Narek Vardanyan is the CEO of The Crowdfunding Formula, a leading international crowdfunding agency, and the author of the bestselling 57 Secrets of Crowdfunding.
He has managed hundreds of campaigns, all with a 100% success rate and many of them raising more than $1 million!
He enjoys sharing his insights on digital marketing and growth hacking. He’s spoken at TEDx conferences, published articles in Forbes, Bloomberg and other well-known media outlets, and has been recognized as one of the top Crowdfunding Experts in the world!
Questions
Barbara B.
Hey, this campaign (https://www.kickstarter.com/projects/acquauv/acquauv-worlds-first-water-powered-uv-filter/description) advertised with working with you. However, there hasn't been an update or any life sign for months. I must say that it shows you in a very bad light. Are they lying that they are working with you? Or does your company not keep track of what your customers do with your name?
Arkadiusz Kurnicki
Hi Narek Could I count on your help? How could you implement my project? https://igg.me/at/plafarmvietnam Please help me, send me some options. Please send me informations about your services. Best regards Arek
Sebastián Clementi
Hello Narek. Im looking for an agency to guide me and my project in Chile, Sudamerica, that means about precisely of a crowdfunding platform, that doesnt exist en Chile. I have a lot of great ideas, i think, but i want to lanch it on the best way. Thanks for the first lines in order to know about your services. Regards!
mohammad hashemi
Hi Narek hope all is well I'm launching a Kickstarter campaign for my green hydrogen breakthrough project a solution that can produce 350% more green hydrogen than the best electrolysers on the market and I need help with raising funds on Kickstarter, can you help?
Leonardo Annunziato
Hi, I'm Leonardo and I just launched my project on Kickstarter. This is my campaign URL: https://www.kickstarter.com/projects/digital-art/the-raphael-platform?ref=2gfk4x My goal is €15,000 in donations and I'm trying to figure out which is the best strategy to carry out a successful marketing campaign and what the costs are. Below is a brief explanation of my project (The Raphael Project). Raphael is a platform that could simplify the work necessary to be able to develop images and interactive installations, it i salso an entrepreneurial initiative for artists and operators in the performing arts (theater, concerts, museums, music, dance…). We worked on the idea of designing a creative environment based on a basic framework and a "modular" approach where many artists can develop and integrate new modules. This concept is familiar with the "WIKI culture" where a small effort of many people together makes a big result. We decided to use the name "Raphael" (after Raffaello Sanzio) because this project is inspired by the spirit of the digital renaissance. Symbolically it is a bridge between art and new digital technologies. The ambition was to create a place where artists could collaborate, share and co-create. Thus was born the idea of a "widespread collaborative company". Thus was born the project of a "Digital Art Living Lab" (DALI) to allow the future growth of the platform that expresses the community itself.
Valentina Chastain
How much are your services please?
Roger Nelson
Hello, I have a Kickstarter campaign for a short film, comic and serious, about a service that sends you to the afterlife for 20 minutes. It's called "20 Minutes in Heaven." I think it's catchy and fun and also thought provoking. I am guessing this is not the sort of thing you guys are used to promoting. But my goal is for a film that does more than entertain. I want to send a message. Can you help? I am retired on a pension, so I am guessing I cannot afford your service. Let's see. Cheers, Roger Nelson - producer, writer and director of other short films about the afterlife
John Stuart
Hi Narek, I have a Kickstarter campaign that will be ready for launch in a day or two. Our product and concept are unique to the golf industry, but may need some lipstick -so o speak to attract significant pledges. A review from your company and assistance in a campaign to launch would be of interest along with any final revisions of the Kickstarter prior to submission. Currently, we have products on hand to fulfill most all Kickstarter pledges. An Indiegogo campaign would be attractive following Kickstarter and perhaps retail eventually. I assume your fee structure is based on results, and if so please advise. My Kickstarter campaign is here for your review: https://www.kickstarter.com/projects/687372675/756173490?ref=d0rdi1&token=05d10aa7 My Best, John
Lesnay Perez
Where can I download the books I bought on the page?
Tatyana Maranjyan
Hi, hoe can I get help with croudfunding campaign? Hope you will help me. Thank you
Masaru Tateno
Hi, I want to ask concerning the possibility of business on your product, Nitetronic Z6 found in Indiegogo. Thank you in advance. Please delete the previous, long message of mine, which was incorrectly sent. I regret for it, and thank you again for your patience.
Masaru Tateno
Subject : [AILB] Inquiry for Nitetronic Z6 found in Indiegogo Hi, I am Masaru Tateno, the president of AILB corporate. We sell very attractive products from abroad that have not gained recognition in Japanese market yet, in cooperation with the manufacturers of them. We have found that your products, Nitetronic Z6, gained large support and funding for mass production in Indiegogo. We have taken a very strong interest in your product. We regard that your Nitetronic Z6 is an impressively excellent product ! So, could I ask you here to collaborate with us, if you are interested in expanding your products into Japanese market ? We have many kinds of sales channels in Japan, such as major retail chain stores, retails stores, EC stores. Also, we have many experiences to exhibit many kinds of products from abroad on big gift shows and exhibitions in Japan. Thus, we can support you to expand your products into Japanese market effectively. As you may know, Japanese language is also a serious barrier for foreigners to enter into Japanese market. However, we can understand their demands, because our members are Japanese. So, you can count on us to do after-sales services to Japanese customers. I am interested in your Nitetronic Z6 so much, and thus look forward to having its experiences for myself. Please let us support your business expansion into Japanese market ! If you could give our proposal a good review, we would greatly appreciate it. I hope to hear from you soon. Sincerely, Masaru Tateno CEO, AILB (AI Lab. for Bio-environment) Address : Shin-Osaka SONE Building 5F, 7-1-29, Nishi-Nakajima, Yodogawa-Ku, Osaka City, Osaka, Japan 532-0011 E-mail: [email protected] Home Page : http://ailb-cf.pro/
Clive Reffell
do you use artificial intelligence to prepare your campaigns
Join the CrowdfundCrew
Narek, I've started a crowd fund campaign (https://givebutter.com/silentretirement) and I know I'm basically asking for the impossible with wanting 5MM to buy a yacht for a dream retirement. Is that something your team would even take on and believe they could reach that goal (in addition to whatever fees thecrowdfundingformula has)?
Derik Alles
What happens when you back a creator, and they disappear? This looks bad for the crowd funding site, as well as TCF as they were advertising for the product.
Julien Ostrowsky
Hi, I'm planning on creating a new Tech project soon on Kickstarter (in about 3 weeks), and I'm benchmarking a bit the different agencies that could help me market the project once the campaign is live (via Paid Advertising, Email Marketing, Influencer Marketing, perhaps not all of those three, but it's an idea). I've been a bit scammed in the past with an agency that was using a google sheet to report how much pledges they were bringing but the numbers were unrealistic and not accurate at all. How are you tracking the revenue generated by your services exactly ? Thanks, Julien O.
JT Rosart
I have little to no money. My wife has cancer. What I do have is a unique product, with market research already done, projected sales in millions and a belief that someone will help me take this to launch. I hope that someone can be you so my question is, would you be willing to defer payment until we start getting funding through crowdfunding? I'm so close to acheiving my goals and just need some help with this last little bit I also already have 3D rendering. Gooe to hear from you soon!
Хорен Казарян
Почему-то после отправки моего предыдущего сообщения текст изменился. Прошу прощения что вы читаете несвязную речь отредактированную Вашим порталом. 12:26 от 11.05.2022. Подскажите контакт для связи, пожалуйста, почту или номер телеграмм или вотсап.
Хорен Казарян
Добрый день, 08.05.2022 вы организовали мероприятие в г. Ехегнадзоре, очень хотел посетить мероприятие онлайн, так как сам сейчас нахожусь в России, но к сожалению не было такой возможности, на мой взгляд можно параллельно создавать ZOOM конференции или прямые эфиры YouTube для получения вопросов онлайн. Из кусочков презентации я понял что TCF компания которая может проанализировать ИДЕЮ и при её целесообразности помочь в реализации в IT сфере. подскажите как можно с TCF связаться, так как поиски в интернете не дали результатов по поиску почтового ящика. У меня нет instagram и facebook. Но есть идея и план, которую хочется обсудить, может вы со своим опытом раскритикуете её и дадите вектор направления, но на данный момент я не могу с Вами связаться. Единственное я нашел https://staff.am/en/company/the-crowdfunding-formula : персонал.am пр. Азатутян 24, Ереван, Армения +374 11 900 901 привет@staff.am напишите почту по которой можно с Вами держать деловую переписку. Моя почта [email protected] по этому номеру так же можно звонить в вотсап и телеграм. Заранее благодарю, надеюсь на обратную связь.
Gagik Mirzoyan
Hi Narek My second project was to raise money to set up a Business for Refugees from Karabakh /Artsakh Armenian people/ and help them get jobs, and net income. In that business, workers are only. refugees. It is a big truck where these people produce national brad "Jingialov Hac"
Gagik Mirzoyan
Hi Narek, I'm willing to invest in Building 6 stores and 50 rooms and set up CoWorker, Hosting Services for mostly IT people. Hub for Event and Sharing Ideas. Place for living and working. I need to raise $4.5 Million. An actual building exists. I need your valuable advice.
Don Turner
Narek, do you folks only advise on crowdfunding or do you actually perform all of the marketing/solicitation? Would love to talk to someone at soonest convenience. Don Turener, [email protected], 678.361.3313
Jennifer
Hi Narek! UV Mask Or UM Mask used your platform and Kickstarter but they never sent me the product as promised nor the refund subsequently promised. Colorado’s attorney general filed a suit against them for fraud. Are you willing to stand up behind your company’s name and help me get in touch with them and get a refund??
David Nalbandyan
Բարև ձեզ։ Ունեմ որոշակի խնայողություններ և ուզում եմ ներդնել որևե խոստումնալից պրոյեկտի մեջ։ Ինչպե՞ս կարող եմ դա անել։
Eva Ievina
Labdien! Meklēju investoru jaudīgam biznesam.Ir vairāki desmiti jautajumu ko vēlos Jums uzdot lēnā garā. Vai caur epastu varam sazināties? [email protected] Paldies.
Kevin Krieter
Same here with Gigadrive. Please report an Update on this.
Manuel Hernandez
Hello, I wanted to know if your company is really behind the Gigadrive campaign as they affirm in their Indigo campaign. If so, I like the other hundreds of people who supported this campaign want to know what's going on with the developers, why they don't submit any updates and if we are really doing to get what they promised. Thank you
Narek Vardanyan
Hey, yes, we have promoted the Giga camapign and helped them raise more than $1.6mn on Indiegogo, but shortly after the campaigner went silent, owing us the compensation for the work we have done. We are investigating who are the people behind the camapign and will share the results in the update section of the campaign.
Edwin VAN RUYMBEKE
Dear Narek Vardanyan, We would like to launch a new product and do a crowdfunding, We have already done a Crowdfounding 3 years ago and we would like to know your prices. Thank you, BIONIC BIRD TEAM
Narek Vardanyan
Hey Edwin, please shoot an email to [email protected] or submit it from here https://thecrowdfundingformula.com/submit-your-campaign
Edwin VAN RUYMBEKE
Crowdfounding Project
Klin Mendez
Greetings! I wanted to touch base as I'm writing for ShipTheDeal.com on topics about saving and shopping with online coupons. I wanted to ask how I can contribute a guest post or if you do any types of sponsored link insertions? Kind regards, Klin Mendez
Narek Vardanyan
Hi Klin, we don't have sponsored or guest posts at this stage.
Tanel Tromp
Hi Narek! What is your average Kickstarter project crowdfunding cost? Do you use customer friendly formula, where hiring costs are paid from successful campaing costs?
Narek Vardanyan
Hi Tanel, We work purely on a success fee, and charge a commission on the results we bring in, we don’t have any upfront/onboarding fees. So there is no average, it all depends on the results.
Hasmik Isayan
Բարև ձեզ! Ի՞նչ մասնագիտություն պետք է ունենալ, ձեր թիմի անդամ դառնալու համար: Կանխավ շնորհակալ եմ:
Narek Vardanyan
Hey Hasmik, digital marketers and people interested in technology. Check out our vacancies here >> https://thecrowdfundingformula.com/vacancy
Henry Kioko
Hello Narek, i'm a bean farmer based at Loitokitok Mt.Kilimanjaro south rift valley region in Kenya. We operate a bean farm of approx 20 acres irrigated land. We operate in the midst of a neighbourhood of small holder poor farmers who face challenges in sustainable production of food: the crop inputs cost, irrigation installation system, solar power pump installations to power the irrigation system, certified seeds , machinery tractor for ploughing and purchase certified bean seeds . we seek funding/financial support to avail all farming challenges faced by over 50,000 indigenous small holder farmers to enable them to produce food for their families. An arce produces approx 15 bags of 90kilos retails at 120usd locally. Our market is both local and regional currently witnessing population growth and need for food security. Due to covid pandemic, the cost of production has gone up making it impossible for small holder farmers to prepare their field therefore hopelessness and hunger. With your financial/funding solution, farmers will be able to overcome covid challenges, produce more food for everyone. We request to work with you to support women and children of this semi arid region to produce food for their families. Maybe your organisation could take up this a your social responsibility to enable an entire community farm and produce food for their families. We look for to engagement to support our needy farmers. Henry Kioko [email protected] +254 710 951 142 Kenya.
Narek Vardanyan
Hey Henry, I’ve forwarded your details to the team, we’ll get back to you shortly.
Дарья Акименко
Hi, Narek. I put up a crowdfunding project on Indiegogo, but people don't respond to it. How do you know where the error is?
Yervand Dalyan
Здравствуйте хотел бы узнать у вас вы помогаете людям у которых только материальный продукт потому что у меня есть программный продукт он уже готов это торговая площадка хотел бы собрать средства на её дальнейшее развитие Спасибо
Narek Vardanyan
Good day, Yervand, For now, we only do marketing for hardware products.
Ivon T Hughes
I have launched A Digital Will on Kickstarter which is only 10% funded with about 20 days to go.Your " dog toothbrush " article was the plan that should have been followed.Can I ask you what you think I should do to save this campaign.Or should I relaunch with you ? Ivon https://www.kickstarter.com/projects/1110020706/your-digital-will
Ray Blumenfeld
Narek, The Sports Masters™ is a fully formed, extensively researched, pre-revenue start-up ready to a launch an innovative digital platform to an underserved global audience of 50+ million educated, professional, affluent adults who have the time to devote to their sporting passion and the income to sustain it. Does your platform provide its crowdfunding services to Canadian based companies? Best, Ray
KeMonté Jones
Hello, do you charge an upfront fee or take a percentage of the sales for collaboration? Do you accept applications from those with just a concept idea or prototype? Thanks
Narek Vardanyan
Hello KeMonté, We don’t charge upfront/setup fees, we only work on a commission based on the results. For running a successful campaign, we require to have fully functional prototypes which are at least 80% close to final production models. However, we can have discussions during the concept/idea stage to help identify the potential.
Arthur
Hi Narek, In your book it is mentioned: A successful project is: . relevant idea . proper preparation . beautiful description . attractive rewards . effective PR Might such a detailed description be "stolen" and implemented separately? Is there a guarantee for this?
Amal
How much budget one must have to apply with you?
Narek Vardanyan
Hello Amal, On average a campaign needs around 15-20% of the target goal to be available as a marketing budget, i.e for raising $500K, the marketing budget should be around $50-75K
vrej boyajian
Hi Narek, Does The Crowdfunding Formula manage crowfunding campaigns for companies based and looking to grow in the Middle East and Caucasia regions.
Narek Vardanyan
Hello Vrej, We manage campaigns that are reward-based and are offering the rewards internationally or at least to the US & Canada, as more than 60% of backers come from those locations. The origin of the companies we work with is worldwide, we work with partners from all parts of the globe.
Abdeldjalil SAYAH
Hi Mr. Vardanyan, I am willing to lounch an innovative product and heard about TheCrowdFundingFormula via an Indiegogo Campaign leaded by your company. so I have a question : What are financial terms of collaboration with you? Thank you
Narek Vardanyan
Hey Abdeldjalil, please use this button "Let's Collaborate" on the right-hand side of the website and go over the questions. A member of our partnership will get in touch with you regarding cooperation and terms.
Steve H
Hi Narek - I'm thinking about selling a luxury apparel line and trying to decide if it's worth it because apparel is so much of a "touch and feel" and fit-based purchase that people might not trust it until they've seen it elsewhere or tried it themselves. The comfort, fit, ease of care, and craft is truly different than anything else out there, and the price is half what you'll find at luxury houses like Prada, but I wonder if the barrier is too high because of apparel-specific issues noted above. All thoughts and examples welcome. Thanks!
Narek Vardanyan
Hi Steve, with the proper marketing almost any feeling is possible to deliver. Take the perfume ads or the food industry. With very high-quality photos and great design you can, in reality, create the feel that you are aiming to. Although I have to say that the luxury apparel market is not 'that' active in crowdfunding. If you decrease the price, you can enter into the 'affordable luxury' segment, which is much bigger and more attractive. Filippo Loreti watches had some really great campaigns. Currently, we have the Ciga Watch campaign, again in the same category, which is going quite well: https://tcfads.com/ciga. You can also check out the Bento Bag campaign on Indiegogo to get some insights on the video and the campaign page. But don't compare it with Prada though. With Prada people first buy the brand then only the bag... :) As your brands are not comparable (I assume) you can't really compare it. So, to sum up, as long as you are providing something that people want (great quality at an affordable price) it can become a great campaign. For that you will need an extra-high quality of video, photoshooting and photorealistic renderings, so you need to have professional designers and videographers in the team. Hope that helps )
Narek Vardanyan
Hey everybody, it was a great pleasure to answer to all of your amazing questions :) Wishing you the best of luck in all your upcoming activities. If you have any more questions, please post them in here and I will get back periodically and answer them all. Thanks, N.
Գայանե Թունյան
I have some more questions. What are the main problems with an unsuccessful crowdfunding and is any world recognised crowdfunding agency to control and study all crowdfunding processes. Thanks in advance.
Narek Vardanyan
There are several great agencies out there (including TCF) who continuously do some internal studies of the industry and learn from its developments. The most common problems with unsuccessful campaigns are that they think it will work on its own. It will not! Even the great greatest products require great marketing activities to bring them n front of audiences. Most of the people think that crowdfunding works on its own and they can just shoot a video, create a campaign and get the easiest one million dollars. And they FAIL. Crowdfunding is hard and the success rate is only about 35%... hence if you want to succeed you have to do your homework: prepare 3-4 months before the launch, gather subscribers, create a compelling video, gather contacts of journalists etc. :)
Գայանե Թունյան
Hi, I am an MBA student and currently I am working on my thesis which is on crowdfunding. Can you please advise some books that are a must for any crowdfunding study and can you please share your vision on future development of crowdfunding. Thanks.
Narek Vardanyan
Hi Gayane, yes, you can read the 57 Secrets of Crowdfunding :) I haven't really read many good books about crowdfunding so I would recommend you. Things in here are changing quite fast and I'd advice to read more articles and case studies than books. We have a great blog where you can find a lot of information. Regarding my vision of crowdfunding: I think crowdfunding is changing. It started as a financial source for startups, but now crowdfunding is used by companies which have billion-dollar valuations, like Philips and Coca Cola... Do they need funds? Of course not. What they are doing is - doing a market research, raising awareness, getting early adopters' feedback untill the full production starts. It saves them a lot of money compared to the typical ways and channels of getting into the market. Is it good or bad? I think it's mostly good as those experienced companies create a very intense competition pushing everybody's boundaries to the next levels... Crowdfunding now is a method to get almost the same results and enter into the market in 3-4 months as companies previously were getting in 2-3 years. :)
Rafo Mheryan
Hello, thank you for the initiative. I'd like to ask, what are the main 3 conditions for you to take project for crowdfunding?
Narek Vardanyan
Hi Rafo, They are actually 2 conditions :) 1) Product that people want 2) People that are in line with our values. We pay a lot of attention on working with people whom we trust and who trust us. Crowdfunding is a very stressful process and you can make it only with a very high level of trust and team work. We never treat our partners as customers, but rather they are our teammates with whom we are making something big. And as it's in the business, you need to carefully select your partners as you are going to marry him/her for some time... :)
md Elmella
myth or truth, is it true that I need to spend a lot on FB ads ? for an example can a 1000USD make it
Narek Vardanyan
Depend how much you want to raise. Based on our experience Facebook ad spent accumulate about 10-15% of the total raised amount. Meaning if you want to raise a million dollars, you have to spend at least a $100k on ads :)
md Elmella
Regardless of Product niche and targeted Audience / is there a facebook ad that has a common preference for all the Crowdfunding campaign ? or like, is there a facebook ad that only works best for crowdfunding campaigns only - it is like am mostly targeting the Audience who Backed or interested to indiegogo & Kickstarter, Right? at least those are the conversion statistics of 99% of the Campaigns, Thanks
Narek Vardanyan
Hey there, Do you mean a Facebook ad interest? If yes, you can narrow down the audience with crowdfunding/kickstarter/indiegogo keywords and combine them with your niche segment keyword, e.g. backpack. Only targeting the ads to people who like Kickstarter or Indiegogo will not work :)
Yoshito Nara
What are the first markers you take into account to see if a project will be successful or not? Do you test every project to know its potential or select it based on market trends and your own gut feeling?
Narek Vardanyan
Hi Yoshito, great question. Yes we do test most of our campaigns unless we are really sure that the campaign will go really big. We use this tool called Jungle Proof: https://jungleproof.io/ it helps you create a 3-page landing page, where you describe the concept/idea in the 1st page and have a "Learn More" button in there, then in the 2nd page you have more description, details, the price and the "Buy Now" button and 3rd page, when people land on it, it says that the project is not live yet. Then we drive traffic to there and with a a strong analytics and benchmarks evaluate the data. If the proportion of users who clicked the learn more button is good enough, it means people like the concept and the idea. If the number of people who clicked the "Buy Now" button is satisfactory, that's the BEST VALIDATION! Many people can say they are going to buy, but what matters to us the most is the actual number of people who clicked to the Buy Now button. In addition we also carefully research the market, previous similar crowdfunding campaigns and based on the data understand whether the campaign has a potential or not. Hope that helps :)
Omri Abate
Hey Narek! I admire your work a lot and wanted to get your opinion on a few things; how important is the pre-launch subscriber generation? If the product is an awesome innovation, won't it just sell itself through the platform? If I do end up doing lead generation, how many subscribers do I need to have before I launch. Thanks a lot!
Narek Vardanyan
Hi Omri, thanks a lot :) I'd advise to start lead generation either way as it really helps to get early funding and benefit from green-bar effect. When you have subscribers, you can engage them into the campaign, send them more info, make them get ready for the start of the campaign to benefit from early-bird discounts. With early funding, others also join creating momentum, which is really important in crowdfunding campaigns. What concerns the number of subsribers, it really depends on your funding goal and of course on your budget ;-) We typically start with having 10-20k subscribers, which is a good number if you have big goals.
Johnny Griffis
What was the coolest crowdfunding project you worked on? and the worst?
Narek Vardanyan
Hi Johnny, I'll start from the worst one - my first crowdfunding campaign, where I raised... $15 :-D Other than that, most of the campaigns I worked on were pretty cool. Every campaign is different although there are some patterns that work for most of them. We raised more than $1 mln. both for Bristly, which was a $20 toothbrush stick for dogs and Fuell Fluid e-bike, which was $3500. Of course we employed totally different strategies for both and if you check out their pages, you will notice a lot of differences. That said, I really like our Volterman campaign, as probably I've worked on it the most, taking into account every single detail. We were sure that we were creating something big as it was total quality management of all the processes in the team. I remember how exhausted the photographer was when I returned the 250th shot of one single photo, asking to re-take it again, as the light was not properly positioned in the logo... :-D After many sleepless nights we achieved the results we wanted!
Soumella Movsesian
Barev dzez. vor khndrem dzer hajoghutyunneri masin k patmeq? challenge-nere , dzerq berumnere, failures... ? flexible mindset against failures... shnorhakalutyun!
Narek Vardanyan
Hi Soumella, There's a big set of small and big failures in all the success. In order to succeed you need to be ready to fail many many times and never give it up :) My story with crowdfunding started with a failure in crowdfunding. Then I decided to learn how others raise millions of dollars and started to interview people who did it before me. As a result I got some great ideas and combined them into a book and placed it on Amazon. The book, named 57 Secrets of crowdfunding became really famous in there and I started to get requests from people to help them. Please note that at that time I never succeeded in crowdfunding :) Of course I failed a lot but as Paul Arden says in its famous book - If you can't solve the problem it means you are playing by the rules. So you need to break them whenever you see something is not working.
Grace Ivy
Why should you take your project to indemand instead of selling on your own website? And even if I do end up going to igg indemand, how long should I stay there. thanks
Narek Vardanyan
The short answer is to benefit from Indiegogo's traffic as well. Also, if you don't have your products ready it might be difficult to sell them on your website, hence Indiegogo gives you the buffer to get additional funding and deliver the products later on. It's a typical activity now, very common among campaigners, who start the campaigns on Kickstarter/Indiegogo and then move to Indiegogo InDemand. You can stay there until you have your production ready and start delivering the products. That's a good time to shift to your e-commerce website.
Tom Moynihan
Hi Narek. I got a dilemma here: I did all of my planning and deadlines a few months before but now I see my production got delayed. Do I need to inform the backers or can I just not share that info?
Narek Vardanyan
Hi Tom, great question. Crowdfunding is a billion-dollar industry based primarily on trust. If you get backers' trust they will fund your project without any contracts and legality. In order for it to work you need to be fully transparent with your backers. Treat them as your team and share all the relevant information disregarding whether it's good or bad news. We've seen many campaigners got silent when something went wrong and with that they made it even worse... Delays happen, especially in crowdfunding, but honestly sharing all the reasons that caused the delay will create more trust and understanding among your backers. Good luck with the shipping :)
Patricia Garcia
What is crowd funding exactly
Narek Vardanyan
Hi Patricia, imagine a large number of people (crowd) paying small amounts of money (funding) to bring innovation to life. The concept started long ago and even such famous structures as the Eifel Tower and the Pedestal of the Liberty statute have been financed by crowdfunding. Crowdfunding significantly emerged with Kickstarter and Indiegogo internet-based platforms, which eased the process of creating a project and receiving funding from all over the world :)
Linda Logan
I am interested in reading your Free Book, 57 Secrets of Crowdfunding, but wasn't able to access it from the email you sent me. Advice on how to get that? Thank you.
Narek Vardanyan
Hi Linda, you can download it with this link: https://bit.ly/2RkAwzR
Suren Zadoyan
Barev dzez , inchpes kapnvem dzer grasenyaki het shnorhakalutyun
Narek Vardanyan
Hi Suren, please write to [email protected] the team will get back to you soon.