Are some crowdfunding sites a shell game?
With less than a few hours to go. My very first crowdfunding campaign has come to a finish. As I mentioned last week in Part 1, crowdfunding is just as competitive as finding a job on the internet. Actually finding a job may be easier. You have to promote yourself, the product your selling, the sites your on, the plan, the goals, everything. It’s not like you can just post and everyone will beat down your doors to have your item. If it was that simple everyone would do it. It also doesn’t help if it’s not balanced and fair.
What’s The Shell Game…?
Some crowdfunding sites claim to have certain algorithms that are designed to keep it balanced. For instance, if you don’t maintain certain amounts by certain dates they will remove you from the listings. While this can increase exposure for those getting a lot of attention and slower product falls by the wayside, it’s not fair to those who are trying to gather speed. You’re basically racing against the clock, but the clock is rigged. While they don’t remove you entirely from the site, they remove you out of site from the casual browser of new stuff. The only way for someone to find you is search for your name in most cases. Unless you directed that person via Twitter or Facebook your really out of luck. I interviewed many sites who wish to remain anonymous, or off the record.
“After 4 days, a campaign must have raised at least $10.00 to be found in the browse pages. After 7 days, they must have raised at least $100.00 to be found in the browse pages, After 2 weeks, they must have raised a minimum of $500.00 to be found in the browse pages.”
This ultimately discourages many from making it to the top with some really good ideas. has this discouraged anyone? No! For a chance to get your product out in front of prospects? Are you crazy? It’s sales people! You take that chance and you jump out there with both fists and you sale, sale, sale!! It’s like the lottery, and you don’t see ticket sales drying up there do you? I think not. What is going to surpass Investor shares? Whats going to be the latest craze in finance? Tell us we want to hear!