Hustlers State
Crowdfunding Done Right: Two Success Stories
Crowdfunding is all the rage. Where else do you have a chance to raise money for your Christmas vacation without having to pay it back? Unfortunately, most crowdfunding efforts fail to raise any money at all. There are some great crowdfunding success stories, which are exciting, uplifting, and motivating. They show what’s possible under the right circumstances.
Check out these two motivating and inspiring crowdfunding success stories:
Story #1: The Homeless High School Valedictorian
USA Today, Time, and People all covered the story of Griffin Furlong, a high school valedictorian who was homeless.
His mom got sick and died when he was only 6. Most of his subsequent years had been spent living in homeless shelters with his brother and father.
At the time of the magazine article in People, Griffin had raised over $26,000 for college via GoFundMe. It was actually his friends that started the campaign. The money was raised in only 6 days. Fast-forward to today and Griffin’s college fund has grown to over $105,000! He is now attending Florida State University.
Griffin had great success in his crowdfunding efforts. Could you do the same?
What can you learn from Griffin Furlong’s story?
1. Griffin had a great story. Who wouldn’t like to help send a homeless valedictorian to college? Can you create a great story around your cause?
· If you’re trying to raise money to visit your sick grandfather, let the world see how much he’s meant to you over the years. Appeal to people’s emotions.
2. He had national attention. Nearly anything is possible if the national media is talking about you. The more people that know about your campaign, the better the odds of success. Maybe your story won’t garner national attention, but couldn’t you at least appeal to your local paper?
Story #2: Nano Wristbands
Scott Wilson wasn’t able to find a manufacturer to produce his wristbands, which allow a user to convert a Nano into a watch. In a short period of time, he was able to attract 13,500 crowdfunders. Scott was originally hoping to raise $15,000. However, he ended up raising $180,000 in the first 3 days and $1 million overall.
A short time later, Apple started calling. Soon, Scott and Apple teamed up and they were selling the wristbands all over the world.
Apple benefitted greatly because the Nano product line didn’t sell well previously. But then, sales went through the roof. Over 76% of new purchasers did so because of Scott’s wristband.
What can you learn from Scott Wilson’s story?
1. Keep trying. Many individuals give up after an initial failure. Scott kept going and eventually found success. One thing highly successful people have in common is the ability to overcome adversity. You can do it too!
2. Scott had a simple product with mass appeal. Designing and manufacturing a Nano is well beyond something the average person can do in their basement. But a wristband is a simple idea.
· The wristband that Scott created obviously had unlimited potential. It was such a great idea that Apple, a multi-billion dollar company, immediately jumped onboard.
· Generally, a great idea is easily funded. A poor idea can be nearly impossible to fund. Something in-between will depend on your marketing efforts.
Crowdfunding can be the best way to raise a lot of money in a short amount of time. These success stories are proof of that! Perhaps you can be a part of one of these great stories someday. With the right idea and a strong work ethic, you could be just as successful.
Find some additional success stories and think about your own crowdfunding ideas. What ideas can you apply to your own efforts? A great crowdfunding campaign can make all the difference.
