Crowdfunding can be a powerful tool for turning your creative ideas into reality. However it’s important to remember the amount of funding or savings you need way before you decide to go down the crowd funding route. Launching a successful crowdfunding campaign requires prototypes, IP protection, websites, a social media presence, careful planning, execution, video content, PR promotion, advertising spend and so much more. These costs can range anywhere from $50,000 to $250,000 to have a successful crowd funding campaign. On top of this, a failed crowd funding campaign can ruin an entrepreneurs brand or reputation for a very long time. This can make it difficult for entrepreneurs to raise capital from investors or gain the trust of customers. In this article, we’ll discuss the top 5 benefits that CrowdTank has over traditional crowd funding and why you should have CrowdTank part of your capital raising journey.
1. Cost effective
One of the most common mistakes made by first time crowdfunding entrepreneurs is they forget about the start up costs. From IP protection, websites, a social media presence, careful planning, execution, video content, PR promotion, advertising spend and so much more this can range from $50,000 – $250,000.
With CrowdTank you have a platform to have your idea judged fairly and funded from as little as $15.
2. An idea is all you need
Another common mistake when starting a crowd funding campaign is you need a whole lot more than just an idea. However, with CrowdTank all you need is an idea and record a 30 second video of you pitching it. Its that simple!
3. Validation and feedback
Almost 80% of crowd funding campaigns will fail. What validation or feed back do you get? Nothing. With CrowdTank we provide an easy and cost effective way for you to get instant validation (honest validation either good or bad) and feedback. You have the ability to have direct access to the judge that made their decision on your idea.
4. Confidentiality
One common mistake when starting a crowd funding campaign is how expensive it is to protect your idea (Patents can range from $10k to $100k plus and take 3-5 years). This leaves most entrepreneurs having to risk their idea and hope they can get traction quickly. Relying solely on hopes and dreams is not a safe way to give your idea the chance at success. With CrowdTank, our judges are all under strict confidentiality agreements and non-compete clauses. You will also receive a certificate associated with your ideas with a list of every judges ID that views your idea.
5. No community building & communication needed
Finally, community building and communication is a commonly missed duty when trying to run a successful crowd funding campaign. As there is no community building needed with CrowdTank, there is also no communication needed other than your video pitch.
