Sam Cook
Articles by Sam Cook
5 Things I Learned From My Crowdfunding Campaign Failure
In today's fast paced technological world, people are no longer struggling with getting enough capital to start a business or develop a new product. With the growth of the internet and social media, it has become easier to start a business and change the world with new technology. Crowdfunding is a system that allows young entrepreneurs to get capital and start a business. With crowdfunding, a large group of people donate various amounts of money to help attain the capital you need. Crowdfunding has been made easy using social media platforms and crowdfunding websites to bring investors and entrepreneurs together. Crowdfunding increases entrepreneurship by increasing investors from whom funds can be raised apart from the traditional circle of relatives, friends and business owners Sounds like a good entrepreneurial step right? But without proper planning, you are doomed to fail. Having failed in my first crowdfunding attempt, I now understand why I failed. Using my experience, I have formulated some of the mistakes that can make your crowdfunding project a failure. 1. Not Understanding the Target Group Well, I did not test my product and services to the community. A big mistake. If I had tested it before setting up my crowdfunding campaign, I would have evaluated the possible success of the business. Even if you have a good idea, it is wise to test it before starting a crowdfunding project. Create value and educate your potential customers and be sure that your product is something people are interested in. 2. Build a Social Media Crowd When I started my crowdfunding campaign, I only had about 1000 friends on Facebook. I believe that was the main reason I didn't get enough funds from crowdfunding campaign. Make sure you have a huge crowd in all social media networks. A big social media will not only increase your financial funds but will also share your campaign with their followers. Twitter and Facebook Marketing makes it easy to identify and connect with supporters while building your target audience. It's also very important to engage in niche communities on places like Reddit and Linkedin. 3. Setting a Realistic Funding Goal Don't set a very high funding goal that you know you can't get. Set a realistic funding goal that people can contribute. In crowdfunding, you can only get the money if you have reached the set goal. If the money contributed does not reach your set goal, then you will lose all the money. 4. Not Having a Deep Understanding of the Concept Before starting your crowdfunding campaign, make sure that you totally understand your business idea. Most crowdfunding projects fail because the idea presented is vague, and the pitch comes across as a request for a handbook rather than an investment opportunity. Demonstrate the value of your business and its viability in the marketplace. 5. Be Authentic The beauty of crowdfunding is that it's social, and one of the reasons that people invest is the emotional reward of helping an entrepreneur get started. Be true to who you are, be realistic with your claims and make trustworthy videos. By doing this, you will build a genuine trust in your potential customer thus guaranteeing your success. I now know where I went wrong and I vowed to never repeat the mistakes again. Learn from my mistakes and you will have a successful crowdfunding project.
Guidelines For Inventors With A New Invention Idea
Most entrepreneurs who come up with viable invention ideas do not know how to take their invention to the next level. They are always seeking information on how to get their idea or a product to the market and make money from their efforts. Some of them almost lose their home even before they get the innovation to the prototype phase when they are unable to make their dream a reality. The dilemma requires the inventor to make a decision whether to market the innovation, manufacture the product, sell the invention to a larger company or collaborate with interested investors to generate income. The first and probably the most important aspect is to ascertain that the invention idea is new, and no one else has patented it. The internet offers you the best source of information especially if you try searching using different keywords. You are likely to access a broad range of information revolving around your innovative idea, some of which will help you get a deeper understanding. If you find that someone has patented a similar or a related innovation, you can try thinking of a different application of your idea or product. It is important to note that some people patent an invention and lack sufficient resources to get it to the market. Hence, you can decide to contact the inventor and find out if he or she has already implemented the idea. You can get into an agreement to work together and benefit from it since some patent holders may have held the license for decades and may be willing to give it away in exchange for a percentage of royalties. If you decide to manufacture the product on your own, you need to have sufficient resources to avoid disappointment. Before you commence operation, conducting market research will help you establish if the product has a ready market. Additionally, you will identify potential competitors and come up with strategies to cope. Moreover, the market conditions will inform you on various aspects to help make informed decisions and suggest effective adjustments at the most opportune stages. If you choose to sell your invention ideas to a big company, the process is quite easy especially if you have patented the invention idea. Although you may not have to perform the market research before selling the invention, it is important to understand the potential of your invention so as to determine the right pricing. At this stage you might have to consider several proposals from different companies to ensure you make the right decision. Whenever possible, instead of giving away the invention altogether, try getting into an agreement on where you will be receiving a certain percentage of income periodically. It is important to consult widely and engage a legal professional before entering into an agreement with any company. If the findings from the market research indicate a high potential for success of the invention in the market, manufacturing the product remains the best option. Fortunately, when you have a viable business idea, you have access to several sources of funding to make the products.
How To Take Advantage Of Patents On The Latest Innovation
Did you know you can learn a lot from information on technological advancement available online? Patents contain the valuable information that may help you come up with your innovative ideas or at least have an idea of what to expect shortly. For better understanding, you can consider a patent as a reward an inventor receives for his or her innovative design or technology guaranteeing exclusive rights to benefit from the invention. Although it was quite hard to access information on these documents previously, the crucial details are available to the public due to the widespread use of internet technology. If you read a full range of patent documents in your area of interest, you will certainly get important details on the technology lifecycle, technology merges, developments in technology and the key inventors behind a particular technology. Fortunately, you can also access professional patent analysis online that uncovers valuable information about the upcoming innovations. The report provides a snapshot of the technology from various viewpoints hence; you are likely to gain insight on your area of interest. Besides, you can plot the revolutionary trends and diversification to be able to predict future developments and take an advantage. If you are an expert in a related field, you can use the information to evaluate your skills. Additionally, you can identify a gap in the existing technology and apply your innovative ideas to bridge the gap. Evaluating information on the latest technology is not only helpful to individuals but also firms. In the current business world, it is crucial for companies to keep up to date with the technology advancements to enhance efficiency. Knowing the technology that the competitors use or intend to use helps a company to come up with innovative ways of coping. Additionally, comprehensive evaluation of the technology applicable in firms performing similar operations enables the management to make an informed investment decision. For technology-based companies, it is important to assess the fundamental ideas behind the technology; the creativity in the new technology; and the vulnerability to patent infringements. This reduces chances of losing a significant amount of money by acquiring technology that is subject to high risk. Even though patent literature may be available to the public, the ability to identify the most crucial information is a key factor. However, technology mapping techniques and consulting experts will ensure the efficient transformation of the otherwise useless information into valuable knowledge that influences decisions. Patent documents are important sources of knowledge that individuals and firms can apply to gain an advantage over their competitors. Analyzing this information and forecasting helps a company institute changes that address current and future concerns. Moreover, the analysis of the latest technology aids in visualizing the available development alternatives that the company can follow. Therefore, the company will have a high degree of flexibility in the application of alternative methods of achieving the goals. The next time you find information on the latest technology online, you should take a chance to evaluate possible future changes that may affect you or your business venture.
Essential Tips For Networking During Invention Trade Shows
Before participating in a technology trade show, you need to attend a few to gain some insight. Ideally, you should visit the kind of show that suits your innovative ideas. However, any technology trade show is likely to provide helpful information. Check out the arrangements, exhibits, booths design, and above all learn from them for your booth in future. For updates on upcoming invention exhibitions, you should keep checking and reading magazines, newspapers, and online sites. Typically, invention trade shows last for just a few days or at most a week. Therefore, you should seek to make the most out of the opportunity. Besides, you will have to invest time and money to get your invention there hence the need to maximize the benefits. You should focus on meeting different people who are knowledgeable about your area of interest, make contacts and utilize the network for future development. In most cases, trade show participants seek to increase sales by focusing so much on winning the prospective buyers. Although making sales during the period is important, a greater fortune for your business lies in the contacts you gather during the period and your ability to make use of the network in future. You can consider developing the business relationship by staying in touch through emails, newsletters, and free samples. If you stay connected, you will certainly enhance the image of the reputation of your business and generate more sales in future. Additionally, you should ensure the guests attending the trade show take note of your invention. Make your exhibition booth stand out by utilizing colorful signage that is easy to identify. Ensure you create the great impression. You can use little tricks like giving samples, photos or snacks to attract crowds to your booth and make the exhibit interactive through a free consultation. Interacting with the guests will make it easier for you to propose business deals during the trade show or in the future. Moreover, you should give your business cards and encourage the guests to share their contact information. Apart from networking with the people visiting your booth, networking with other exhibitors is also important. You should consider walking around and interacting with a few exhibitors during collective seminars sessions, entertainment or when there are few visitors. Sharing information about your technology and the target market with others may lead to the development of cross promotion or affiliate relationship in future. If you have non-competing inventions, you might benefit by sharing each other's website links directly to visitors of your respective internet sites. After the trade show, you need to follow up on propositions using the contact list you gathered during the trade show. A personal note, letter, email or a request to subscribe the people to a periodic newsletter is a very good idea. Better yet, you can identify promising business people and make a call to discuss the possibility of establishing collaboration for mutual benefits. However, you should not engage in any business dealings before you are confident that the other party is genuine.