How we raised thousands via crowdfunding

Rob Ward

Using Kickstarter, Ward and a co-founder raised over $60,000 to fund production of iPhone accessories via their company Annex Products.

Why crowdfund?

We saw crowdfunding as a great way to validate our idea, raise capital without relinquishing any equity and promote our products at an early stage.

What tactics did you use to ensure you hit your funding target?

We had started spreading the word on Facebook and Twitter before we even launched our campaign.

This catapulted us into the popular pages straight away and made it easier for others to find our project.

Were you surprised by the success of the Kickstarter campaign?

I always believed the product would fund but the greatest success of the Kickstarter campaign has been the ongoing media attention and publicity.

This was a huge surprise to me.

What are the pros and cons of using Kickstarter as an Aussie start-up?

It can be hard for Aussie start-ups to get approved to use the platform but the benefits of Kickstarter’s massive reach and popularity far outweigh the negatives.

Do you think crowdfunding suits a certain type of start-up better than others?

I think crowdfunding suits any start-up that allows you to give something back to your backers, be it a product, piece of art, experience or software.

As long as you have rewards with real value then I’d say you have a good opportunity to try crowdfunding.

What tips would you pass onto a start-up keen to fund a project through crowdfunding?

Don’t hurry your project, take the time to get it right as you only have one shot at it.

Try to get as far down the development path as possible before launching your campaign and be willing to spend your own money upfront for prototyping and design if needed.

This helps tremendously once your project is successful and leads to faster delivery times.