How to fail at crowdfunding
It’s quite easy you know!
I was asked to look over a pitch for a documentary film which was already fundraising. The project owner was not attracting backers – though they had 12% or 14 the donations had stalled. I do look at all the pitches I am sent. Sometimes I share and sometimes I back them.
I won’t provide a link to this campaign as I’m sure the guy’s heart is in the right place and I don’t want to appear without one. There are so many campaigns that will fail for the same reasons as I am sure this one will.
Here is my feedback
- You are asking for a stranger to support or share your campaign via a tweet without making that tweet personal or making contact beforehand.
- If you are asking for advice – it’s probably too late now. Did you ask anyone else to look over your campaign before you launched? You should have asked lots of people – who don’t know you or don’t make films.
- You’ve asked for a round £10,000 without any breakdown of costs.
- Did you see how much you could raise from your close social networks first – generally 40% of your target comes from people who know you well before looser connections come in. You have 14 backers – is that it?
- You should then have launched with at least 30% pledged immediately – and it’s not just me that says this.
- You have gone for an all-you-raise-you keep model. What will you do with the money if you don’t teach your target? Do your backers know you will keep the money?
- For a film maker the quality of your video is poor. Sorry.
- The video is over 5 minutes long – and it’s boring. Sorry again.
- The written pitch is unclear and rambling. Again sorry.
- There is nothing about you, your team or your track record.
- Your rewards are poorly thought out. They do not build a community of interest or value your backers. For £10 the backer gets nothing – not even a tweet (which is a very bad reward but at least it is one).
- Did you do any research?
Again – sorry but yours is a case study in how not to crowdfund. I would use it as a case study but only with your permission.