Funding Friday: Top Crowdfunding Reads of the Week (5/8/15)

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Recommended Read #1

Matt Ward’s article, “Can I Run a Kickstarter and an Indiegogo Crowdfunding Campaign at the Same Time,” attacks one of the common questions (and mistakes) that many aggressive entrepreneurs ask and make. It’s a commonly questioned mystery: why wouldn’t it make sense to run a campaign on both Kickstarter and Indiegogo? Well, Matt gives you 11 good reasons as to why this idea should be ignored.

From one through 11, Matt addresses many of the issues of running double campaigns, including the fact that starting two campaigns is going to split your network into two; he reminds us that many of the investors on these crowdfunding sites back the businesses that are popular, and that you may be unable to do that on more than one platform; and he also reminds us that two campaigns may make some of your backers feel like the ‘other woman’ of the relationship – which can ultimately burn bridges that don’t need to be burned.

While referring to burned bridges, Matt brings up one of the biggest potential problems you could face: dealing with a failed campaign and a successful campaign, which would essentially split your customers into happy ones and considerably angry ones.

Recommended Read #2

While reading “When Crowdfunding Goes Wrong, But the Product Is Just Right,” you can’t help but see a bit of yourself in these entrepreneurs who had tried getting their products funded through Kickstarter, but failed.

Eric Samson’s tells the story of two entrepreneurs who finally overcame their fears and put their finished products on Kickstarter, only to make a tiny dent in what they were requesting in funds. Though these underdogs don’t succeed the first time, Eric continues the story by explaining their need to succeed and motivation to continue improving their campaign so that the next round, they can reach their goals – and they do.

Although the entrepreneurs in the story had little to no knowledge of how to create a successful marketing strategy and gain funding for their products, their persistency and desire to move forward got them to where they are now.