GRIT: A Crowdfunding Essential

It’s been a week and no one has backed my campaign, what do I do?

Giving up is not the right answer. You’ve put a lot of effort into setting up your campaign, you can’t give up yet!

This is where grit comes in. The American Psychologist, Angela Duckworth,  who is the leading authority on Grit describes the term as ‘perseverance and passion for long-term goals.

Crowdfunding success is having grit, following through with your campaign, not giving up after a bad first week.

So what can I do about my funding problems? How can I show my grit?

Well you can start by answering these questions:

  • Have you told everyone you know?
  • Have you reached out to people beyond Social Media?
  • Do you have a clear idea of who is going to back your campaign?
  • Do you have a group of people helping you spread the word
  • Have you asked people for their opinion on your campaign?

A great start to getting funding is to read our blog post on creating a Funding Strategy. Read it here.

If you feel you need to restrategise your campaign send us an email or give us call. We’re here to help you achieve the funding you need.

At the end of the day it’s important to realise that it’s up to you to get the funding you need. Having grit throughout the journey will help in achieving your funding goals

Your Thundafund Campaign is just the start of your project’s journey. Grit will play a serious role in the success or failure of your venture. To learn more about the power of Grit and how it can be learnt check out the Freakonomics podcast on Grit here. Angela Duckworth has a great TED talk, watch it here

The African Crowdfunding Association

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African Crowdfunding Association (ACfA) Established to Provide Equal Access to Capital for All.

On Wednesday 25 November 2015, Thundafund and Wealth Migrate announced the launch of the African Crowdfunding Association (ACfA).

Wealth Migrate and Thundafund have partnered to lay the groundwork for ACfA and are urging policy makers and others passionate about increasing access to capital to join them. ACfA will be the industry association for Crowdfunding Professionals and Companies in Africa.

The goals of the ACfA are:

  • To lobby for crowdfunding legislation creation and reforms,
  • Contribute to an increase in public awareness of crowdfunding,
  • And to create a more cohesive industry structure in Africa that protects investors and democratizes access to capital for all Africans.

Crowdfunding, which has already made huge economic waves in the United States, Europe and Asia, is a method of financing or raising capital that harnesses the power of the masses, or the “crowd” to fund a project, business or creative and innovative endeavour, typically via the Internet.

In nations where Crowdfunding is regulated and has governing legislation, it has leveled the economic playing field, giving access to capital needed for wealth creation to women and minorities that typically are overlooked by traditional capital markets.

“There is a huge wealth gap in the emerging world, and crowdfunding is a solution to close this gap,” says Scott Picken, founding member of the African Crowdfunding Association and CEO of Wealth Migrate, “crowdfunding can provide equal opportunity and equal access to capital that is essential for wealth creation within underserved populations. ACfA will educate not only the public, but also the policymakers about the benefits of crowdfunding for Africa.”

“We see crowdfunding as the democratization of financing for entrepreneurs,” says Patrick Schofield, CEO and co-founder of Thundafund, “thus far we have been thrilled to see the outpouring of African and global support for African entrepreneurs that have had the courage to launch new ideas into the world. There are so many inspiring entrepreneurs in Africa who could do so much to change the world with access to capital. Crowdfunding is the next-gen solution to Africa’s development agenda.”

One of the most exciting aspects is the support and recognition ACfA has received from similar industry bodies around the world, that have already been through this process.

Xiaochen Zhang who set up Crowdfund China Society and works on crowdfunding for the World Bank has agreed to sit on the ACfA board. Dan Marom who advised and got regulations passed by the European Union has also agreed to sit on the board. Along with all the other parties above they are providing the ACfA with a blueprint and framework which has already worked elsewhere in the world.

Organizations and individuals that have given their support include:
• M-Changa
• Jumpstarter
• Realty Africa
• Realty Wealth
• Babandu
• Back-a-Buddy
• 234give.com
• Uganda Crowdfunding Network
• The Crowdfunding Institute of Australia
• The Crowdfunding Professional Association
• The China Crowdfunding Society
• The UK Crowdfunding Association

• Carl Esposti, Founder of Crowdsourcing and Massolution – http://www.crowdsourcing.org
• Dan Marom, renowned expert in the field of crowdfunding and author of the pioneering books, “The Crowdfunding Revolution” (2010, 2012) & “Crowdfunding: The corporate era” (2015).
• Matthew Pinter, Chairman of the Crowd Funding Institute of Australia – https://www.cfinstitute.org/
• Frank Mukahanana, director of the UK Crowdfunding Association – http://www.ukcfa.org.uk/
• Paul Niederer, leading authority on Investor Aggregation Solutions, Collaborative Investment and Crowdsourcing.
• Ronald Kleverlaan, Co-Founder of the European Crowdfunding Network; Founder of Crowdfunding Hub.
• Scott McIntyre, Vice President of the Crowdfunding Professional Association – http://www.cfpa.org/
• Xiaochen Zhang, Co-Founder of the Crowdfund China Society; Director at the Crowdfunding Professional Association.
• Joy Schoffler, Principal of Leverage PR and CFIRA board member.

For more information email info@africancrowd.com

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Did somebody say Crowdfunding Workshops?!?

Get ready South Africa – we are coming your way.

Excitement all around as we are having a second round of Crowdfunding Workshops and Crowdfunding Intro Sessions across South Africa.

Do you, or someone you know, have an idea, innovation or dream that needs seed capital? Always wondered what crowdfunding the Thundafund way is about? Then these workshops are for you!

Our workshops – known informally as the gospel of crowdfunding according to Thundafund – will take place at these venues across Mzansi:

20 November: Cape Town Crowdfunding 101
23 November: Johannesburg Intro to Crowdfunding at Nomads & Co
24 November: Johannesburg Crowdfunding Masterclass at Nomads & Co

#ThundaTip : Action Learning (learning from your mistakes)

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Action Learning is basically learning from your mistakes and asking the important questions that will get you to the results you want to achieve.

The Action Learning Model can be applied to any aspect of your Thundafund crowdfunding campaign. Whether that’s your social media marketing, setting up your campaign on Thundafund or even your marketing strategy. Applying this model to your creative and collective processes will get you closer to your dreams and goals.

Applying the Action Learning model to your campaign:

1) Plan – decide on what you want to achieve and what the first step toward that goal will be.

2) Act – apply the first step/action.

3) Observe – after implementing the first step ask yourself if you have achieved the goal you set out to achieve.

4) Reflect – what have you learned from this exercise? What needs to change? What could you have done differently?

5) Start Again – Start the cycle again, and again and again until your objectives are achieved.

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So simple, yet so rewarding.

Good luck with the rest of your campaign. Let the FUNDing find you and remember the Thundafund Mantra:

#MakeItRain

Your Homework: Do At Least One Customer Interview

Thundafund Crowdfunding Customer ValidationSome solid advice from Dave Duarte on the importance of customer validation!

Customer interviews are essential as part of the marketing process, as they help us make sure that what we are offering actually has willing buyers, and that we’re presenting it in a way that is compelling for these potential buyers.

Here’s some suggestions for how you’ll structure your interview… Feel free to go off-script or create your own questions. (Plus, shiny gold star for anyone who does 5 or more interviews!) Continue reading

Your Crowdfunding Outline: A Checklist To Success!

Thundafund Crowdfunding Checklist Post

Preparing a detailed crowdfunding outline will not only help you organize your thoughts, but evaluate and fine tune them. It will help you keep track of your ideas, acting as your blueprint for a perfect crowdfunding campaign.

Without a proper outline for a crowdfunding project, one can become overwhelmed by the sheer amount of information that requires your attention. So with that said; can you write answers to the following questions?  Continue reading

The Crowdfunding Life Cycle

Crowdfunding LifeCycle

Successful crowdfunders realize that there is much more to crowdfunding than just creating a crowdfunding campaign and promoting it on social media. There are 3 distinct phases of a crowdfunding campaign. Each phase requires proper planning, execution, and management. To take advantage of your unique crowdfunding opportunity, you need to understand each phase, and develop an action plan for each one.  Continue reading

Opportunities for Crowdfunding in Africa – Vincent Matinde

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Raising funds in any market is crucial to business survival. In developed markets, crowdfunding sites like Indiegogo and Kickstarter have seen projects funded by the public. This has been the envy of the African continent.

In Africa, entrepreneurs who fail to raise funds for their project through bank loans and investments have traditionally tended to find a listening ear from friends and mostly family. This is because online options to raise funds were previously quite limited.

Now Thundafund, a South Africa crowdfunding site, has had quite a success in helping businesses raise funds since its introduction in June 2013. And the need was real.  Continue reading