#SGHOUR Round Up

Posted: Thu, 08 August 2013 by Cara


If you weren’t following #SGHOUR on Twitter from 5-6pm yesterday, you missed some great crowdfunding chat! Our very own CEO Amanda Boyle was answering all sorts of crowdfunding questions, and there were some great conversations. For those of you who missed the action, or don’t have Twitter, we’ve pulled out the key Q&As from the live chat so that no one misses out on some crowdfunding gems.


How does crowdfunding work?

A: #CrowdFunding comes in three distinct types, equity, lending or rewards. Only the last one is a radical departure. Rewards #crowdfunding can be likened to pre-selling... No risk access to markets, customers who want you to thrive.


How does a startup make their crowdfunding campaign a success?

A: A sharp, focused pitch, which we help with, a clear 'ask' & compelling rewards.

Check out our blog for advice on telling your story.

Give an example of a successful campaign with an edge?

A: That's easy @Bonnie_Bling sent her products to @TheXFactor ... contestants wore them! @Bonnie_Bling uses coloquial terms for her ranges of pendants, brooches, etc.

Read our guest blog for the Formations Company, all about Bonnie Bling and their success story.

What demographic is the biggest user on Bloom?

A: No surprises, the biggest audience is women... 25-50; socially engaged, supportive of others.


Is there something important startups should NOT do before crowdfunding?

A: I'd say don't expect it to be easy money. People will support your effort but they won't do it for you. It's also best to focus on one campaign. Do not underestimate the power of the crowd to get behind you!


How much time do you need to spend on a crowdfunding campaign?

A: We recommend spending at least 1 hour a day on promotion.


What makes Bloom different?

Check out our blog post with our top reasons for crowdfunding with Bloom!


How does Bloom choose which projects to launch?

A: There are no geographical, currency or cultural barriers, just the Internet & everyone connected to it! In a wee plug for @bloomvc, we're the only site not to select or curate the projects published!!


How should you promote a crowdfunding campaign?

A: All the same rules apply as for any sort of business... promote at every opportunity, in every way possible!


Can regulations obstruct a project getting crowdfunded?

A: Depending on where you're based and what form of #crowdfunding. Not usually rewards though!


Do you allow companies to relist on Bloom?

A: Always! this is about the right cash at the right time. Business always needs more!

For example, our fab crowdfunder Hannah Stansfield wasn’t successful in her first campaign, but she learned from her experience and has since come back and funded three separate projects!

What’s the average campaign goal on Bloom?

A: Not a fan of averages, the range is £100-£15000 to date! It's all or nothing, so important to get right. Remember, we're all or nothing (some sites allow take what you get) so you need to hit target.

For more information about setting your crowdfunding target, see this blog post.

How was Bloom funded?

A: Easy! Bootstrapped by the directors. We closed a very small external round in April this year.


As you can see, we had some great questions but Amanda answered them all with ease – we are the crowdfunding experts after all! It was fantastic to see so many engaged with crowdfunding, and hopefully everyone involved now has a better understanding of how it works.

To top off the exciting session, Amanda also announced a special surprise! All projects launched on Bloom in the month of August, using #SGHOUR, will have their fees refunded – that means even more money for our fab project owners. We’re excited to see who is going to take advantage of our special offer, and in the meantime, remember we’re always open to questions – just #askbloom on Twitter or email eva@bloomvc.com

(Image courtesy of sixminutes.dlugan.com)