do it – crowd funding

08 Aug
August 8, 2014

when i was trying to explain to my mom what crowd funding was… i was trying to really put into perspective what i was going to ask for. the simplest explanation i could give was, if i asked every person i know for $10, and i know 100 people, i’d have $1000. but i’m starting to realize i left out a significant detail to that idea. i’m not asking anyone to give me money. i’m saying i need help funding production of a product, and if they give me the money now, i’ll give them the product in a couple months. so i decided to write out some basics to crowd funding as an explanation to friends and family who haven’t heard of it.

  • kickstarter and indiegogo are crowd funding sites. people use these webistes to help fund ideas they have.
  • if you have an idea, and you think it would appeal to other people, and you need money, you make a project, and ask people to help you fund it.
  • when they pledge money to you, you have to give them something in return- i’m asking for help to pay my factory. when the socks are produced, i will send them to all the people who pledged money.
  • kickstarter is an all or nothing funding model. you set a goal, and if you don’t reach that goal, you don’t get any of the money. indiegogo you can set a goal, and even if you don’t reach it, you get whatever you were able to raise.
  • if your project is successful, you have to supply all the backers with whatever you promised. in my case, i’m promising socks. after the project funds (fingers crossed) i’ll have a bunch of people who want socks, and money to buy the socks to send them.
  • i didn’t just come up with this idea, and put up a video. i’ve been working on starting a sock line for over 6 months. it involved logo and identity, setting up all the paperwork with state and federal, finding someone to film a video, writing a script, applying to a bank for a line of credit (the factory won’t start without it), figuring out packaging for 3 pair packs and 6 pair packs (different packaging), researching all the different types of shipping methods, building an online shopping website, building a media kit to send to media outlets to get the word out, and the easiest part for me- designing the socks. which in itself involved researching trends, deciding a color palette, doing the initial designs, and then going through revisions. the designs that you see on kickstarter were changed no fewer than 5 times. some of the changes were to the artwork, some were changes in color.

i don’t undertake the prospect of asking people to buy socks before they exist lightly. i don’t think i’d ever ask anyone to give me 40k with just an idea in my head.  samples are being made for these socks as i write this. i just had a call with my factory this morning about packaging.

so after reading a little bit more about what i’m doing, i hope you’ll consider buying some of my socks. i’m really asking everyone i know for $20. when you send me $20, i’m going to send you some socks (and stickers!). some really cute socks i dumped my whole heart into. you’re getting a bargain.  😉

i hope you’ll consider give TODAY!  here’s the kickstarter.  xoxo- k.

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