Healthcare crowdfunding consultant, Komal Garewal shares 4 essential strategies to a successful healthcare crowdfunding campaign.
Those of us in healthcare know what a tight knit community we are. We’re superheroes, disguised by our geek-chic (and sometimes, not so chic) exteriors.
We’re constantly disrupting and finding ways to revolutionize the healthcare space. We find the adoption of tablets, voice-recognition technology and Google Glass things to daydream about. And while we know we’re doing monumental, life-changing and even world-changing things, sometimes the rest of the world has a hard time getting as excited.
As crowdfunding and the concept of supporting small businesses are exploding, so is the scope of projects. I recently saw an evolution-spurning project that aimed to create a toy T-Rex with the head of Christopher Walken.
With the rise of ludicrous projects, it’s difficult to determine the climate of the industry. On one hand, equity-based crowdfunding platforms are on the rise in anticipation of the SEC regulations; on the other, there are platforms where designers of said anamorphic dinosaurs can raise money to please hipsters all around the U.S.
There’s something to be said, however, for every project that is successful in raising money on crowdfunding platforms. So, what are they doing right?
Healthcare Crowdfunding: Different or the Same?
Launching a healthcare crowdfunding campaign is different from launching a startup.
You have to completely re-orient yourself, your branding and marketing, as well as your competitive edge. Your success factor is no longer based on your competitive edge or how much revenue you can show to the VC you’re presenting to.
As healthcare superheroes, we know that every person is a patient and that we all have a vested interest in healthcare, whether or not it is recognized. Crowdfunding platforms are the little toadstools we can stand on, to pitch our plea to the world, to shake people from their apathy and to empower them.
Your success depends on how much passion you can cultivate.
How much can you tug on the heartstrings of a family member or a friend? What can you offer someone to make them care about your project or the industry in general? How can you engage your viewers so that they feel they have a vested interest in your success?
Healthcare crowdfunding is about converting your audience into believers and adopters. If you can, the money will follow.
Tips for Creating a Successful Healthcare Crowdfunding Campaign
1. Know Your Goal(s)& Prioritize
Every campaigner aims to raise capital, but other than raising funds, ask yourself — what is the goal of your project?
Is it to further the development of your prototype? Is it a marketing tactic to increase sales and revenue? Is it to gain early adopters? Is it to raise awareness about your product or cause? Or is it to demonstrate traction in the market, which can be leveraged as testimonial in VC pitches?
The answers to these questions will help you define your target audience, your tone, your pitch, your rewards and your appeal.
2. Choose your Platform & Target Amount Based on your Goal
Knowing your primary goal makes it easier for you to consider the trade-offs you may have to make in choosing one, or the first platform, you list a campaign on.
Every platform that caters to health projects has a unique strength. Knowing it, and your priority, will enhance the chances of your campaign’s success.