“Number four: never get high on your own supply”Ĭrowdfunding business models are complicated by rules and regulations that prevent organizations from holding refundable cash (and for valid reasons too!). If your operations are transparent and legit – believers will trust your platform and its content. All stakeholders have different interests, but it’s in everyones interest that unworthy or outright fraudulent projects are filtered out. Never, and I mean NEVER sit and wait for the money to come in.Ĭrowdfunding platforms have three stakeholders the one in need of cash, the ones who are willing to support the cause, and the platform that facilitates the whole thing. Are you a for-profit entrepreneur? – then send a few working prototypes of your product to your investors, ask them to comment on your blog space. So be innovative and keep surprising your investors: are you an artist? – then post videos of your concerts! Interact with your investors. The only way to successfully crowdfund your project is by keeping the crowds excited every step of the way. “Number two: never let ‘em know your next move” So if you ever receive a big investment, or if your profits start sky rocketing, hush, head down and use the money wisely. But does this rule hold on a company level?įrom my personal experience with Sellaband I can assure you that our life became disproportionately more expensive after Sellaband received a €3.5mil investment from Prime Technology. “Rule nombre uno: never let no one know how much dough you hold”ĭisplaying the target amount and watching the money progress in is the most vital, fun part of crowdfunding projects. The original ten crack commandments by the Notorious B.I.G.
Let’s see the ten crack commandments and what they entail for aspiring crowd funders…
#10 crack commandments biggie small how to
I realized that Biggie’s lyrics about how to be the perfect drug dealer fit perfectly with the yet unwritten rules of setting up a crowdfunding platform. Inspired by RJMetrics’ blog post: “ The Notorious CEO: Ten Startup Commandments from Biggies Smalls”.
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