Creators from around the city got together at the Benilde School of Design and Arts to learn how to make their ideas and products become a reality through the help of the public. Benilde HiFi’s event: “Spark Crowdfunding”, which happened last July 19, 2019 aimed to raise awareness about the practice of crowdfunding to help creators produce their products. The founder of the Philippines’ leading crowdfunding website The Spark Project, Mr. Patch Dulay led the conversation-cum-workshop. In the workshop, he discussed the whole concept of crowdfunding, its strengths, limitations, dangers, and opportunities for the creators. He also gave out worksheets, which the participants accomplished with their own ideas, while going through the workshop.
Here are a few key points from his talk to make your crowdfunding successful:
1. Plan way ahead
Allocate at least one (1) month of planning before you greenlight your crowdfunding campaign. Use this time to prepare the following:
a. Project Name — How will your project be known by the public? There are many ways to call your project. Just be sure to pick a name that people easily identify, understand and recall.
b. Team — Who will make up your team? Will you be working alone or will you be accompanied by others? Backers look at how competent the project proponents are because crowdfunding is an act of faith in a project. Assemble a team who is competent; and do not be shy to tell people about your team’s competencies. When asking others to back campaign, your team is as good as your project itself.
c. Project description — Be able to describe your project succinctly. That means, it is concise, clear, and persuasive. If you need to beat around the bush just to describe your project, you might be either over-writing your description, or your project is unclear even to you. Backers can sense if you have a defined path to success. Let it show in your description.
d. Goals — A campaign needs strategy; and strategies should have defined goals. Define the specific targets you are aiming for. For crowdfunding campaigns, it goes without saying that your target fund amount should be one. However, crowdfunding campaigns extend beyond the virtual world. Its success demands supplementary actions via analog or physical-world activations. Therefore, you should also identify your goals for these activities. Your goals may be a definite number of on-site pledges during activations, or a defined quantity of names and information you can harvest for activation via other platforms. Your goals should always be firm. As they say “be stubborn with your goals, but flexible with your methods.”
e. Milestones — How can you keep track of your progress? Or how will you know if you’re making any progress at all? That’s what milestones are for. “Mile-stones” were originally used to mark one (1) mile intervals to help people, especially travellers keep track of their journey. The same goes for your crowdfunding campaigns. By identifying milestones, you, along with your backers can keep track of your campaign’s movement. This way, you can adjust your tactics depending on how your project performs.
f. Project Schedule — Some of us like being extemporaneous, while some of us like having plans. However, if you are a backer investing a good amount of money on a project, a plan sounds just about right to make you feel secure. Having a plan — and a schedule benefits you as a creator and campaigner in multiple ways. First, it helps you keep in track of your project (time is money!). Second, it helps you set your sights on your desired image of success (see d. Goals). Third, it helps you develop trust with your backers because they can see your overall plans. And fourth (and not the last), it persuades potential backers into pledging their support to you.
g. Project Pitch — Pitching is not merely presenting. Pitching is about setting up and fixing yourself firmly in position and welcoming people into your proverbial “tent in the forest.” This means being confident in your project, and standing tall by it. Success attracts success; and so you must be able to trust in your project’s success. Once you are confident in your project, help people understand why they should also trust in your idea. A sincere story about your story’s origin will help others identify with you. Remember that humans are naturally social creatures. We find similarities among ourselves hoping to find our tribe. Use this to craft your story. You must remember though, to always be truthful. Crowdfunding operates on trust; and being untruthful and distrusted can break your campaign.
h. Multimedia Assets — Be engaging. Communicate from different digital and analog platforms using analog and digital media. Having photos and videos can increase your campaign’s success by up to 70%, based on crowdfunding trends. ““Show, not tell” is an often-said advice in persuasive communication. This is because our primary sense is our sense of sight, and so we tend to believe the things we see more than the things we sense through any of our other senses. We are now in a post-digital media wherein people expect to see (consume) multimedia products like photos, videos, animations, and games. Not having any of these connote that you may not be a competent enough creator and proponent!
i. Rewards — Nothing motivates people to give additional support or effort than giving them rewards. Plan and set-up a reward system for your backers so that they may be even more driven. Develop higher pledges tiers that deliver exponentially more rewards for your backers. This helps make people feel valued and important to your project’s success. Don’t just make your campaign feel like a charity drive!
j. Costs — You have to be very conscious of your costs. It is important for you to avoid guesswork when you take note of all your expenses. Although estimating and projecting costs are a normal, these must be done backed up by research. Ask for quotations from various suppliers and service providers, make list of all the expenses you’ve incurred since embarking on your project, and allocate additional expenses for your succeeding activities as you market and produce your products. All money coming in and out must be recorded so that you have a concrete monetary figure to reach and exceed.
One more thing…
Benilde Hub of Innovation for Inclusion (HiFi) will be having two (2) events on August 22, 2019:
PDGii Space Walk
Join us for a day of interactions with other social-purpose professionals and social innovators as you visit and tour our new campus. Walk through the open lobby and mezzanine, view the latest prototypes of the Benildean innovators under the HomebrewEd Program, share meals with the HiFi team, peek through a public Design Thinking workshop at the new makerspace, and enjoy the open air of the building rooftop. Discover how our new space may fit your organizational needs.
For FREE tickets, click this LINK.
Designing Your Best Life Now
“Designing Your Life” presents a coherent approach to thinking about life choices and career choices. It aims to use the framework of design thinking to address the “wicked problem” of designing your life.
This special event will be facilitated by Ms. Stephanie Choo and Ms. Abi Mapua-Cabanilla
Workshop Fee: (includes workshop kits, snacks and meals)
P2500 for Professionals
P1000 for Students
To register, click this LINK.