt from his first successful crowdfunding campaign, Wasteland 2.

Image:  autor: Adam Kliczek / Wikipedia , license: CC-BY-SA-3.0 

6 thoughts on “Crowdfunding Financial Flash Mobs!

  1. It certainly makes the pledges come in fast if trust is build beforehand. However, trust can be built along the way leading to crowdfunding success. It’s just a slower walk to success. Both the hare and the tortoise can win the crowdfunding race :)

  2. I like your emphasis on trust because I think a lot of people see crowdfunding as simply a way to obtain finances for a new project. On the other hand, it could also be a great way to build trust and rapport with an existing audience or fanbase (like fans of a game development studio) and invite them into the creative process.

    • Many people who are crowdfunding don’t think about the need to show themselves as trustworthy. For example, it is very easy and possibly tempting to launch a crowdfunding campaign and hide from public view (no photo, surname). Unintentionally they have created a campaign that makes potential pledgers wonder, ‘Why is this person hiding? or ”What else are they hiding from me?’ We are all far less likely to give our money to people we don’t trust. Trust is an underlying principle to crowdfunding success. The crowd must trust you before they will pledge on your campaign.

  3. Pingback: The Trust Paradox | Crowdfunding Downunder

  4. Pingback: The 1st Principle of Successful Crowdfunding | Crowdfunding Downunder

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