The world of startups and entrepreneurs has changed drastically over the past few years. In a short amount of time, there’s been a dramatic shift in the way entrepreneurs raise funds for their projects, with a big shift towards crowdfunding. And the numbers show just how massive crowdfunding is becoming: the industry was valued at more than $17 billion in North America alone in 2019, a 33% spike from the year prior. Those are some huge numbers. So, if you’re looking to get into crowdfunding, what do you need to know right now? We sat down with Greg Sheffield, Director of New Ideas at Ideazon, a crowdfunding agency. He gave us the inside scoop on crowdfunding 101, and what you need to know about the industry.
Greg, tell us about your background.
I consider myself an expert in crowdfunding, consumer psychology, and business coaching. I’ve helped launch tons of crowdfunding campaigns, and I really know the ins and outs of this budding new industry. At Ideazon, I help lead our team in assessing new projects, and identifying which entrepreneurs are a good fit to work with us. I’ve taken on this role because I think it’s crucial to identify good partnerships, in order to successfully crowdfund a project.
What are some crowdfunding basics entrepreneurs need to know?
It’s not enough to have a brilliant new idea. You really need to get your proof of concept down, so you know if it’ll be received well. That means maybe coming up with a model and bouncing your idea around a little bit. Working with a team or at the very least a mentor is always a great idea, especially if you’re brand new to crowdfunding. And one other big takeaway is that you want to make sure you seem like a crowdfunding expert. That means your campaign needs to be seamless, and that’s where we come in.
How does Ideazon work with entrepreneurs?
We handle all of the aspects of your actual crowdfunding campaign, meaning you can focus your energy onto other parts of your business. We also take over all of the marketing and video production. In my experience, marketing and video production are really the make-or-break when it comes to crowdfunding, because this is what will draw people to your product or venture. You don’t want to have an amature landing page or subpar digital assets. That can be a death sentence in today’s landscape.
What about the rest of the team behind Ideazon?
I’m proud of all of the experience we bring to the table. Ideazon is led by experts in not only crowdfunding but launching startups. Plenty of our team members have been in this industry long before there was a crowdfunding industry, and they were pros at raising capital the old-fashioned way. I think all of this expertise, bundled up into one business, is really valuable to a budding entrepreneur and can really elevate their campaign to the next level. You can read more about our team to see what I mean.
How can entrepreneurs work with Ideazon?
I’m always looking for new entrepreneurs we can partner with, that’s a main function of my role. You can connect with the Ideazon team on LinkedIn if you’re an entrepreneur or if you’re looking to get your startup off the ground, we definitely want to hear from you.