Understanding the Market I

Main takeaways:

Don’t crowdfund something for a market you do not understand, or haven’t looked at for a long time.

  • Get early into forums, Reddit, groups and find your audience
  • Be a backer of projects in your market
  • Go to live events, show prototypes and get feedback from people outside your close circle of friends

You need to be aware of the online conversation:

  • Join Facebook Groups/Subreddits related to your project
  • Join any other forum, database, Discord community where the conversation about projects similar to yours is
  • Read what people say, month after month
  • Genuinely contribute without asking for anything in exchange
  • Make sure you’re a known contributor
  • Only then you can start discussing your project

Learn from other campaigns

  • Back projects, both similar and different to yours, on different platforms
  • Feel what a backer feels
  • Would you back your project if you had to pay for it?
  • Learn the differences between Kickstarter and Indiegogo
  • Monitor the feedback within and outside of the campaigns you back
  • Wait until at least one thing has been delivered to you

Talk to people in “real life”

  • Take part in local events related to your market
  • Go to talks, give a speech, get ideas
  • Show your prototype, make people play, gather feedback
  • Remember that ideas are worth almost nothing without execution. It’s improbable that someone will steal your idea because then they have to go and do it, which is the only hard part
  • See the reactions of people you don’t already know