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Sep 14, 2015 3:34 PM ET

Archived: The importance of transparency in crowdfunding

iCrowdNewswire - Sep 14, 2015

Giving money to crowdfunding is risky. The product may ship late or not ship at all. You may have a hard time getting your money back. Or you can be outright defrauded if the crowdfunder decides to take all the money and fly away.

While the public still sees crowdfunding with benevolence and believes it, as more and more failures and frauds happen people will be more careful when picking which project to back. Plus, competition in crowdfunding platforms is very fierce nowadays. You have to be different if you want to be seen.

One key strategy you can adopt is being transparent, as much as possible. You must put your name in your projects. You should show your bios, you should convince people that you are reliable and you have what it takes to make your project come true.

Make sure people know your background. Make sure they know your company, they know who you are, what is your formation, where you have worked, what achievements you have accomplished in the past. The more details you disclose, the better. More people will trust you if you do so.

In addition, you should make it clear to everyone that you have everything planned and you can fulfill your promise. Doing that in crowdfunding can be a daunting task, as you are raising the money to make things possible, but the more you show you have carefully planned your product, the more confidence people will have in you and your abilities.

Think of crowdfunding like writing a business plan for a new project. In order to attract attention and make a potential investor more willing to put his money in your hands you have to be very transparent and provide a lot of details, right? In crowdfunding you will have to adopt a more personal and commercial approach, but the same principle applies. Saying who you are and why you can do that is key to success.

Via iCrowdNewswire
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