The New Capitalism brings together business values and practices to make a product, make some money, and change the world. The business values that are being built into these new companies from the beginning include fair labor practices, environmental stewardship, a supply chain with a conscience and transparency, and a social justice heart. They are also using new capital funding options such as crowdfunding to build sustainability into the bones of the enterprise.
Several successful textiles industry startups are using the new models to build companies that address, first and foremost, the issues of unfair labor practices and supply chain fixing. The textile industry is the source for some of our most shameful practices, including sweatshops that use child and forced labor and keep workers living in poverty, practices to fix prices of raw materials so farmers and shepherds continue to live in poverty without access to markets, and use of hazardous materials, such as heavy metal dyes for silk and other natural fibers that bring disease and environmental degradation to communities of craftsmen.
The new models are building environmental stewardship and fair labor practices into their companies through company values that address these areas, and many are structuring a business model with both profit and non-profit arms. Everlane is a clothing company that uses what they describe as radical transparency to give consumers a look into their supply chain and factories. They recently took their Black Friday profits and turned them over, providing worker-focused benefits. A couple of shipping container hydroponic gardens will be moving across the ocean to live outside the cafeteria of the factory in Ho Chi Mihn City, where many of their clothes are made, to supply the workers with fresh leafy greens. Continue reading
Crowdfunding is an excellent resource for hopeful entrepreneurs, with the potential for providing start-up capital for new businesses. It is a highly visible way to market your company and your ideas. However, there is a downside as well: a failed campaign can also mean bad press for your company. In order to avoid these downsides, have a look at our Crowdfunding Advice in this Blog. A vital step before jumping into the crowdfunding waters is to do your research first. The most common mistakes that cause new ventures to fail include:
- Lack of research and planning
- Financial mismanagement
- Poor hiring and leadership practices
Research and Planning
You need a solid business plan and a good working understanding of what your target market wants. You need to understand the value of your own product and how to communicate that value to your potential investors and client base. To garner the initial start-up funding you need with a crowd-funding campaign, you can’t just assume you have supporters out there—you need to identify and target your supporters. A professional investor pitch story is critical – why do you need funding, why should investors fund you, what separates you from your competition, what makes you unique and special? Will your product contribute to economic growth? Continue reading
Here is what we know about the engaged workforce: engaged workers, those who are loyal to the business and focused at work, those who are paying attention and working hard when they are on the job, are directly related to profit in the short and long term.
Now it gets more complicated. We can’t recruit and hire for engagement, because it is not a fixed quality. A worker who appears very engaged may get disillusioned or react to the business culture by becoming disengaged. The work may not meet needs the person can hardly identify, or may interfere with critical life goals and responsibilities, such as family. We do know a great about the characteristics of disengaged employees, because they are legion and vocal. But being disengaged is no more a fixed quality than being engaged. It’s not the worker, and it’s not the workplace. It’s the way those two meet and meld, or meet and clash.
The way we can influence the culture of the workplace to cultivate engaged employees is the same way we can attract those same people to support a crowdfunding campaign. If the company, not just the product or project, but the company is something people can believe in, they will support the ideas behind that belief. People get you, they get your ideas and goals, and they want to participate and contribute. Continue reading
One of the best ways to encourage people to donate to your crowdfunding campaign is to offer rewards to donors. However, you need to have a solid plan and strategy to make this work. Here are a few tips for crowdfunding rewards.
Do Your Research
Before you start out, make sure to research how other successful crowdfunding campaigns offered rewards. Make a list of a bunch of crowdfunding campaigns that focused on a similar niche or target audience. What types of rewards did they offer? How much did people need to donate in order to qualify?
Focus on the Big Fish
You might want to consider focusing on big donors and offering bigger rewards for them, rather than focusing on offering small rewards to those who donate very small amounts of money. Remember that you need just a few large donations to reach what you’d collect with many small donations. Again, research what others have done successfully and emulate them.
Offer Time-Limited Rewards
One way to get people to donate is to offer limited time rewards. For example, you can offer rewards only to the first set number of people who donate, or only to people who donate before a specific time. This will create urgency and get people to donate, and it will help tremendously for attracting momentum to your campaign.
Choose the Right Platform
When offering rewards, make sure to choose the right platform to launch your crowdfunding campaign. You need a platform that works for your niche and that will be able to give you the tools you need to make your campaign a smashing success. Contact us for more information.
Looking to raise money for your crowdfunding campaign? You need to attract attention and donors. Here are a few tips that will help make your campaign a smashing success.
Highlight Any Press
Whenever you get any mention in the press, make a big deal about it. Talk about it on your crowdfunding page, mention in on your social channels, and make a point about it in your advertising campaigns. The law of social proof will cause people to pay attention when they see that other people are paying attention.
Make sure to communicate with supporters and potential donors. When people leave comments on your webpage or social accounts, always reply to them. It’s important that people see that you’re active and that you care.
Besides engaging with your audience, show people an inside look into your campaign. If you have a staff, show pictures or video clips of them and what they do. Show pictures of you working on your project.
Be open about your plans and ideas. What are you going to do with the money you raise? What is your budget?
Track, Track, Track
It’s very important to track your traffic. Which sources are they coming from? Which countries are they located in? What are their age demographics? Use a link tracking tool to track all your traffic. When you figure out what your target audience is, you’ll be able to focus on them in your advertising campaigns.
For more information, please contact us.
Getting your campaign off to a good start is perhaps one of the most difficult parts of launching a crowdfundingcampaign. Once your campaign gets off the ground, it’s easier to attract more publicity. Here are a few tips for getting your campaign off to an awesome start.
Build Up Momentum Beforehand
Build up hype and publicity before your campaign actually launches. Use this time period to attract supporters; get as many backers as you can. If you have social media profiles for your campaign, aim to get as many likes and followers before your campaign actually goes live.
Activate Your Support Network
Once your campaign goes live, activate the support network you’ve just built up. Encourage your backers to finally contribute. In addition, enlist the support of your family, friends, and anyone else you know. This way, you won’t have to deal with a campaign that’s still floating around with $0 invested.
Attract High-Profile Investors
Do your best to attract even just one high-profile investor who would be willing to invest a nice sum of money. This will give your campaign additional publicity and will give it even more traction. If possible, enlist their support before your actual launch, so that your campaign has sizeable investments right at the beginning.
You do need a marketing campaign in order to attract investors. Invest in some online marketing. Social media is a great marketing platform; you can invest in either paid or free social media traffic.
Want to launch your own crowdfundingcampaign? Contact us today!