Revolutionizing Crowdfunding - It`s like selling beer in a beer gardenFeb 3, 2013
I remember it as if it were yesterday, "Hey Arik, Mimoona is on the news", my wife said over the phone. I wasn't expecting it only 14 hours after we went live with our crowdfunding platform, we worked long and hard for this moment. My partner, Nadav, and I, believed in and were intrigued by the crowdfunding phenomenon taking place in the US. Indeed, we have had great success in our market.
Although we saw and were encouraged by the realization of crowdfunding’s great potential, we understood its limitations, especially from the fund seekers' point of view. A musician, for example, knows how to play the guitar, piano, or even both, but usually needs assistance in regard to marketing him/herself or his/her project on a traditional crowdfunding platform. Marketing is essential in order to raise the required amount or even a portion of the funds.
Let's face it, most people don’t enter a traditional crowdfunding platform and wonder "Which project will I support today?" It just doesn't work that way. So yes, any fund seeker must understand that posting the project is just the beginning, the hard work, marketing, is what follows. Most campaigns don't make it onto the homepage of leading traditional crowdfunding platforms. Campaigns that do make it onto the home page have exponentially greater odds of raising the funds they seek. Sadly, many great and worthwhile projects, as previously stated, don't make it onto the home page.
The result is that one needs to become a marketing expert, have an exorbitant amount of Facebook friends, and utilize all of their resources in order to be seen. Additional challenge of traditional crowdfunding platforms is that most crowdfunding backers support only one crowdfunding campaign, maybe two. So, is crowdfunding a lost cause? Not at all, it is just the beginning.
Instead of forcing the fund seeker to lead their potential backers to their project page, why not enable them to upload their campaign in a place with a Relevant, Targeted, Recurring crowd?! Let's say an athlete wants to raise funds in order to practice and participate in the next world championship. What he/she needs, aside from his/her friends and family, is a crowd that feels emotionally or otherwise connected to his/her cause. While on traditional crowdfuding platforms there is a varied crowd which in most cases finds itself there following a link on Facebook or email, on sports-related websites such as ESPN, Yahoo! Sports, and so forth, which have loyal, recurring audiences who follow and feel connected to sports, the athlete’s chances of procuring funding are much greater. Relying on standard forms of marketing such as Facebook is like selling beer in a mall as opposed to in a bar or a beer garden.
We at Mimoona understand these challenges, which is why we developed the Plug & Fund. Our "Plug & Fund" enables any website to easily deploy a fully functioning white label crowdfunding platform on any website and adjust it to the sites` look and feel in less than 30 minutes, yes in 30 minutes! This way, the site's users are able to fund as well as start a crowdfunding campaign related to the site's domain in the website. The website owner can of course upload unlimited crowdfunding campaigns of its own.
This is the next frontier in the crowdfunding world, and we are happy to lead it!
Have any questions? Feel free to contact me @ Arik@mimoona.com
Back to BLOG