Wednesday, June 13, 2012

5 Steps to Crowdsourcing Your Start-Up Capital

The beauty of the internet is that it's now possible to crowdsource start-up capital!

Did you hear about Crypteks USB?


They developed a lockable and encrypted USB thumb drive. They created some pretty art showing what their gizmo would look like and listed it on Kickstarter.com. They got over $190,000 from backers when all they needed was $12,000! Once a project closes, you then keep your backers updated on the development. Simple.

Stop bellyaching that you don't have the money to build your idea. Here are the 5 steps to crowdsourcing your start-up capital.
  1. Invent your concept. This is the hardest step.
  2. Find a factory that can make it for you. Make sure to get their minimum order quantity!
  3. Figure out how much shipping and all the other costs then determine your unit sale price.
  4. Create a Kickstarter project based on all the information you've collected.
  5. Tell everyone you know and ask them to tell everyone they know too.
After that, you wait. If your idea spreads far enough and collects enough money, congrats!

Stop thinking about it and get started already! The world is waiting for your product. And all the money you need is waiting for you. You have no more excuses.    









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