CROWDFUNDING: TIME IS MONEY, MONEY IS TIME (REPEAT)
A question that always comes up when we guest on a panel, or hold a consultation about crowdfunding, is the issue of time. People always seem to be in a rush to make this money magically appear in their projects pockets and it’s something that people need to stop focusing on rushing.
“Good things come to those who wait, but whilst you’re waiting you best do some work so it’s worth it.” – Festival Formula Nugget To Remember
As is the case when you shoot a film, you have a timeline you work towards (and sometimes against). You have availability issues, scheduling clashes, lack of time, seasonal shifts to battle against, and everything else in between. You can lose money by over-running, piss off your crew by being unclear about what you need meaning you lose time and focus by re-explaining. Running a crowdfunding campaign is no different. They take time to research, time to compile, time to construct, time to refine, and a whole lot more of enforced (limited) time to actually put into action and run.
Crowdfunding is never just about the funding – the word crowd is in there for a very good reason. You’re asking people, including people you don’t know, to reach into their pockets and promise to pledge in exchange for you making your project happen. They are as much a part of the crew, cast, whatever form your project takes. So don’t piss them off. It’s an exchange to build on and one that takes time, but if you make sure you’ve not rushed into your crowdfunding campaign and are taking the time to converse with your pledgers (and potential pledgers) then you’re on the right track. Crowdfunding is never a simple case of making your project go live and sitting back and waiting for the goal to be hit. Think of how many campaigns are live across all the different platforms at the same time – you need to talk about it, tell folks. And you guessed it, this takes time. And it’s also not just about the money. Would you pledge money because someone keeps asking for it? Or would you pledge money because you’ve heard the creator talk passionately about the project?
Crowdfunding is about assembling your audience from the ground up. They’re helping you make your project happen, so you should never forget that they’ve taken the time to do that. Take the time to thank them and who knows, next time you do a campaign they may pledge more.