Recommended Read #1
In “Repeat Crowdfunding Reaps Rewards for Entrepreneurs,” Adam and Angus discuss the benefits of businesses who have successfully met their goals on Kickstarter – and how they’re going back for seconds!
Adam and Angus go on to explain the high success rates that companies are seeing as they return to crowdfunding platforms, including Kickstarter and Indiegogo, which are almost double the chances of meeting their goals the first time: a whopping 73% chance.
They explain the success story of the founder of Pebble, who used crowdfunding for his smartwatch idea, and then returned a second to fund his next project, which he wound up raising more than $20 million for.
Some of the companies that have listed second and third projects on these crowdfunding platforms also notice a recurring trend: their backers from previous projects are usually there backing their new projects as well.
Recommended Read #2
“The 7 Habits of Highly Ineffective Alibaba Sourcing” is a great read in which Matt goes into detail on things to avoid when you’re looking for a potential partner, as well as misconceptions involving Alibaba.
Matt covers some of the mistakes that many entrepreneurs make, from over planning and putting too much focus into selling your product, to issues with appearing professional. Since outsourcing does usually come with a language barrier, it’s important to stay professional and avoid doing anything that can damage a potential partnership or relationship. Matt also covers why outsourcing to a manufacturer with small orders can be a bad idea, as well as getting samples before you blindly rely on a manufacturer.
He adds to stay practical, even when using Kickstarter, because you and your manufacturer both want the same thing: to make money.