There also may be legal protections already in place for your product, such as copyright and trademark protection, that you don't need an attorney's help with.
PCWBC: What do you believe are the most valuable insights from past campaigns?
Steinberg: The first and most obvious thing you need to do is clearly spell out what your project is, what makes it unique, and why you are right for the job. Differentiate yourself at a glance. Be clear about what you're offering. Have a familiar brand, personality, or product image attached, if you can. Popular projects are coming from wildly original and different ideas, or you are seeing old franchises making a comeback because they can be done more affordably through crowdfunding. When setting financial goals, be reasonable about it; have the sense of how big your target market is.
The Crowdfunding Bible is available for download at no charge. There is also an option to purchase a paper copy of the book through Lulu.
Next: The publisher has provided an excerpt from the book.
The publisher has provided us with this excerpt from the book:
Who Should Consider Crowdfunding?
There are several factors to consider if you are thinking about using a crowdfunding model to finance a business, product, project, service or event.
1. How good is your idea -- really? Are you certain that people will be interested in it?
2. Why is your product, service or venture destined to sell -- what value does it offer the customer?
3. What differentiates your project from existing competitors, or alternatives that have come before? Are you utilizing an existing brand, IP, or personality that has a pre-existing base of fans or consumers? (Using an existing, if perhaps older, brand or IP which consumers have fond memories of can be a very effective strategy.)
4. Can you express your idea simply and at the same time get people excited about it? If not, it may be that the idea isn't all that compelling, or that you may not be the right person to communicate or present it.
5. Do you have something tangible to show when presenting your venture -- some visual aspect of your project that can help other people visualize it?
6. How well do you know and understand your target audience?
7. Do you have confidence in your ability to reach out and connect with potential backers? Have you planned which vehicles you will use to reach out and connect with them?
8. Have you calculated just how much money you need -- truly need -- to get your ideas off the ground?
9. Have you factored in all financial variables, including the costs of reward fulfillment, payments to the crowdfunding service, and taxes?