"It's all about execution, not ideas"

Creating a crowdfunding campaign looks easy — but requires serious homework. The truth is, you need to seriously develop your idea before trying to crowdfund your start-up. And that means creating a strong brand and cultivating an engaged community. Why the strong brand first? Because you can’t crowdsource the soul of your business. You have to know who you are, what you’re about, and how you’re differentiated before seeking financial support.

Crowdsourcing your funding in early stage confronts you with the dilemma: profiting from community inputs and fearing that someone might steal your idea. Thomas Hessler, CEO and Founder of UFOstart, says "sharing as much as possible to get feedback and validation is crucial for launching a successful product. You have to work with your community's ideas and need to develop accordingly. Provisional patents offer a way to protect your concept. However, it is all about execution - not ideas." You can't start a crowdsourcing campaign without a convincing and detailed description of your project. Plus, stealth mode can scare off potential investors and contributors. 

Building your community is a essential to a successful crowdsourcing campaign. While crowdsourcing can expand your community, you need at least a committed core group in order to gain traction. Call these people what you will — evangelists, raging fans, true believers — they serve as an initial network for you to leverage.

As Forbes.com contributor Suw Charman-Anderson explains: "You and your fellow creators must develop personal networks before you start fundraising. You should understand which communities your project will appeal to and how you’ll reach those communities.." Connect with them wherever they hang out: on social media, specialized online forums, even (gasp) face-to-face events at brick-and-mortar venues. Understand them. Respect them. Find ways to support and serve them in mutually beneficial, value-added ways. And be up front: let them know your vision, your hopes, your needs. Share your insights and concerns — and invite theirs in meaningful ways.

Being open about your idea and building a core group of supporters - two important factors in establishing a crowdsourcing campaign that has a chance to succeed. Our innovative platform "UFOstart" offers a way to leverage the power of the crowd. By bringing together startups, investors and experts, we are creating the first "Global Crowd Network" for Lean Startup funding. Contact us if you're interested in starting a round on UFOstart!

-bmt