How to get funding from Kickstarter in Nigeria
Kickstarter is a crowdfunding website that help entrepreneurs raise funds for their projects. Nigerians who have great ideas can also use kickstarter to get funding for their projects. The process is easy, you submit your project, share it with your friends, people see project and donate to it. In this article we will show you how you can use this amazing platform.
The number one obstacle to starting an idea or a project in Nigeria is usually finance. Access to finance is really difficult. The conditions to get loans from banks and other institutions is very discouraging. And sometimes, if you are not connected, you do not stand a chance. But with a crowdfunding platform like Kickstarter, you can share your project idea and get funded by people who believe in it. And it is free to use!
As at 2019, over $4.3 billion have been raised by people to support their ideas and projects. Over 10 million people around the world have supported projects on the platform. You get on the website to view stats.
The success rate is encouraging. Up to 45% of project that has been listed on Kickstarter have been successful.
How does Kickstarter work?
Kickstarter work in this way: it gives people the opportunity to submit their project on its platform and get funding from individuals around the world who finds the project interesting. It uses a model known as ‘all or nothing.” This means that when you create a project, if you do not get the required amount needed to get the project started before the end of the fund raising, you do not get funding and the project supporters get their money back. But if you successfully get enough pledges required to finance the project then you get funding.
For example, if your project is to shoot a movie. And to shoot the movie you need a minimum amount of $8000. Once you start fundraising on the platform, you set a date that the fund raising will end. If it gets to that date and you have not raised up to $8000, you raised for example $5000. The money will not be given to you, it will be returned to the different people that supported the project. But if you raise $8000, the money will be given to you.
It is free to use but if your project is funded, there are fees attached. Kickstarter will get 5% of the money raised. Amazon who act as the escrow that keeps the money until the process is completed will get between 3 to 5%% of the fund. The rest of the funds will be given to you to work on your project. The supporters of the project who donated money to the project will get some rewards depending on the amount they donate. It could be a t-shirt, a shout-out on social media, a mention on the project and so on.
How to get funding from Kickstarter in Nigeria
Follow these steps to get funding from KickStarter:
1. Prepare your project idea
The very first step is to get your project ready. You need a very good project idea to be successful on this platform. When writing down your project, let it be amazing. Let it be something that people will see and find interesting.
If it is a movie, let it be a very good one and tell a story that people wants to hear. If it is a technology project let it solve a problem that is visible.
As long as your project is creative, you can submit on this platform for funding. It could be movies, technology, arts, agriculture, music, almost anything!
2. Have a good story behind the project
People do not just pledge to fund a project, they do it because something push them to. And that is mostly the story behind the project. If you are seeking support for your movie project, what is that amazing story that pushed you to want to do the movie? Whatever you are seeking funds for, what pushed you to want to do that project?
It has to be something people can connect with.
3. Engaging video
If you really want your fundraising to be successful then you will need to make a very engaging video to back your project. Humans connect more with what they can see.
In the video, don’t strive for perfection just be you. Let people know you and why they should support the project. Don’t be fake, be original.
4. Create your project
Once you have prepared your project and amazing materials to support it, it is time to get on the website and create your project, so that people can start supporting it! To create a project is easy. Simply go to the project creation page and follow instructions.
Remember to read your project and other information you provide over again before submitting. Only submit accurate information because after your project launch, it maybe difficult to edit.
5. Submit required document
There are documents that will be required to successfully submit your project and start fund raising. A National ID will be required. This can be international passport, driver’s license or national ID. Your banking details will be required and your tax details maybe required too.
6. Reach-out to your circle
After your project has been launched on the site for funding, do not go to sleep. While there are people in the community who will see and support, you need to work hard to get people to support the project. Invite your friends, family and colleagues to support. Every dollar counts. Share on your Facebook, Instagram, Twitter and all your social media channels. Reach out to as many people as you can
Instead of giving up on your dreams because of funding, with a platform like kickstarter, you can actually do something. It is free to use. Fees only apply after you have been successful in raising fund. If you feel that your project or idea is worth it, then give it a try. You can checkout some project from Nigeria that has used this platform to raise funds too.
Remember to be original, focus on the story behind the project, let people see the project the way you see it. They should see why it should be executed and be excited about it. An engaging video will go a long way to help your project.
If at first, you do not meet your funding goal, do not give up, learn from it and try again!
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