Crowdfunding – Zach

This week I will be discussing crowdfunding; it’s how Nannofood will be launching for the first time to consumers next month.

I am thrilled. Four weeks from today we will be launching a crowdfunding campaign. It will be our first opportunity to really interact with consumers and our first chance at creating revenue. It will help us determine if our message is getting across, and if people are receptive to our mission. But crowdfunding also requires a great deal of work. Four weeks out may seem like a lot of time, but when trying to raise $50,000 which will statistically require over 68,000 campaign views in 45 days (or over 1,500 unique views per day), there is a lot to consider.

Here is a basic graphic describing the business model. We started with an idea, which will be crowdfunded; that’s the first cycle. It will continue as people in the developed world drive the profit margins while the developing world scales production and research. New research creates new ideas and products, and the cycle can continue. Image courtesy of nolabelproject.org

First is the skeleton of the campaign: a video, some text, and perks. We have a wide variety of perks and benefits for contributing to our campaign, from a thank-you email to a sample of our first product; we have a wide variety of awesome donor levels set up, but there is no fun in spoiling the surprise now. We have also been focusing on our video: interviews with the coordinator and founder of the Catapult Incubator, our Wharton MBA candidate mentors, and the team, footage of us working together and our current lab for research and development. A video makes campaigns several times more likely to succeed. At the $50,000 level only 18% of campaigns reach their goal, so anything to maximize our odds is great. We have a few video drafts, but nothing ready for the public quite yet. And the text description: looking at our financials and plans for the money, going in-depth about our mission and the passion behind the business, the story of Nannofood and how it came about, and a few answered questions.

While the skeleton of the campaign with all of the details is crucial to success, we also have to layer on the flesh of an internet campaign: social media and a website. We need to exist elsewhere on the internet with content. With the ease of producing content on social media like pictures and little progress updates, as well as the variety of platforms and tutorials for building a website, any reputable operation should be present online (and, actually, you can find our social media links at the bottom of this post). With a somewhat unique name, good marketing and some search engine optimization tricks, we are the whole first page of results when googling “Nannofood”. When people do a background check to make sure we are a legitimate entity, have been working for a while, and are not just scammers looking for money, they will find a fledgling business trying to help the world. The odds are that in four weeks somebody looking into Nannofood will end up reading this post, and to that person I say hello!

The last part, which is among the most critical pieces of the whole process, is to establish an audience and avenues to reach that audience. Anybody can create a crowdfunding campaign, but if it is never put out into the world and shared then nobody will see it; if nobody sees it, nobody contributes and it fails to succeed. With that in mind, I am reaching out to all possible connections. Whether that is friends and family, people I have met through networking at conferences or random reporters I have never met and am cold-emailing, any publicity and outreach is fantastic help in pushing the campaign, the business, and ultimately the mission of solving world hunger forward.

Weekly Inspiration

Image courtesy of Amrita University

Normally I would post a quote, but instead of a singular quote I have an inspirational image this week. It’s about Corporate Social Responsibility (CSR) and all of the pieces that go into being a socially responsible company. For many, this wouldn’t be inspiration as the words have no particular meaning and are of no special value; it’s factual and interesting, but not inspiring. However, when I see this image, I think of everything that I want Nannofood to embody; I see a future that I am building and working toward right now.

Until next week,

Zach

 

Social Media Links

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s