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Need More Crowdfunders? Try These Lures (inc)

The projects that take off on crowdfunding platforms are the ones that offer great rewards. Here are a few ideas to try. Editor's note: This is an excerpt from the recently published book The Crowdfunding Bible by Scott Steinberg, CEO of consulting firm TechSavvy Global, and Rusel DeMaria, author of High Score: The Illustrated History of Electronic Games. If you try to launch a crowdfunding project simply by asking for contributions and offering little of value in return, you'll very quickly discover that managing projects isn't like running a political campaign or charity fundraiser. Few will pledge money simply to provide support. The majority of backers expect something in return--hence the need to incentivize them by offering compelling goods or services in exchange for contributions. In the case of physical products, the notion of pre-ordering, or making advance payments, is a well-established practice. Similar transactions work well under the crowdfunding model, especially when coupled with eye-catching or exclusive extras such as elaborate collector's sets and limited edition coffeetable books. The type of reward you offer should be determined by the kind of project you're running. In the case of special events, for instance, you might offer free admission, ...

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