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How do you leverage crowdfunding platforms to validate and fund your invention idea?

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Crowdfunding platforms are online platforms that allow inventors to raise money from a large number of backers who pledge small amounts of money in exchange for rewards, equity, or debt. Crowdfunding can be a powerful way to validate and fund your invention idea, but it also requires careful planning, execution, and communication. In this article, you will learn how to leverage crowdfunding platforms to test your market, reach your target audience, and secure your funding goals.

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Gregory Carson

Patent Attorney | Biomedical Engineer | Inventor
Dr. Rolf Claessen ??

patent attorney ?? equity partner at Michalski · Hüttermann & Partner ?? youtuber ?? podcaster ?? TV jury ?? author ??…

1 Choose the right platform

There are many crowdfunding platforms to choose from, but not all of them are suitable for your invention idea. You need to consider the type of crowdfunding you want to pursue, the fees and regulations involved, the audience and reach of the platform, and the features and support it offers. For example, Kickstarter and Indiegogo are popular platforms for reward-based crowdfunding, where backers receive a product or service as a reward. On the other hand, platforms like Seedrs and Crowdcube are designed for equity-based crowdfunding, where backers receive a share of your company or project.

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Gregory Carson

Patent Attorney | Biomedical Engineer | Inventor
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One thing I have found helpful to consider when choosing a crowdfunding platform is whether you are looking for validation of the idea. For example backers can get the product or service the idea offers on Kickstarter and Indiegogo which validates users of the product or service the idea offers. In contrast, Seedrs and Crowdcube are where backers receive a share (interest) in your company or project which validates the business and the product/service.

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2 Validate your idea

One of the main benefits of crowdfunding is that it allows you to validate your idea before investing too much time and money into it. You can use crowdfunding platforms to test your value proposition, your market size, your customer feedback, and your pricing strategy. By creating a compelling campaign page, a prototype or demo, and a realistic budget and timeline, you can gauge the interest and demand for your invention idea. You can also use surveys, polls, and analytics to collect data and feedback from your potential backers.

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3 Market your campaign

Another key aspect of crowdfunding is marketing your campaign to attract and engage your target audience. You need to create a strong brand identity, a clear and persuasive pitch, and a captivating story for your invention idea. You also need to use various channels and strategies to promote your campaign, such as social media, email, blogs, podcasts, press releases, and influencers. You need to build trust and credibility with your audience, and communicate your progress and updates regularly.

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4 Deliver your rewards

Once you have successfully reached or exceeded your funding goal, you need to deliver your rewards to your backers as promised. This is crucial for maintaining your reputation, fulfilling your obligations, and creating loyal customers. You need to plan ahead for the production, distribution, and fulfillment of your rewards, and anticipate any potential challenges or delays. You also need to keep your backers informed and satisfied with your delivery process, and handle any issues or complaints professionally.

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5 Grow your community

Crowdfunding is not only a way to raise money, but also a way to build a community around your invention idea. Your backers are your early adopters, supporters, and advocates, and you need to nurture and grow your relationship with them. You can use crowdfunding platforms to create a feedback loop, a loyalty program, and a referral system for your backers. You can also use other platforms and tools to create a website, a newsletter, a blog, a forum, or a social media group for your community. By growing your community, you can increase your visibility, credibility, and customer base for your invention idea.

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6 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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Dr. Rolf Claessen ??

patent attorney ?? equity partner at Michalski · Hüttermann & Partner ?? youtuber ?? podcaster ?? TV jury ?? author ?? chemist ?? most importantly dad ?????? charity Rotary and JCI ??? patents, trademarks & designs
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The problem is that you want money to pay your patent attorney and patenting efforts to patent your invention in several countries and at the same time you should not disclose the invention before filing a patent application. My advice would be to hire a patent attorney to file a first well drafted patent application in your country and then after filing open the account with the platform and ask for funding.

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How do you leverage crowdfunding platforms to validate and fund your invention idea?

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1 Choose the right platform

2 Validate your idea

3 Market your campaign

4 Deliver your rewards

5 Grow your community

6 Here’s what else to consider

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