What are the most effective ways to crowdfund a new virtual or augmented reality business?

1 Choose the right platform

The first step to crowdfund a new VR or AR business is to choose the right platform for your project. There are many crowdfunding platforms available, but they differ in terms of fees, features, audience, and requirements. Some of the most popular platforms for VR and AR projects are Kickstarter, Indiegogo, and Patreon. Each platform has its own advantages and disadvantages, so you need to do some research and compare them before you decide. For example, Kickstarter is the most established and reputable platform, but it also has the highest fees and the most strict rules. Indiegogo is more flexible and allows you to keep the funds even if you don't reach your goal, but it also has less exposure and support. Patreon is a platform for creators who want to build a loyal fan base and offer exclusive rewards, but it is not suitable for one-time projects or products.

2 Plan your campaign

The second step to crowdfund a new VR or AR business is to plan your campaign carefully. This means that you need to have a clear and realistic goal, a compelling story, a detailed budget, and a timeline. You also need to have a prototype or a demo of your product, as well as some proof of concept or validation from potential customers or experts. You should also prepare some attractive rewards for your backers, such as early access, discounts, credits, or customizations. Additionally, you should create a marketing strategy for your campaign, including a catchy video, a landing page, a press kit, and a social media presence.

3 Engage your audience

The third step to crowdfund a new VR or AR business is to engage your audience and build trust and excitement. This means that you need to communicate regularly with your backers and potential backers, and provide them with updates, feedback, and answers. You should also create a community around your project, and invite people to join your mailing list, follow your social media accounts, or join your Discord server. You should also leverage your network and reach out to influencers, bloggers, journalists, or podcasters who can help you spread the word and attract more backers. Finally, you should also monitor your campaign's performance and metrics, and adjust your strategy accordingly.

4 Deliver your promises

The fourth step to crowdfund a new VR or AR business is to deliver your promises and satisfy your backers. This means that you need to follow through with your timeline and budget, and produce a high-quality product that meets or exceeds your backers' expectations. You should also keep your backers informed about the progress and challenges of your project, and be transparent and honest about any delays or issues. You should also provide your backers with the rewards they pledged for, and thank them for their support and feedback. Additionally, you should also collect and analyze the data and feedback from your backers, and use it to improve your product and business.

5 Grow your business

The fifth step to crowdfund a new VR or AR business is to grow your business and scale your product. This means that you need to have a clear vision and strategy for your business, and identify your target market, value proposition, and competitive advantage. You should also have a plan for how to distribute, market, and monetize your product, and how to acquire and retain customers. You should also seek partnerships, collaborations, or investments from other players in the VR and AR industry, such as platforms, developers, publishers, or investors. Finally, you should also keep innovating and updating your product, and exploring new opportunities and trends in the VR and AR market.