A common challenge amongst entrepreneurs and inventors is always going to be funding; where and how are you going to raise the funds needed to take your idea to product, and how quickly you can do so. The costs involved in getting your invention idea designed, prototyped, engineered and manufactured, all add up and can often feel overwhelming but, here at Idea Reality, our experienced team understand the importance of keeping these costs as low as possible, whilst supporting you to find and secure funding where you need it most. Depending on your invention idea, crowdfunding could be the answer to helping you cover some of your project costs, whilst providing some much needed exposure during the early stages of product development, and attracting a captive audience.
The benefits of crowdfunding
Crowdfunding allows you to get investment for your project without giving away shares or rights to your Intellectual Property. Typically, crowdfunding involves pre-selling the finished products alongside other special items such as limited editions and exclusive access to products before they’re available on the market. Not only does this give you the funding you need but also gets your product on to the market immediately, following production.
- Set Targets: If you need a certain number of sales or amount raised then you can set this as a target. If the campaign does not reach the target you can are not committed to ship the product and can re-evaluate your approach for a second attempt.
- Validation: the fact that people are willing to invest in your product suggests that your idea is well liked if people are willing to pay to see it happen.
- Marketing benefits: first of all, when you advertise on crowdfunding websites, you get free publicity for your product. These sites generate a ton of traffic, so your product gets great exposure. You will also have had to think up a marketing plan before launching your campaign, so you learn great marketing skills along the way too. If this stage is daunting for you, the Idea Reality team has great experience with crowdfunding campaigns and are more than willing to help.
- Feedback: comments from investors or crucial to your product development. Also, negative feedback on your product will also help you change your product for the better.
Crowdfunding support from Idea Reality
Here at Idea Reality, our team of experienced product designers specialise in new product concept design and development, taking your invention idea to product in a comprehensive, collaborative, and holistic way; using CAD design, prototype development, and 3D printing to ensure that your invention becomes not only the innovative, ergonomic, unique product you envisage but is brought to market in an appropriate and efficient way to guarantee its success.
Everything you will need for a successful crowdfunding campaign
You can benefit from our experience helping product creators to bring many different products to market via crowdfunding. No matter the type of product or whether its Kickstarter or Indiegogo we can offer real help preparing your campaign and advising on strategy.
A compelling brief
Your first step is to win over the crowd with an inspiring story about your product and why you need their help. You have to convince them to invest in your product, to invest in you. Idea Reality has great experience in creating powerful sales presentations and product animations, and can put a great campaign together to help you crowdfund your product idea.
Realistic Working Prototypes
No crowdfunding campaign is complete without a prototype to demonstrate the product idea. A well executed prototype is vital for your potential customers to buy into your product idea.
DFM Development Design
Once that funding is secured we are on hand to complete any remaining development and work with your chosen manufacturer to complete all manufacturing preparations.
Manufacturing Costs
Our fantastic network of trusted factories and suppliers are on hand to build your product and before you can launch your campaign you will need an accurate understanding of the production costs ahead.
Campaign Videos & Animations
We have produced countless video highlighting our clients brilliant ideas. These take the form of film, CGI animation and graphics. We will help you to get the best crowdfunding video in front of your audience.
The biggest crowdfunding websites are Indiegogo, Kickstarter and GoFundMe, so those are great places to start. Think carefully about what rewards you want to offer and ensure that the pledged amount will cover the cost of the reward and still help you towards your product goal.
Once you’ve put together all the details of your campaign, you need to spread the word to as many people as possible. Share the link with all your family and friends and share on social media. Encourage others to share on social media too. You never know whose eye you might catch.
This is an informative article only. The above is the opinion of Idea Reality Ltd and is not to be used without proper professional advice taking into account individual project circumstances.
Looking for help to fund your product idea?
Idea Reality offers advice and a range of services to prepare you to create campaigns, pitch your idea to inventors, or go on TV Shows! Learn more on how to fund your product idea, and get in touch with our design team!
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By James Lamb
Founder
