Thousands of people who think they have a great idea for a new product have turned to Kickstarter, GoFundMe and other crowdfunding platforms to get the seed money they need.
But if you’re counting on a crowdfunding campaign to bring in money to build your gadget, fund a book or art project, you might want to grease the wheels a little – to inspire potential funders to back your project.
Tech expert Omar Gallaga wrote about this process for UT Austin’s McCombs School of Business research blog, based on research by professor Raghunath Rao.
Highlights from this segment:
– Giving to your own crowdfunded campaign, and doing so early, can inspire confidence among other donors.
– Supporting your project to the tune of 15% to 35% of the goal shows others that you plan to see the project through, and that you have confidence in your path to success.
– Donating smaller amounts over time, or later in the project, is less effective than supporting your own work early.
