Draper University has partnered with Indiegogo Life to enable Draper University applicants to raise funds for their tuition. At our site, you can see campaigns from budding entrepreneurs who explain why they want to attend Draper University and what business they plan to launch. Through these campaigns, we’ve gained many interesting insights about raising money on Indiegogo and how to catalyze your community.
Learn how to rally your network.
Launch a fundraiser that will personally invest your network in your success and entrepreneurial pursuits. Picture Piotr Yordanov, a Fall 2013 Draper University Alumni. Aside from his charismatic video shoot, Piotr leveraged his skills as a software engineer and website designer to incentivize his network to donate to his campaign. By knowing your strengths and skillsets, you can determine what exactly you need from others to succeed. Donors were more likely to donate to Piotr’s campaign knowing they would receive a “free” one-hour tech consultation.
Draper University founder & established Venture Capitalist Tim Draper strongly recommends the ability to discuss your personal strengths and weaknesses. Are you good at writing? Spend extra time crafting your pitch text. Are you great at interacting with people? Be in charge of responding to comments. In the world of business and startups, it’s vital to own what you are great at, and create a diverse team that fills in the areas you could use some help to help your campaign stand out.
Create a buzz-worthy story.
Similar to when starting a business, determining who your contributors will be and where to find them is essential to meeting your goal. Are your donors your Facebook friends and family? LinkedIn connections & colleagues? Tech lovers in the Twitterverse? Once you’ve tested where the majority of your donors are, you can more efficiently use your time by putting forth effort in these specific areas. Make sure you know where the first 30% of your funds are coming from before launching your campaign. If you aren’t confident you can hit this within the first few days, adjust your goal accordingly.
The more compelling your story and the more convincing your business idea, the more likely you are to reach your funding goal. Your audience needs to know why your school tuition will enable your business, and the message should be powerful and clear. Your donors will want to know that their money will empower you personally, but more importantly that you’ll make a big difference in the long run. Being transparent is crucial to the success of your fundraiser. A breakdown of exactly how the funds will be used can be helpful for instilling a sense of trust.
Piotr tugged at the heartstrings of his audience by explaining his mission and making his audience feel a part of it, too. The call-to-action on Piotr’s page states this clearly, “I have a dream, that one day, the middle-east, will see entrepreneurial heroes. Together we make this dream come true!”
Get a taste of raising capital.
Crowdfunding tuition on Indiegogo Life can also be great experience for pitching your business to investors, except your contributors don’t expect anything but your happiness and success in return! Upload a video, share your story, and let your personality shine. It should be obvious at this point that launching a strong crowdfunding campaign is very similar to launching a business and can be a strong proof point that demonstrates you have what it takes to be a successful entrepreneur.
Indiegogo Life will provide you fantastic knowledge for developing a network and raising capital. It will push you to think through the finer details of your business plan and polish an idea that’s ready for market. If your campaign is successful, you will have sharpened your startup idea and established your goals before you even step through our doors.
We encourage all future students to take advantage of this opportunity. With an effective crowdfunding campaign under your belt, you’ll hit the ground running when it comes time to pitch your ideas to private investors.
Thank you to Draper University for writing the above guest blog post on alternative methods for paying your college tuition, such as crowdfunding and fundraising. We hope these tips will be useful to you for whatever type of fundraising project that matters to you.
Indiegogo Life is now Generosity by Indiegogo: the only socially conscious fundraising platform that’s free, fast, and open, giving individuals and organizations the power to improve lives everywhere. Find out more about Generosity at www.generosity.com.