Startups are increasingly choosing crowdfunding as their preferred method of raising capital, and compelling reasons abound. First, with interest rates skyrocketing, the cost of borrowing has become extraordinarily burdensome for early-stage companies. Crowdfunding offers an attractive alternative, allowing these nascent companies to gauge market interest without taking on debt or diluting their equity.
The most forward-thinking of these companies are taking this idea to the next level by leveraging Bitcoin crowdfunding platforms like Geyser. By using Bitcoin, they realize significant savings in transaction fees and open their fundraising efforts to a global audience, welcoming support and pre-orders from every corner of the globe.
Successful startups funded on Geyser
Bitcoinize Point of Sale Machine
The Bitcoinize Point of Sale Machine is the most successful project on Geyser to date, having raised more than 3.5 bitcoins (as of March 2024). Reasons for its success, besides the product's ease of use, include:
Involving the community, especially wealthy donors, in a project where they could see a concrete benefit for Bitcoin
Engaging Bitcoin's circular economies around the world by selling them a product they needed
The extreme dedication and determination of Fernando Motolese and his team to get the job done
Bitcoin Trading Cards
Bitcoin Trading Cards was able to get the company off the ground by successfully raising nearly 2.5 bitcoins. In addition to a unique product, the reasons for their success were:
Their many successful partnerships with Bitcoin companies that have made their collectibles part of the community culture
Their focus on in-person sales at conferences and other events, turning their cards into commemorative products
Orange Pill App
Although the Orange Pill App (OPA) campaign cannot be considered a success, it was an important milestone for OPA to validate the idea and gauge market interest. Thanks to the validation that came from crowdfunding, they then invested more in the idea and execution, which was the right decision given the success that OPA has had since.
This example highlights the value of crowdfunding as a pre-launch strategy that minimizes financial risk.
Key elements for success
Crafting a great narrative
The key to captivating potential backers starts with a compelling project Story.
Start with a hook—a compelling statement or question that grabs attention. What's your story about?
Then outline your vision, your story's perspective, and why it matters. What's your goal?
Next, tell about yourself and your team, your passion and expertise, showing your past proof of work to justify why people should help you. What's your motivation?
End with a compelling and clear call to action to turn the reader's momentary inspiration into action. How can they help you?
Each section should contain great visuals showcasing your product or service.Photos and videos break the wall of text and make the page much more accessible and appealing.
For more on this topic, see our step-by-step tutorial for how to write a great Story
Clarifying your goals
There's nothing worse for a supporter than donating to a project that will never see the light of day. Plan as much as possible for the costs your project will incur, and be transparent about them to build trust and credibility with your donors.
That said, milestones are not just fundraising goals; they are storytelling tools. Use them to keep your audience engaged and invested in the project's progress.
For example, set a milestone to unlock special product features or additional services. Celebrating these milestones builds momentum, keeps the audience interested, and encourages continued support.
Structuring your reward offer
Geyser Rewards are the perfect tool for selling your core product or service. However, to maximize your chances of success, consider adding secondary rewards to make your product more appealing and provide additional incentives to contribute.
Here are some ideas you might want to consider:
Accessories or Enhancement: Offer backers exclusive accessories that enhance the main product or service. This could be anything from additional features, custom skins, or add-ons that increase functionality.
Shoutouts: Personal acknowledgments dedicated to funders in your product packaging, website, or social media can create a strong sense of community.
Gifts: Enable supporters to extend their generosity by gifting your product or service to a friend or relevant charities.
Merchandise: Capitalize on your brand image by selling awesome swag like T-shits, mugs, keychains, stickers, etc.
These rewards can be offered as limited editions to cultivate a sense of exclusivity and increase their perceived value.
The most successful campaigns leverage the power of social media to amplify their message.
Add your Geyser project link to your social media bio so it's always easy for supporters to find it and keep on coming back.
Leverage your social media presence to share regular updates, engaging content, and personal stories about your project to connect it with a wider audience.
Remember, consistency and authenticity are key to building a lasting relationship with your audience, and social media lends itself well to building and maintaining those relationships.
Being Adaptable
In the world of crowdfunding, there is no one-size-fits-all strategy. What works for one project may not work for another.
The secret to success? Have a plan and be proactive about promoting your project, whilst also being prepared to try different tactics, listening to your audience, and being open-minded to adapt your strategy if needed.
Embrace the journey, learn from each step, and remember that every supporter brings your vision closer to life.
We hope this guide has helped you bring your product or service to the market. If you find this content helpful and valuable, you can give us value back by donating to the Geyser project.
If you still have unanswered questions, feel free to reach out to us.
