Thursday, January 15, 2015

Tips for your Kickstarter campaign

You know what a Lean Startup is? You get a cheap, early prototype of your product, see what real consumers think and then proceed to get more funding.

But what new products tend to attract Kickstarter funding?

New Markets adviser David Forbes has some ideas.

Your innovation should not be completely new--it should build off the familiar. For instance, the most successful Kickstarter product was a fancy new cooler--compelte with speakers, blender and other party accessories. People knew what a cooler was--and this was useful to them.

People like products that spare them pain or frustration, so long as these are not too expensive, bulky or hard to use themselves. A devide to inject insulin was too huge to put in a pocket.

You should also try to respond to clusters of trends/ Gamification combined with fitness, fitness on the phone.

I watch Shark Tank almost every night. They always want proof of concept--how many sold in how long, what is the cost of acquiring a customer. By the time people get to Shark Tank, they have done the expensive and taxing job of acquiring patents, finding a manufacturer, getting packaging designed and so on. Even then, they may not be a good bet.

You have to throw yourself into it, but also be sure your idea is filling a recurring need--you don't want people to buy just one.

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