Crowdfunding: The Other Alternative

You’ve found the idea for the best game ever on Android, iOS or any other platform you’re not currently using. Unfortunately, during your development process, you realise you don’t have the funds to bring this masterpiece to fruition.

You’ve tried to get investors, these businesspeople know nothing about games, they see your passion, but they just don’t understand. Those who might be willing, are looking for equity in your company; or they will only accept exclusivity, hindering your creative flow to one single platform. So you either cave in to their demands or you continue with your pace, hoping to get money through your usual methods.

Do you know you can get funding from your target market? Yes, the actual people, who are just as passionate as you. This may come as a shock to some of our African readers, especially our Nigerian readers.

Thanks to the internet, this option has grown into a viable source of funding. With websites such as Kickstarter and Indiegogo, people have been able to archive funding for their projects. The Ouya microconsole was made through crowdfunding, it got over $8.5million from 63,416 backers. The most successful Kickstarter campaign is the Pebble smartwatch – over $10.2million from 68,929 backers.

Just look at this article, it is possible for African companies to successfully crowdfund their project. Just remember these three things:

1. How much money do you need to complete your project.

You don’t just pick a number out of thin air, you do your necessary research, find out the costs for whatever it is you need. Do you have to hire a specialist? Do you need new equipment? Do we need an endless supply of coffee? Once you’ve got your figure, you can tell your potential backers exactly what you’re going to use the money for. Do be afraid to show how passionate you’re about your project, it does help.

2. Don’t forget to provide incentives for your potential backers.

You can’t just get something for nothing, you need to make your offer enticing. Don’t just choose any trinket from your local market, it has to be something worth well. The incentives have to match their donations. The bigger the donations, the bigger the incentive.

For example, a backer donates $5 – they get a personalised thank you message and an official mug/keychain. For $100 – they get an advanced copy of the game with exclusive features and an official T-shirt. For $10000 – they get a credit on the credits, a character in the game and all the other incentives. Remember we are just making suggestions. See other similar projects for inspiration.

3. Provide updates on the progress of your project.

You’ve successfully gotten your funding, now you’re almost done. Remember your backers are not seeking equity, but they want to know how far you’ve gone with their money, they’re investors after all.

 

Hope this helped to put things into perspective, we will leave you with Tesco’s catchphrase “every little helps.” Goodluck.

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