Within the framework of the Crowd-Fund-Port project, ikosom - one of the Project Partners - created a comprehensive training material for small and medium sized enterprises to improve their access to capital through online platforms.
In seven modules it explains “Crowdfunding” and how to prepare a successful Crowdfunding-campaign. It is meant to be used by our Project Partners, who are hosting local/regional trainings for SMEs to learn about Crowdfunding, successful campaigns, best practices in building a community and choosing the right Crowdfunding platform.
Here you find an abridged version of Module 07 - Crowdfunding exercises. Especially if you are working as a Crowdfunding Consultant in Central Europe, you can use this material in your own trainings.
To get full access to the seven modules, please visit https://www.CrowdFundPort.eu.
Crowd-Fund-Port is a project funded by the Innovation and Knowledge Priority of the Interreg Central Europe Programme. The aim of the project is to support SMEs in Central Europe in accessing capital and strengthen Crowdfunding Ecosystems in Austria, Croatia, Czech Republic, Germany, Hungary, Italy, Poland, Slovakia and Slovenia.
2. About the project “Crowd-Fund-Port”
Crowd-Fund-Port is a project funded by the Innovation and Knowledge Priority of
the Interreg Central Europe Programme. The aim of the project is to support
SMEs in Central Europe in accessing capital and strengthen Crowdfunding
Ecosystems in Austria, Croatia, Czech Republic, Germany, Hungary, Italy,
Poland, Slovakia and Slovenia.
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3. Target groups
● SMEs
○ Without previous Crowdfunding experience
○ With previous Crowdfunding experience
● Consultants
● Incubators and Public Institutions supporting SMEs
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4. Outline of the Material
● Module 1: Crowdfunding basics
● Module 2: Pre-Campaigning
● Module 3: Campaigning
● Module 4: Post-Campaigning
● Module 5: Tools for Crowdfunding
● Module 6: Best Practices
● Module 7: Exercises and resources
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6. Crowdfunding is more than just finance!
6
Crowdfunding can be used for
marketing, market research,
community outreach and press
activities.
7. ● What is Crowdfunding?: We explain the overall concept of Crowdfunding by
showing different definitions and discussion them.
● Case study: We tell the best practice story of a local SME that used
Crowdfunding to start or grow its business, which we identified in our
research.
● Development of Crowdfunding: We tell the participants that Crowdfunding
is not a new concept and show the development from the first
online-platforms up to now, explain the connection with “Crowdsourcing”
and how Crowdfunding is used in Europe.
● Terminology and different types of Crowdfunding: We explain the
differences between the four Crowdfunding-models (donation-based,
reward-based, lending-based and equity-based) and other
Crowdfunding-related terms. Also we talk about project- and
platform-terminologies. 7
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8. ● The Crowdfunding Framework: We mention the different parts of the
Crowdfunding Campaign (pre-campaigning, campaigning, post-campaigning)
and that each campaign stage has several sub stages, which also will be
covered in details in the following modules.
● Use of Crowdfunding: We show different approaches of Crowdfunding goals
and present the added values, which come with every
Crowdfunding-campaign (e.g. product feedback, proof of concept,
community building etc.). Also we share some basic information about
branch specific use of Crowdfunding and also on taxes and how consutlants
can support project-owners in the whole process.
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9. Crowdfunding is a form of online finance for innovative companies,
projects and people. Crowdfunding comes in many different formats
and purposes - but the overall similarity is the process of collaborative
funding often on Crowdfunding platforms, which bring together the
supporters with the recipients of funds.
9Source: CC-BY-NC-SA Karsten Wenzlaff, Wolfgang Gumpelmaier-Mach, crowdfundport.eu
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What is Crowdfunding?
10. History of Crowdfunding
Through the Internet this alternative form of finance became an open and transparent financing tool.
10Source: CC-BY-NC-SA Karsten Wenzlaff, Wolfgang Gumpelmaier-Mach, crowdfundport.eu
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11. At the end of this module, you should be able to...
● ...understand the different types of Crowdfunding
● ...understand that Crowdfunding has more value than just access to capital
● ...estimate if your company is ready for Crowdfunding
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Transition to the next module
13. What is meant by pre-campaigning?
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Everything that can be done in
advance BEFORE launching a
Crowdfunding-project on a platform is
part of the pre-campaigning phase.
14. ● Organise your Crowdfunding campaign: On the first slides of this Module,
we give an overview on the different phases of the Crowdfunding process:
the pre-campaigning phase, the campaigning-phase itself and the
post-campaigning-phase.
● Pre-campaigning: On the following slides, we focus on the
pre-campaigning-phase. We've split this phase up into three parts,
illustrating each part with a variety of best practice examples and
supportive tips:
○ Identify!: This includes conceptual and organisational tasks, like
defining your goal, your budget and team, but also explore
Crowdfunding in general and learn about how the tools and the
platforms work and finally choose one platform that fits your purpose.
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15. ○ Prepare!: The pre-campaign phase also includes preparing a
communication plan and start building a crowd.
○ Build!: Last but not least, it is about building your project page on the
chosen platform, add a video, text and - if reward based - your rewards
or - if equity based - your business plan.
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16. Organise your Crowdfunding campaign
A successful Crowdfunding campaign needs more than just publishing your project on a Crowdfunding platform.
Source: own
Identify!
● Define your goal
● Define your budget
● Define your milestones
● Define your brand
● Write a business plan*
● Start a company*
● Build your team
● Explore Crowdfunding
● Choose the model
● Choose the platform
● Imagine different
scenarios
Prepare!
● Set up project &
communication plan
● Assign tasks to team
● Start a pre-launch page
● Produce campaign video
● Produce graphics/pics
● Write campaign texts
● Write FAQs
● Clarify legal issues
Build!
● Open account & add profile
● Set up payment
● Add campaign title
● Add thumbnail & short text
● Add description texts
● Add graphics & pictures
● Add rewards
● Add your team
● Upload campaign video
● Upload businessplan*
● Test your campaign & adjust it
● Publish your campaign
*mandatory on equity- and
lending-based CFPs 16
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17. Identify! Choose the Crowdfunding platform
There are many variables to consider when choosing the Crowdfunding platform that fits your purpose. Try to answer most
of these questions to find the best CFP for your project.
17Source: CC-BY-NC-SA Karsten Wenzlaff, Wolfgang Gumpelmaier-Mach, crowdfundport.eu
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18. At the end of this module, you should be able to...
● ...understand the different steps necessary to prepare a campaign
● ...select a platform which is suitable for you.
● ...build up the internal structures for your team.
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Transition to the next module
20. What is meant by campaigning?
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Once you launched your campaign
it is all about raising awareness,
interacting with your community
and keeping everyone informed.
21. ● Run your Crowdfunding campaign: The purpose of this Module is to guide
you through the steps of campaigning. We've split this phase up into three
parts, illustrating each part with a variety of best practice examples and
supportive tips. The module has the following sub-chapters:
○ Generate!: In the first few hours and days, you need to generate some
buzz by telling as many people as possible about your project. Send out
emails, publish your prepared press release, inform friends through
direct messages and update your community in any given way. This
chapter is all about raising the awareness of your community!
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22. ○ Engage!: After generating some buzz, it is all about engaging with the
Crowd. Try to answer their questions via email, but also in the
FAQ-section on your project-page. Also ask for feedback and involve
the Crowd and last but not least, communicate with your followers on
your established channels. This chapter is all about interacting with
your community!
○ Update!: During the campaign it is crucial to also keep your community
in the loop, not only supporters, but also influencers and of course your
family & friends. Update your project-page, post published interviews,
send a follow-up newsletter and remind people of your campaign. This
chapter is all about keeping your community informed!
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23. Run your Crowdfunding campaign
After publishing your campaign there’s a lot of work to do, to create buzz and keep your project going.
Generate!
● Send personal
(e)mails
● Publish press
release
● Send direct
messages
● Update your
community
● Advertise in Social
Media
● Use buzz-creation
tools
● Organise a kickoff
event
Engage!
● Answer emails &
FAQs
● Plan a live Q&A
session
● Start a referral
contest
● Visit offline events
● Ask for feedback
● Socialize on
established
channels
● BEWARE: the valley
of tears
Update!
● Inform about project
status
● Post interviews &
articles
● Send out
email-newsletter
● Send reminder to close
contacts
● Use news/update-area
on CFP
● Communicate new
rewards & stretch goals
● Present testimonials
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24. Engage! The valley of tears
Although you communicate about your project all the time, be prepared that there will be some days without any interaction.
24Source: CC-BY-NC-SA Karsten Wenzlaff, Wolfgang Gumpelmaier-Mach, crowdfundport.eu
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25. At the end of this module, you should be able to...
● ...run a campaign
● ...have ideas about online and offline events during the campaign
● ... have ideas on how to overcome obstacles in your campaign.
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Transition to the next module
27. What is meant by post-campaigning?
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Once you finished your campaign,
it is all about thanking your
community, fulfilling your promises
and further growing your business.
28. ● Run your Crowdfunding campaign: In previous Modules, we discussed the
preparation and management of the campaign. The following Module 4
includes all activities which are done after the end of the campaign, so
either when the funding goal is achieved or the the funding time has ended.
Again, we've split this phase up into three parts, illustrating each part with
a variety of best practice examples and supportive tips. The module has the
following sub-chapters:
○ Thank!: After a successfully finished Crowdfunding campaign, project
owners often focus on their businesses. But do not forget your Crowd,
as your supporters often are also your first customers and influencers,
who recommend your product or your brand. This chapter is all about
thanking everyone for joining the campaign!
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29. ○ Fulfill!: After you finished your campaign the “real” work
starts/continues and you have to make sure to start with producing
your product properly and fulfill your promises (e.g. rewards). This
chapter is all about delivering on the promises of your campaign.
○ Grow!: Last but not least, sharing insights and regularly communicate
with your communication is important. This chapter is all about
involving your supporters to further growing your business and to
preparing the next steps of development.
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30. Finish your Crowdfunding campaign
After a successfully finished Crowdfunding campaign, founders often focus on their main businesses. Do not forget your Crowd!
Source: own
Thank!
● Communicate your
success
● Special thank your
supporters
● Update your
campaign-page
● Follow-up journalists
and influencers
● Party with your team
Fulfill!
● Send out backer-surveys
● Produce your product
● Invite supporter to events
● Prepare bills for everyone
● Check your taxes/account
● Reward supporters as
promised
● Write quarterly reports*
● Communicate milestones
Grow!
● Redirect to your online shop
● Document learnings from your
campaign
● Identify “true” believers
amongst your supporters
● Work with your success
● Prepare another campaign
● Establish a Crowd-business
● Turn Crowdfunding into
eCommerce
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*mandatory on equity- and
lending-based CFPs
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31. Thank! Special thank your supporters
Include personalized thank you notes in Facebook, where you can tag the supporters.
Source: Fairytale Fashion on Facebook, https://www.facebook.com/FAIRytaleFairFashion/posts/889997341046771; Brlog on Facebook,
https://www.facebook.com/BRLOGpivovara/photos/a.595212653952922.1073741830.586559691484885/732922000181986/?type=3; Late Blossom Blues (Leo “Bud” Welch
Documentary) on Facebook, https://www.facebook.com/LeoWelchMovie/photos/a.720984224622804.1073741828.720030751384818/756348724419687/?type=1;
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32. At the end of this module, you should be able to...
● ...plan the activities after a successful Crowdfunding campaign
● ...understand the steps that are necessary to create several campaigns or
use Crowdfunding as an ongoing source of finance.
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Transition to the next module
34. What can I do to promote my project?
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There are many helpful resources
and tools out there, which you can
use to improve your campaign.
35. ● Tools, tools, tools … and resources!
○ Online Resources: We collected websites and articles that are very
helpful for getting a better understanding of how Crowdfunding works.
○ Communication-tools: We listed some helpful tools for organizing the
communication process with supporters and your team.
○ Pre-Launch-tools: We compiled a list of helpful tools for building a
community of supporters.
○ Press & promotion-tools: We collected helpful tools to generate media
awareness.
○ Fulfillment-tools & investor relations: We also found some helpful
tools to manage the process of delivering the rewards and managing the
relations with your investors.
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36. Pre-Launch: Landing-Pages
Source: b-cared on Launchrock, http://b-cared.launchrock.com/
You can also use Launchrock for building your pre-launch pages, including your own pictures, logos and texts.
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37. Pre-Launch: Data driven advertising
Some services like tross.co advertise on Facebook or Instagram even before a campaign launches to arouse curiosity and even
pre-sell products by collecting purchasing-commitments of the users.
Source: Advertisment of “Must-see Kickstarter-projects” on Instagram, delivered by Tross.co 37
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38. At the end of this module, you should be able to...
● ...have knowledge about the various tools which can help your campaign.
● ...understand the pros and cons of using each tool.
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Transition to the next module
40. ● Best practices in Crowdfunding: This module highlights some of the best
practice campaigns from the CrowdFundPort partner countries in Central
Europe with a focus on Croatia, Czech Republic, Germany, Hungary, Italy,
Poland, Slovakia, Slovenia.
○ Croatia: Brlog - a cooperative brewery from the Croatian coast
○ Slovakia: The Moon Inside You
○ Hungary: SBrick Smart and SBrick Plus
○ Poland: Swimmo Smart Swim Watch
○ Slovenia: Red Pitaya Open Instruments for everyone
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41. ○ Czech Republic: Skinners - the pocket shoes
○ Germany: detektor.fm startet eine Vormittagssendung
○ Austria: Neovoltaic - die neue Kraft
○ Italy: Synbiotec
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43. What is Crowdfunding?
Brlog - a cooperative brewery from the Croatian coast - used Crowdfunding to finance brewery equipment.
Source: Brlog on Indiegogo, https://www.indiegogo.com/projects/brlog-a-cooperative-brewery-on-the-croatian-coast--2/x/10470871#/ 43
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45. ● Crowdfunding exercises: The following Module contains exercises that can
be used for workshops and trainings during Crowdfunding campaigns. They
can be applied in various modules, since they overlap thematically. You can
adapt and change these exercises - let us know how your experience is with
these exercises.
○ Exercises for Module 1
○ Exercises for Module 2
○ Exercises for Module 3
○ Exercises for Module 4
○ Crowdfunding Checklist
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47. Source: Douw & Koren, http://www.douwenkoren.nl/crowdfunding-canvas-en-plan-de-campagne 47
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Explore the Crowdfunding Canvas!
48. What happens if…
... the project reaches its funding goal before the end of
the funding time?
... the project receives much more than the required
funding goal?
... the project receives significantly less than the required
funding goal?
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Three Scenarios
