BidOkee-CrowdfundingSchemes

1,268 Sad Truths About Crowdfunding (And 1 Happy Truth)

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In any industry, there are the serious players and there are crackpots. Put a relatively new and massively growing phenomenon like crowdfunding together with an ancient human desire to explore and you can get some really hare-brained schemes.

Gizmodo has just compiled six of the kookiest failures by crowdfunders who had the idea of sending things – vessels, people, your cash – into outer space.

You can’t blame people for dreaming. Or can you?

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What You Don’t Know About Crowdfunding

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When crowdfunding first entered the public imagination a few years ago, some people saw it as a really amazing opportunity for people with great ideas and little money to make cool things happen in the world. And that’s true.

But that potential has also been deeply diminished by events of the past couple of years.

Things are moving superfast in the realm of crowdfunding. And the ordinary start-up initiator who wants to use a crowdfunding platform as an opportunity to make an entrepreneurial (or charitable, or other) dream come true now find themselves at a very serious disadvantage.

Crowdfunding has been stolen from the crowd. To a large extent, anyway.

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BidOkee Viatec Award

BidOkee DIY Crowdfunding MVP Shortlisted for Viatec Award

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The BidOkee team is thrilled that out project has been selected among five finalists for the Viatec Technology Awards in the category of Technology Strategy of the Year. Our developer-partners, Caorda Solutions, entered our project for consideration and we are stoked to be chosen as a finalist.

The awards celebrate the achievements of technology companies responsible for making Greater Victoria the fastest growing technology region in B.C., as well as the educators, creators and innovators that support this sector.

The Strategy of the Year award recognizes the best strategy implemented by or for a Greater Victoria organization. The judges will consider impact and results achieved from the underlying strategy.

BidOkee’s DIY crowdfunding platform was submitted as a MVP project – minimal viable product – as we develop a SaaS model – “software as a service” (try to keep up with the acronyms) – to disrupt the rewards-based crowdfunding industry. (more…)

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Crowdfunding’s greatest asset: Our networks

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There is no greater asset to a crowdfunding campaign than the network of supporters we build.

Yet this invaluable asset is something some crowdfunding mega-sites like to keep to themselves or share only under their arbitrary conditions.

Through our own research, we estimate that the average campaign garners 302 subscribers.

When most campaigns end, those 302 people remain in the database of the mega-site, and depending on the site, inaccessible to us – the campaigns that built them into a network – but accessible to the mega-sites for whatever future marketing purposes they choose.

As we build our crowdfunding campaign, we are building a community, a network of backers and friends. We know a majority of campaigns fail to meet their goals. And if you fail in reaching your campaign goal, some crowdfunding mega-sites deny you access to the contact information of your backers. Therefore, despite the fact we did the work and expended the resources to attract users to our campaign, the crowdfunding mega-site retains the information for their own benefit – not ours.

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Crowdfunders demand more freedom

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Crowdfunding emerged recently and grew really fast.

That has allowed a handful of big players to control how the industry has progressed. Understandably, they have ensured that the industry has progressed in ways that benefit them. The fact that a majority of crowdfunding campaigns fail suggests that what is good for the crowdfunding mega-sites is not necessarily good for the individual crowdfunding campaign.

History tells us that people will reach a breaking point where the uncertainty of change finally outweighs the pain of the status quo.

The failure rate of crowdfunding campaigns is building to a breaking point. And there are other issues that people will not put up with forever.

In today’s world, especially because Millennials are behind many of the one million start-ups each year, customer and user empowerment is shaping entire industries. The technology revolution is about empowering the individual to take control of our environment.

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Crowdfunding Cooperation

Synergies can help crowdfunding succeed

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Given what we said about coopetition in our last blog post, in a cooperative model each campaign could individually decide to assist another campaign for their mutual economic benefit.

It may seem contradictory to suggest that a critical mass of crowdfunding campaigns can result in cooperation that benefits everyone instead of competition that delivers a zero-sum success-failure ratio. But it’s not a contradiction.

With a few tweaks, crowdfunding could be transformed into a phenomenon in which the goodwill and assistance of others are mobilized in mutually supportive ways while still benefiting each individual within a competitive environment. It would be ideal if there were a crowdfunding platform that allows us to operate independently of mega-sites – with their inherent competitiveness – but which lets us plug into a community of like-minded, cooperative venturers who can help us and who can be helped by us.

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