The Crowdfunding Source, a Toronto-based online source of crowdfunding resources, information and trends, is holding its “Extreme Crowdfunding Bootcamp Toronto” this weekend. It’s a hands-on, two-day training session in support of entrepreneurship among Toronto artists, startups, small businesses, inventors, makers and authors.
(I can only assume that Gunnery Sergeant Hartman from Full Metal Jacket would take offence to modern definitions of the word “bootcamp”, bit I digress). The event will be held at the INcubes startup accelerator in Toronto beginning on Saturday.
“We provide a hands-on, intensive session with a money-back guarantee,” said organizer KC Harry. ”The bootcamp allows participants to learn and immediately apply their knowledge on a crowdfunding campaign they are currently working on.”
The Crowdfunding Source wants prospective participants to know that while crowdfunding has become an effective solution when looking for the funds, success on a crowdfunding campaign is not as simple as one would think. In fact, a recent Forbes article noted the 56 percent failure rate of campaigns on Kickstarter and 80 percent failure rate on Indiegogo, the two most prominent crowdfunding platforms.
The bootcamp will discuss four main principles attached to a successful crowdfunding project:
- Social Proof: Knowing who has backed a campaign through the various social media platforms can help influence pledging decisions by others.
- Validation: Being successful on a campaign is a form of validation for the product, service, or cause.
- Engagement: People who pledge to a crowdfunding campaign can be champions to attract additional pledges.
- Momentum: Securing pledges in the first 3-5 days of an active campaign, through implementation of a pre-launch event, can ignite the campaign’s momentum and attract more attention from potential backers.
It’s a pricey event at $250 without taxes, however a ticket to the event promises “possibly the most productive crowdfunding preparation workshop you will ever experience.” Where do I sign?!
Session leaders include Yaroslav Tretyakov, an entrepreneur and founder of Lean Startup Weekends, KC Harry, a consultant, author, and member of theNational Crowdfunding Association, and Chris Gaits, a founder of several startups, member of the National Crowdfunding Association, and cinematographer.