Investigation Into the Crowdfunding Process for Bringing a Product to Market
Crowdfunding is a way for entrepreneurs to source capital. It has become a major factor in the funding and marketing landscape and a tool for prospective product based startups. When used effectively crowdfunding can have profound effects on the launch of a company. This paper investigates the process of crowdfunding a product from start to finish, and seeks to establish best methods to use for each step through research and execution. It takes an in-depth look at all the components needed to run a successful campaign. It also applies the general principles investigated to a specific product, the BankNote wallet, in order to provide an example of the established best practices with a real product. The process of crowdfunding a product is broken down into five sections: 1. Building the Product 2. Planning the Campaign 3. Gathering a Crowd 4. Creating the Campaign 5. Running the Campaign For each of these sections I discovered many useful practices that increase the odds of a successful campaign. I was also able to establish a timetable for each task needed to complete the process. This paper outlines and demonstrates the components of an effective crowdfunding campaign. It is intended to be used as a tool in the hands of an entrepreneur.
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