Calculate Your Chances For Crowdfunding Success

Tip of the Week

As crowdfunding becomes more woven into the fabric of fundraising efforts of all kinds, competition is an issue so preparation can make or break you. As so many have learned, it’s best to approach it methodically, checklist in hand.

Problem is, what if you don’t know what questions to ask to begin with? Before I set up a consultation, I send out a brief questionnaire to my clients, which I believe strike all the notes they will need to hit before launch. When I get back monosyllabic responses or questions that are left completely unanswered, this to me is a sign—of a lack of readiness.

HitThe folks who run GoGetFunding.com understood this problem and have come up with their own questionnaire, to assess not only success but also to predict how much you will raise based on statistics from Kickstarter and Indiegogo, as well as their own platform.

The site is called crowdfunding.io and the tool, which they describe as a “success predictor” poses many of the same questions that I and other consultants know to ask in order to catch red flags that will thwart your chances of success. Depending on the type of crowdfunding campaign you want to run, there are between 10-15 questions. An algorithm does the rest. And it’s free! This of course is a plus for the bootstrapped, though the downside it must be said, is the lack of human support. Eyeball

I spoke by email to founder Sandip Skehon who told me, “Using the responses and data collected over the years, our algorithm will predict the likelihood of meeting the campaign target —and provide a specific dollar estimate.”

While he admits they are still refining the algorithm, “in initial tests with cause-based GoGetFunding campaigns did indeed raise what crowdfunding.io had predicted.” Sekhon says, that 28 of 32 surveyed campaigns fell within their estimates.

Time will tell if accuracy will increase but Sekhon welcomes feedback in order to continue the refinement process.

Remember, this is not anything like Kicktraq, which, through its own unique algorithm magic, assesses success on campaigns that are up and running already. (Though it’s still sadly limited only to Kickstarter campaigns, womp womp womp.) Indeed I had a couple of clients with active campaigns input their information and the results were not accurate at all.

Anything that helps crowdfunders think strategically before they launch is worth a try. Test it and report back on your findings!

Cats

 

 

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