In crowdfunding, like life, failing doesn’t mean it’s over.
That’s because every campaign garners at least some support, says crowdfunding expert Sally Outlaw, and this base can serve as a potent launching pad as soon your company is ready to take its next stab. “You have to launch with momentum in crowdfunding,” Outlaw explains, adding that repeat support is critical in this respect. “You need to get most of your support in the first three days of your campaign.”
A prime example, says Outlaw, co-founder and CEO of Peerbackers.com, is ‘The Coolest’ cooler, which flopped on its first outing but went on to raise over $13 million as the second most successful Kickstarter campaign ever.
To learn how the startup retooled between outings, check out the below video from our inaugural Entrepreneur 360 conference, held last fall in New York City.