There is a new phenomenon that is sweeping the world of business and it is known as crowdfunding. Although this is a new form of raising money in the world of business, this concept originated many years ago. Crowdfunding, which is also known as micro financing, began in the 18th and 19th century as a way to assist Irish rural families who may not have been able to obtain funding through traditional means. In recent years, it has become a way for artists, writers, entertainers or virtually anyone to obtain funds from peer groups instead of traditional financial institutions.
This week, I want to focus on how crowdfunding can be a good opportunity for film makers to raise the funds necessary to produce their film projects. I have invited John Trigonis, Film and Creative Campaign Strategist at Indiegogo to provide us insight into their world of crowdfunding.
Thank you so much John for taking time out of your busy schedule to share this information with Reel Focus readers. For those of us who are not familiar with Indiegogo, explain what it is and how crowdfunding relates to your company.
Indiegogo enables creators (filmmakers, artists, and entrepreneurs) to fund what they’re passionate about by giving them the tools needed to raise small amounts of money from large amounts of people, thus raising not only the funds you need for your film, but an audience with awareness around that film.
How does your company help those who want to raise money for film projects?
Indiegogo provides the necessary tools to help filmmakers excel at not only the art and science behind crowdfunding, but also on how to find and engage a targeted audience for their film. Tactics like secret perks and referral contests help to make Indiegogo campaigns stand out from the rest and fosters conversations between the backers and the campaigning filmmakers. Being a merit-based platform, we enable opportunities for filmmakers to be featured on the site (homepage, newsletter, and social media) so they can reach a wider audience of potential backers who may not have learned about the film campaign otherwise, if not for checking out Indiegogo for cool film campaigns.
Do you have to know something about investing in order to get involved in crowdfunding?
Since crowdfunding with Indiegogo is rewards-based at present, you don’t need to know anything about investing because it’s not an investment. It’s a contribution to make a film happen, and what you get in exchange for that contribution is a cool perk (a T-shirt, copy of the film when it’s released, or even associate or executive producer credit.)
What is the best advice that you can provide for filmmakers who want to raise funds for production using Indiegogo?
The first is to read my book or the Indiegogo Film Handbook, which dives into everything filmmakers need to know about running a stellar campaign. But if there were two pieces of advice I could give now, the first would be set a proper goal amount, one that you as a filmmaker are certain you can get at least 30% of from your family members and close friends. If you can get that amount within three days of the launch, then you stand a very good chance of hitting your goal long before your deadline, and possibly surpassing your initial crowdfunding goal to raise lots more funding. And lots more funding is always a good thing for filmmakers. The second piece of advice I would give is to get social, and start now. You should have some semblance of an audience for the film you want to crowdfund –– or at the very least an engaged following –– before you launch your Indiegogo campaign. You’ll ultimately build up even more of a following the more evangelists you have spreading the word ardently about your film across their social media accounts, which builds up credibility for you and the film you’re crowdfunding with Indiegogo for.