Kickstart Your Next Big Idea

Years ago, Larry Tiefenbrunn journeyed to Utah’s Bryce Canyon, where he decided to hike into the canyon to capture some images of the stunning landscape. He packed up his camera gear, including a heavy-duty tripod. His pack was cumbersome, and the climb down was arduous. After grabbing a few photos, he started hiking back up, weighed down, in particular, by the hefty tripod. He struggled, even experiencing some frightening chest pains.

Once out of the canyon and adequately recovered, Tiefenbrunn had an inspiration. What if there was a sturdy, compact, lightweight tripod that photographers could slip into a small camera bag for easier transport? He drew up a design, sent it to a friend who specializes in metal work, and the first Platypod was born.

Tiefenbrunn sold the Platypod at photography trade shows and through some magazines, but as interest in the product picked up, he realized he’d need to mass produce it. That would require funding, as well as a better sense of the number of units he’d need to produce to meet demand.

KICKSTARTING PRODUCTION

Tiefenbrunn turned to the crowdfunding app, Kickstarter, where entrepreneurs can raise funds for product development by taking pledges from interested customers, which also work as pre-orders. The system allows entrepreneurs to raise the money for production while building their customer base. You have the option to set the minimum amount you’re willing to collect over a certain timeframe to make your product development viable. If you don’t raise that amount, everyone gets their money back. As for your own losses, they include the time and effort you took to set up the campaign, some fees from Kickstarter and any marketing costs you incurred. “Kickstarter afforded us a way to crowdfund, so we knew how many people wanted to order before we went to production,” says Tiefenbrunn. “Then we had the funds available to manufacture the orders.”

GETTING READY TO KICK

Creative entrepreneurs can use crowd-funding to finance all kinds of products or business initiatives, but the two most common (and proven) options for photographers are photography books and products they’ve invented. If you have an idea, try tapping into your network for some market testing to get a sense of that idea’s viability. “The first thing I’d do is contact some fellow photographers and ask their honest opinion,” recommends Tiefenbrunn. “Would this do well in the market? Would it do well on Kickstarter? Get a real critique, just like you would for your photography. Ask what’s wrong with it, not what’s right. Develop a group of trusted alpha testers that will tell you honestly how you can improve your idea.”

It makes sense to ask these alpha testers to sign a nondisclosure, but practically speaking, you’ll have to share some trade secrets. So, work with people you trust not to rip you off. Otherwise, you’re missing out on good ideas.

Once you’ve vetted your idea, it’s time to make a prototype. Kickstarter and other crowdfunding services require a viable product, not just a rendering. There are plenty of companies who will build a product prototype, including some overseas options that will do small batch orders affordably.

KICKING OFF THE PROCESS

When you’re ready to launch a crowdfunding campaign, Tiefenbrunn suggests the following checklist for setting up a successful Kickstarter:

Demonstrate a need. Answer the fundamental question of any new product: What need does it fulfill?

Do more with less. Show how your product accomplishes a goal more efficiently than what’s currently on the market.

Solve a problem. Explain what problem your product solves.

Show it’s unique. Communicate how you researched the market and couldn’t find anything that does exactly what your product can do.

Illustrate the “why.” Demonstrate why your audience needs this product.

Deliver on your promise. Ensure you can produce a high-quality item that your audience will appreciate.

“Ultimately, you need to show everyone that you’ve come up with something they need that isn’t already available, and you can provide it at a good price,” says Tiefenbrunn.

Tiefenbrunn suggests running a Kick-starter campaign for 30-60 days, tracking the pledges for your product, and then ordering that same amount of product for the next year. If you get the system down and are successful in raising funds, you can eliminate the traditional financing pathways through banks and business debt. “For small businesses, this route provides a lot of flexibility and reduces risk,” he says.

BOOT PRODUCTION INTO GEAR

Kickstarter and other crowdfunding sites will help you generate funds and build a market, but they aren’t order fulfillment systems. To process and fulfill orders, you’ll need an e-commerce website (Tiefenbrunn recommends Shopify) and a fulfillment service that can warehouse your product and then process, package, and ship it.

Customer service is also important, he says, and you’ll need someone to take calls and/or answer questions via website inquiries. The customer service element helps people feel like they’re dealing with a legitimate company that’s attentive to their needs.

STEP UP THE PROMOS

Marketing is important in any product launch, as you can’t just set up a Kickstarter and expect the promotion to take care of itself. Tiefenbrunn recommends starting your marketing by teaming up with other well-known figures in your field. For example, link up with other photographers who have a large following. Go to trade shows like Imaging USA, pull aside a few well-known photographers who might be good marketing partners, and make some connections. When you get a prototype ready, send it to them, and ask them to test it out and share it on their channels.

Of course, you should leverage your own network and social following as much as possible. To expand your reach, throw some money at social media ads targeting your audience. Regularly posting educational content also helps build your following and provides you with a built-in market for your product. Tiefenbrunn posts weekly instructional videos on YouTube with photographers explaining different techniques—and they just happen to be using the Platypod in their demonstrations.

A good product or explainer video is essential for success on any crowdfunding site, according to Tiefenbrunn. It can be one of the biggest expenses of running a Kickstarter campaign, however people want to see the product in action so they can decide if they want to invest. Photographers with good video and editing skills can create these videos themselves and save a bundle. The key is to make the video eye-catching and grab the viewer’s attention in the first 15 seconds. 

A couple of weeks before your Kickstarter launch, tease the product and build anticipation, the Platypod founder recommends. The first 24 hours of a Kickstarter campaign are essential for accruing an audience and foundational funding. The more buzz you can encourage prior to launch, the better.

If you’re successful in your Kickstarter campaign and product launch, and you want to create future products (or new versions of your product), Kickstarter provides you with an established audience to which you can remarket. Every time you launch a new product or post an update, you can reach out to previous supporters, so you’re remarketing to past program participants. All you do is copy/paste your updates into past Kickstarter projects, and the app will notify previous supporters. It’s a great way to reach people who’ve already purchased from you and likely are interested in follow-up products.

EMBRACE REALISM 

As you dive into a Kickstarter campaign, temper your expectations. According to Kickstarter’s published statistics, less than 15% of campaigns produced more than $20,000 in pledges, and less than 0.5% broke $100,000. The percentage of successfully funded projects is about 42%. Considering the majority of Kickstarter campaigns don’t meet their fundraising goals, it’s important to only spend what you’re willing to lose on the project setup and promotions. Budget your development carefully, including prototyping, page creation, and marketing. Then set your fundraising goal at about double this initial budget to give yourself a reasonable chance of success.

“If you do your research, follow some basic guidelines, and adhere to good business practices,” says Tiefenbrunn, “crowdfunding can be a great way to turn your next great idea into reality.” 

Jeff Kent is editor-at-large.