So you’ve got a cracker idea that you know will bring in the dollars, but you can’t find the money to fund the project. That’s so frustrating!
That’s why in this session, you’re going to learn 7 proven ways to fund your project.
So sharpen your senses, sharpen your pencil and stick around as you discover the power of pre-order, crowdfunding, Beta testers and R&D grants, just to name a few.
Now, before we get into the funding methods, I’m going to assume that you have validated your idea. If you haven’t, you could be wasting a lot of time, energy, money and reputation.
If you haven’t got your head across validation, do it now by checking out the validation techniques in my latest book, The Reinvention Sprint. Or, at the very least, download The Relaxed Leaders Guide to Getting Anyone to Innovate for more info.
For those who won’t check out those resources, here’s the 25 word summary of the 3 critical components to validate:
i) Is your problem worth solving? ii.) Is the market willing to pay for a solution? iii) Does your solution effectively solve the problem?
Now, let’s get onto the funding methods…
If you know there’s a problem that people want solved, and are willing to pay for it. Then create a pre-order form on a landing page for your upcoming product.
Next, pay for some low-cost social media ads for your specific market. Get the ads to send prospective customers to your sales landing page and watch the money come in.
Okay, it may not be as smooth sailing as that. Still, provided you’ve validated that it’s a real problem worth solving and the market is willing to pay for it, people will want to sign up.
To get more people to sign-up:
To make sure your pre-sales landing page works, make sure you address a few fundamentals such as:
The simplest way to get funding for components of your program is to call the project anything but innovation (unless, of course, you have an organisation that loves supporting innovation projects).
If it’s a product you want funding for, use innovation synonyms such as:
Crowdfunding sites such as Kickstarter are the platforms where you can get people to financially back your project. Hundreds of Kickstarter campaigns have raised six-figure funds.
The ingredients behind the most successful campaigns include being crystal clear about the problem it solves, the quality of the solution, a compelling message (demo video), and your network’s power.
When choosing your crowdfunding site, think of locality, history of campaign successes, and whether your solution fits into the types of campaigns that the selected crowdfunding platform audience supports.
Make sure you’ve also got some compelling ideas around what bonus they would gain by taking the risk to invest in your solution.
Having beta users or a pre-launch is a great way to get funding before completing your project.
Beta users know there will be some kinks in whatever you offer. Still, they also know they’ll be getting an exceptional deal and will be a part of something new and exciting. They can provide input and, most importantly, provide you with social proof with great testimonials.
Be clear about the benefits and status they will gain and make them feel like a part of the team.
Now you have some practical ways to get funding. It's not as difficult as it's cracked up to be... provided you follow the right steps.
By the way, if you found this valuable and want more, click here to discover how my 30-day online business reinvention course can reinvent your business results.
Founder, Keynote Speaker, Author
PS: Whether you’re looking for an innovation agency to improve your product with innovation, create an innovation disruption, or hack your business growth, we’re here to help.
Nils Vesk is a Four-Time Author and International Keynote Speaker. Nils has worked globally with over 200 bluechip companies including 3M, American Express, Canon, Caltex, Microsoft, Nestle´, IBM, Fuji Xerox, PWC, HP and Pfizer.
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