Lucy Brown and her co-founder launched a Kickstarter project and raised $75,ooo in 38 days for LUMO – stylish, city cycling apparel.
Kickstarter campaign was launched on November 2014 and they raised $75,000.
Why did they decide on crowdfunding?
1. Bank loan meant interest and debt.
2. Additional benefits of crowdfunding is that every backer is a brand advocate. Pre-launch they have global press coverage, and distributors and investors are inquiring even before their product is launched.
Anybody, anywhere can successfully fund a kickstarter project .
Launch strategy for the Kickstarter campaign –
1. Have a 100% faith in your idea and concept. Be happy with our prototype that you get out there.
2. Make your page look fantastic. Video is very important but the drop off rate is huge. Recommend making a 2 minute video. Show your product early.
4. Networks – Personal and professional.
6. Media Target – Cherry pick, get them sold on your idea early. Get their input.
7. Facebook Advertising.
8. Create a bit.ly link for analyzing here your traffic is coming from.
How did you decide your target fundraising amount?
Fully manufactured cost and how many quantities they wanted in their first manufacturing run.
What skills should a women entrepreneur have?
1. Believe in your product and yourself
2. Decision making- Get advice from mentors
What steps should entrepreneurs keep in mind from idea to execution-
1. Be willing to pivot.
2. Be aware of prototyping costs.
3. What would it cost to launch to in a big scale. Be ready to succeed.
How important are systems and analytics for growth?
Monitor the analytics but don’t get stuck on the numbers. Figure out the strategy first and then use the analytics to optimize.
What is your one advice about funding and money?
Make sure you have the right idea. And money will follow.
What trophy would you want on your mantle?
CES- Best in wearable technology
What is your guilty pleasure?
Chips and ketchup
What are you most passionate about?
Great design and sports.
What is your one productivity hack?
Categorize your time. To do List.
Fear the fear and do it anyway.
What would you do different, if you were given a chance?