“Even if you are on the right track, you’ll get run over if you just sit there.”
~ Will Rodgers
One of my favorite hidden benefits of crowdfunding is that it allows you to conduct amazing market research.
Let me explain.
Pre-selling your product (which is what Crowdfunding is on sites like Kickstarter) provides incredible market research. If people buy it, then your marketing message is on target and there is a real need for your product or service.
If people don’t buy it, then maybe a market doesn’t exist, or you need to adjust your marketing message or target market.
In any case, getting this market research before raising or trying to raise a ton of money is invaluable. It allows you to test whether you have a winner before going through this process.
The Travel Tripod, The Wyrmwood Modular Gaming Table & The Exploding Kittens Card Game
Do you know what the Travel Tripod is?
Or the Wyrmwood modular gaming table?
Or the Exploding Kittens card game?
Well, each of these companies raised a significant amount of funding via Crowdfunding in the last year.
The Travel Tripod raised $12,143,435
The Wyrmwood modular gaming table raised $8,808,136
And the Exploding Kittens card game raised $8,782,571
Do you have a good idea?
Today’s Question: Why do many boxes of Animal Crackers come with little string handles?
Previous Question: What curious innovation is believed to have been developed by Captain Hanson Gregory in 1847?
Answer: The doughnut hole
In a Washington Post interview, Gregory complained that the doughnuts prepared on the lime-trading ship he served on would come out fried fine around the edges but still raw in the middle.
The article quotes him as saying, “Well, I says to myself, ‘Why wouldn’t a space inside solve the difficulty?’ I thought at first I’d take one of the strips and roll it around, then I got an inspiration, a great inspiration. I took the cover off the ship’s tin pepper box, and I cut into the middle of that doughnut the first hole ever seen by mortal eyes!”
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