Launching a successful crowdfunding campaign requires the right combination of many different elements. Like anything in life, it’s a learning process that isn’t always mastered on the first attempt. Nobody knows that better than Portland, Oregon resident & serial entrepreneur Ryan Grepper who recently raised $13,285,226 dollars from 62,642 backers for his COOLEST COOLER invention. This campaign smashed all previous records making it the number 1 most funding project on Kickstarter of all time.
Many of you reading this have likely heard all the buzz by now about Ryan Grepper’s Kickstarter success. What some of you may not know however is that this is not some overnight success story. This invention was a decade in the making and Grepper’s first Kickstarter campaign attempt failed to reach its funding goal.
So what exactly are some of the things Grepper did differently with the relaunch of his crowdfunding campaign and what can future crowdfunders learn from this?
- He chose to learn from his mistakes instead of giving up – Life is about choices, some of us choose to give up when things don’t go as we had hoped while others choose to prevail & succeed even if it takes working harder and a few extra attempts.
- If you don’t reach your funding goal look at it not as a failure but as a learning experience – If your first attempt at crowdfunding is a flop, it doesn’t necessarily mean you have to scratch all of your efforts and go back to square one. Make a list of things that worked as well as things that didn’t or could use improvement. For the approaches that didn’t work, do some research and figure out how to improve in those areas.
- As the saying goes, timing is everything – Grepper launched his 1st Kickstarter campaign in December at a time when few people are thinking about buying products for summer activities. He made sure not to make that same mistake twice.
- Think like a project backer – It’s easy to overlook certain things and get wrapped up in our own ideas and perceptions when it comes to starting a company or launching a new product on the market. It’s common to assume that other people instantly ‘get it’ when really they don’t. You might have the most amazing product or business idea but unless you grab the attention of your backers right away with your presentation (written pitch, a well thought out video, visual graphics, and a working prototype) then people tend to lose interest in your crowdfunding campaign quickly.
- Understand marketing & how to reach the masses – The Coolest Cooler didn’t go viral and raise over $13 million due to some random luck. After his first crowdfunding campaign attempt failed Grepper did more research on marketing, how to build a bigger fan base before his relaunch and improved his pitch in order to better sell his idea to potential supporters.
Company Location & Contact Information
7327 SW Barnes Rd #404
Portland, OR 97225