PT Regio Aviasi Industri, an aviation company, has set a new record on the Indonesian crowdfunding platform Kitabisa with its campaign to raise funds for the R80 airplane project. The goal is to build the airplane designed by prominent Indonesian engineer B. J. Habibie.
As of Tuesday, the project has generated IDR2.6 billion (US$192,000) from 7,115 donors, out of the total IDR200 billion (US$14 million) needed for the prototype construction.
This achievement marks a milestone in non-charity-related crowdfunding campaigns on the Indonesian crowdfunding scene. With 44 days remaining, the funding amount is expected to increase further.
To ensure a successful crowdfunding campaign, there are various strategies to consider, but one that is research-backed is crucial.
A recent study by researchers from the Singapore Management University, HEC Paris, the University of Technology Sydney, and INSEAD delved into the factors influencing the success or failure of crowdfunding projects. The study focused on Kickstarter projects, analysing 50,310 projects to identify the impact of novelty and usefulness claims.
Claiming a project to be novel or useful can significantly increase funding amounts. However, when a project claims to be both novel and useful, the total pledge amount may decrease.
The high level of uncertainty in crowdfunding platforms leads backers to prefer more modest forms of innovation due to concerns about potential project failure or changes in specifications.
Based on the study results, e27 recommends the following steps for running a successful crowdfunding campaign:
1. Know your product: Understand your product’s capabilities, unique selling points, and strengths and weaknesses.
2. Know your potential buyers: Identify the target audience for your product based on their interests and demographics.
3. Focus: Develop a focused campaign strategy, including compelling copywriting and content creation.
For more information and insights on crowdfunding strategies, visit e27’s website.
Image Credit: yarruta / 123RF Stock Photo
This article was first published on October 18, 2017.
The post What you should –and should not– say when fundraising for a crowdfunding project appeared first on e27.