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Crowdfunding Uncut | Kickstarter| Indiegogo | Where Entrepreneurs Get Funded

Why should you listen to Crowdfunding Uncut? Because I’m asking the same questions you want to know. I know what it feels like to fail at crowdfunding. I also know what questions to ask, and what to do to raise over half a million dollars on Kickstarter and Indiegogo. As I’m also advising Crowdfunding campaigns, I need to keep up to date with what’s working and what isn’t. Questions that will get answered on this show: what crowdfunding platform is right for me? What can I do to have a successful product launch? How can I get 1000 backers for my project? What really matters? What if I have a small budget? What happens after crowdfunding? I will share with our best interviews showcasing the campaigns processes, failures, critical lessons learnt and actionable strategies showing YOU how to get your project funded. This is where project creators get funded.
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Now displaying: March, 2019
Mar 28, 2019

My guest today is Matt Bodnar. He is the host of the Science is Success podcast and a part of the Fresh Hospitality Firm. He’s here to share with us today how to get VC investments and whether they’re right for your business.

 

Investment with Fresh Hospitality

 

Fresh Hospitality invests across the food value spectrum. They invest in farming and agriculture through packaged foods.  They also invest in technology, marketing, and accounting that fits around their ecosystem. They're able to add immediate value to their clients. They provide the extra resources needed to help growth.

 

They are very hands on investors. Matt looks at investing as the discovery of value at one end and the creating of value on the other. Companies they invest in already have good value, but Matt wants to increase their value. There's several ways they provide value to their clients.

 

There’s a lot of different ways to work with VC’s. Fresh Hospitality works as a traditional private equity firm. They take more stake in the company and become more hands on. Majority of VC’s take on more of a minority position.

 

 

 

Matt’s Beginning

 

After graduation Matt worked on Wall Street for several years. He’s originally from Nashville. His connection there is what brought him into the food and hospitality industry. He found himself in a new dynamic with new challenges. He’s now starting to find opportunities in the food technology space. While still investing in more traditional farming practices.

 

Investment in Crowdfunding and the Entrepreneur

 

Crowdfunding is one of the top platforms for your start up. It improves customer demand and gives you the startup capital you need. Most people will lean more towards a company that started through crowdfunding. It gives them validation of the product.

 

It’s important to look at the traction and value of a company when investing. Have your proof of concept ready when approached with an investment. This is something you can get from a successful crowdfunding campaign. Connect yourself with your campaign.

 

When investing, Matt also looks at the entrepreneur themselves. He wants founders to stay involved with their business and continue to lead. It’s originally their vision so they should be taking lead on the creative side of the business.

 

Matt likes to focus more on the back end of a business and scaling the business. It’s important for Matt when investing to ensure the company connects with Fresh Hospitality’s current investments. He utilizes the success of his investments to leverage other investment opportunities. He’s found this increases the value of those investments.

 

Investment Decisions Vs. Investment Outcomes

 

It’s not about the outcome of a decision. It’s about the decision being the right one. Make yourself a decision journal. When you have big decisions coming up, focus on which ones are most important at that moment. Analyze what the decision is and weigh out the outcomes of making the decision. Once you’ve made the decision, analyze what went well and what went bad. By building a log of these decisions you can look back and see how your decision-making skills have grown.

 

Network Towards an Investment

 

Most of the clients Matt deals with have sought them out. In the beginning they focused more on being active in seeking clients. Now he gets 5-6 deals pitched to him per week. He’s been able to garner this traction from referrals and word of mouth.

 

The platform in which you send your pitch is important. When receiving pitches from an online form or their website, Matt immediately discards it. If he’s given a warm introduction by someone he knows, he’s more inclined to receive the pitch. It’s a kind of vetting process when it comes to the leads he receives.

 

Networking goes a long way when asking for an investment. Use your network to reach the people you need to. It’s much easier to pitch an idea when you have a warm intro. Matt likes to receive pitches in person when possible. If not, he’ll ask for a product sample and a 30-minute meeting. He wants to create that personal connection with them before he starts to invest.

 

Are VC Investments Right for You?

 

If you think VC investing is for you, make sure it’s the right thing for your business. It’s a very different life than bootstrapping. The pressure to grow quickly can lead to investing in areas that don’t create value. This can be what destroys your business. Most people who look for VC investments are aware of the holes in their business. They are looking for someone who can provide that capital or intellectual capital.

 

Be clear with yourself on what you want. What kind of lifestyle do you want? Are you capable of taking it there? Be honest with yourself.

 

 

 

 

Investments in the Food Industry

 

In the technology world, most VC’s invest in the seed stage. In the food industry, people lean towards investing in companies that have growth. They’ve already gained traction and have some sort of customer demand. It’s rare to receive investments in the seed stage in the food industry. The more traction you can get the better chance you have at getting an investment.

 

Word of mouth will help you get traction. There are some investors in the food industry still willing to invest early. Use your connections and network to figure out what the ecosystem is right now. Find the right person for the investment you’re looking for. Look for someone who’s willing to invest in your niche.

 

Show Intensity, Intelligence, and Integrity

 

Reputation is very important. Don’t sacrifice your integrity for short-term gains. Shortcuts to get ahead end up pulling you back. You can get money easily but building your reputation is difficult. The integrity of an entrepreneur is important for any investor.

 

 

Episode Outline

 

Introduction: How to Find Which Investment is Right for your Business.

 

Investing with Fresh Hospitality

Matt’s Beginning

Investment in Crowdfunding and the Entrepreneur

Investment Decisions Vs. Investment Outcomes

Network Towards an Investment

Are VC Investments Right for You?

Investments in the Food Industry

Show Intensity, Intelligence, and Integrity

 

Contact Khierstyn at www.khierstyn.com 

 

Resources and Sponsor

Matt Bodnar

The Science of Success Podcast

Fresh Hospitality

Toxic VC TechCrunch

 

Follow Matt Bodnar @MattBodnar

Facebook

Twitter 

 
Mar 26, 2019

When weighing the options for crowdfunding, most project creators opt for a months-long process to ensure optimum success. In some cases, however, time is not abundant. This was the case when Bryce Fisher of Ravean Heated Jackets approached his first Kickstarter campaign. The timeline from idea to prototype to crowdfunding campaign was just a few weeks long, giving Bryce a time crunch to meet his goals. The question is, how do you find success with so little time to raise funds? In his chat with Khierstyn, Bryce unveils the secrets that helped Ravean launch with a bang, in spite of having just a couple of weeks.

The importance of marketing in order to spread the word.

As Bryce approached the Kickstarter campaign for Ravean, he knew spreading the word quickly would be the only way to find his supporters. With a little trial and error, he was able to connect with his target market via social media and gain incredible support in a short time. Bryce shares some secrets that can help you connect your product to the sometimes-elusive target market that is essential to the success of any crowdfunding campaign. Driving traffic to his site was key, Bryce explains, and his strong focus on those efforts have given him the edge Ravean needs to maintain vigorous support.

The #1 best practice of the Ravean campaign.

When planning a crowdfunding campaign, it’s pretty clear customers will either make or break you. Bryce explains why customer validation was the #1 reason for success with his Kickstarter campaign, and how he maintained this as his top priority throughout the campaign. He delves deeper into some key strategies by sharing marketing techniques that truly transformed his campaign. Finding your niche will help to drive all-important organic traffic to the campaign, which saves time and money in gaining support.

Why the campaign picture and headline are key.

A great first impression is essential to any interaction. Bryce explains the role of having a clear, eye-catching campaign photo in converting customers. He offers a few tips that can give any crowdfunding campaign the edge. Getting potential supporters to your campaign page is just half the battle and Bryce shares the importance of the details as you create your campaign. He shares his top 3 marketing focuses and how he applied mistakes from his first campaign to his current Indiegogo campaign. By understanding the key differences between Kickstarter and Indiegogo, future crowdfunders will be better equipped to choose the best platform for their product.

Bryce explains what’s next for Ravean.

Bryce shares with great passion the unique heated jackets offered by Ravean and what he sees as the next steps for his company. By continuing to focus on quality and customer validation as top priorities, Bryce believes the sky is the limit for this growing company. After far exceeding the goals set by his first Kickstarter campaign, Ravean continues to see success in the current Indiegogo campaign. He shares his key learnings and future goals for Ravean with Khierstyn.

OUTLINE OF THIS EPISODE:

  • Khierstyn’s introduction of Bryce Fisher of Ravean, who shares how he built a successful Kickstarter campaign in a short period of time.
  • Bryce explains his current project status.
  • Understanding Ravean and the inspiration behind the Ravean Heated Jacket.
  • Why Bryce started his campaign later in the process than most, giving himself less time to raise funds.
  • The process of marketing the campaign and spreading the word within the 2-week window.
  • What is the #1 reason for the success of the Ravean Kickstarter campaign?
  • Bryce explains how he drives traffic to the Ravean site.
  • Overcoming the marketing limitations present in a short-term campaign.
  • The #1 best practice during the Ravean campaign.
  • What is the #1 mistake made on this campaign Bryce would avoid in future campaigns?
  • What insight into customers does Kickstarter give you after project completion?
  • Bryce’s reasons for choosing to run an Indiegogo campaign after his Kickstarter campaign.
  • The resources Bryce used in the push to get his campaign off the ground.
  • The importance of understanding the competition in finding traction as you approach your campaign.
  • Setting a realistic marketing budget for a campaign.
  • The top 3 things you should be spending your marketing budget on for a Kickstarter campaign.
  • Indiegogo versus Kickstarter as a crowdfunding platform.
  • What’s next for Ravean?
  • Why did Bryce choose to continue using crowdfunding to launch new products after having a successful Kickstarter campaign?
  • Ways to connect with Bryce.

RESOURCES MENTIONED IN THIS EPISODE:

Ravean

Ravean Indiegogo Campaign

Kickstarter

Indiegogo

Coolest Cooler

CONNECT WITH Bryce: www.Ravean.com

CONNECT WITH KHIERSTYN: www.khierstyn.com 

 

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