Crowdfunding Secrets To Kickstart Your Business with Will Ford of LaunchBoom - Bacon Wrapped Business With Brad Costanzo

Crowdfunding Secrets To Kickstart Your Business with Will Ford of LaunchBoom

Will Ford is a highly successful entrepreneur and Crowdfunding Expert. He is the president and co-founder (with Tom Dadourian) of LaunchBoom.com, a full service marketing agency that manages the entire crowdfunding process from start to finish. They partner with companies that are looking to launch new, innovative products on platforms such as Kickstarter and Indiegogo. They have a 100% funding success rate because they only accept clients when they know they control the outcome of the launch.

HIGHLIGHTS

How Launch Boom succeeds…

  • Position the product for the “perfect consumer,” your target audience.
  • Pre-sell on the funding site, build an email database of people who want your product and then create a goal that you control.
  • Puts video production, web development and digital marketing all under one umbrella.
  • Types of products: Will particularly likes hardware – physical, tangible products (e.g., tech products, apparel, etc.).

Launch Boom looks for:

  • People who are good entrepreneurs/business owners,, and especially people who will continue to grow the business post-launch
  • An innovative product.
  • Proper funding (advertising budget)

Using Rewards-based Crowdfunding prior to raising equity capital

  • About 50% of their clients ask if they can be introduced to angel investors or venture capitalists because they want to raise more money, sell a percentage of the company, and increase growth to beat out the competition.
  • If you can have your product ready by October, for example, tell the customers it will be ready in December, giving you a 2 month buffer. You can then deliver the product 2 months early to the early backers who will be happy that they’re helping a new company and that they got their product so early.
  • You will gain strong loyalty from your customers because they helped bring your product/idea to reality.
  • Re-launching: If you do one or more re-launch of the same product (like a 2.0) or a different product, about 40% of the original backers will back the re-launch campaigns.
  • Prizes: Along with pre-selling, you can also offer an exciting prize option. Customers want a great deal and you want them to be excited about the product.
  • Instead of asking for money just to help grow the company, ask for money to fund something new or specific.
  • Kickstarter is now a B Corporation, so if you’re raising money for an awesome social cause, they might actually back it internally and drive their audience to your campaign.
  • Hear more about Equity-Crowdfunding on my recent episode with David Metzler

To contact Will, go to www.LaunchBoom.com and click on the Apply button at the top. There are a few basic fields to fill out and you will get a response within 24 hours.

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For questions, comments, help with your business or to offer book recommendations, contact Brad at askbrad@baconwrappedbusiness.com.