Crowdfunding for Startups
Among the many doctor and actor aspirations, lays an ambition many are not equipped to start: creating their own business. As many startups disappoint before they’re fully able to thrive, a middle ground of uncertainty is present: how does a novice idea meet the demands of initial costs, provide a product worthy of consumer demands yet provide an opportunity to gain loyal customers willing to purchase at my inauguration? Enter Kickstarter, the crowdfunding platform that provides potential entrepreneurs with the opportunity to turn their dreams into reality.
Crowdfunding Success Stories
There are many variables contributing to the success or deemed failure of companies; some externally or internally known while others are not. Whether or not the variables identified to the failure are presented, it’s best to reflect upon the factors contributing to success. I had the pleasure to speak with two very successful brands– one that has had the recent achievement and the other still in the process of a crowdfunding triumph. Whether you’re planning the next great funded project or simply looking for inspiration from relatable businessmen, Ryan Beltran from Original Grain and Jake Joseph from Jake Joseph Underwear are idyllic.
Before investing in inventory and product development to begin any business venture, research and adequate testing are needed to determine if your product is in demand. With that said, Ryan Beltran believes “Crowdfunding is a great avenue for testing products and gauging potential demand” as it develops a platform for advancing decisions to determine to continue or not. It’s also a great platform due to the audience – “an overflow of people who appreciate creativity and I wanted to reach and work with those people” reveals Jake Joseph.
As one of the most funded fashion projects to date, Original Grain fuses local wood inspiration from their Pacific Northwest hometown and modern eminence that results in a captivating timepiece. “Our primary goal when launching Original Grain (OG) was to develop a product unlike any other on the market. We wanted to create a watch that would ‘turn heads’, but was top notch in terms of its quality. That’s to be great at making our watches and provide a good experience for each and every customer we have.” With plans to solidify OG as a household name and eventually expanding into a lifestyle brand, “the only way I can get there is to focus on making a high-quality product and continuously innovating our product offering.”
Jake Joseph elevates a traditional, hidden piece and “adds quality and workmanship to an often neglected garment”– underwear and proves that the internal details and value of the first layer of adornment is equally vital. Insight to this piece was gained as this was in the process of development just as his project was launching. “We are constantly looking for ways to design products that are not just beautiful but offer a solution too. Crowdfunding platforms like Kickstarter are terrific platforms to introduce The ZenSho Collective – the first underwear to never rise.” Ultimately, passion is vital Joseph believes, “be passionate about the product you want to introduce and illustrate that passion in your product and its benefits.” Genuinely understand your audience while developing an approach to providing them with a highly unique outcome, just as the exclusive underclothing of Jake Joseph has done.
Passion coupled with an essential connection with your audience and quality product, all combine to make both of these company’s successful crowdfunded projects. “Kickstarter is an amazing community of people that want to help companies get off the ground…you just gotta go and do the dang thing.” Provide an experience for the consumer by revealing your story; when done effectively, the generated buzz will appeal to the need of your consumer now while also illustrating ideas for the future. “People love helping others achieve their goals, especially when they’re genuine” concludes Beltran. Therefore, the highly advantageous and mutually beneficial Kickstarter is highly recommended for the inner entrepreneur in all.
***Update: Check out one of our brands NAMAKAN FUR: they just ran a successful crowdfunding campaign and we’re now in production – product to be completed January 2017