How would you like to learn a strategy that will help you get your product out there, even if you have no money to produce it?
How can you use crowdfunding to build your company?
What do you do when you don’t have the money to launch your product?
You’ve got a problem. Now, every great company, every great entrepreneur will set out to solve that problem for people.
Here’s one great example of a solution using crowdfunding to making that solution come to reality.
For instance, say you want to take a trip with your favorite guitar, but it’s too fragile to toss into the belly of an airplane or the trunk of a car.
Adam Klosowiak realized that people wanted to travel with their guitars, but wooden guitars were too fragile. That’s why he created a prototype carbon fiber guitar to solve that problem.
Adam is the co-founder and CEO of Klos Guitars, which he started with his brother Ian when he was a senior at Princeton finishing up his electrical engineering degree.
He grew up outside Chicago, home to the second largest population of Poles live outside of Poland. Today, Adam lives in Park City, Utah where he focuses full-time on his work at Klos Guitars. But when he started, he only had two guitars and no money.
Adam turned to crowdfunding as a way to raise money for his idea. He says that the benefits of crowdfunding are:
- You can find customers.
- You get a product/market fit before launching.
- You receive money upfront.
- You keep all of the equity in your company.
- You don’t have to take on debt and pay interest.
If you’re interested in starting your own company, Adam advises you to not be too focused on perfection. In fact, putting your product out there and getting feedback on it will help you see the features you need to improve faster.
It’ll let you get your marketing dialed in before you scale up your business. Check out Klos Guitars on nearly every social media marketing channel.
- When and why you might want to use crowdfunding in your business.
- How to have a successful crowdfunding fundraiser.
- How Adam learned to perfect his pitch during the grassroots stage of his business.
- Why finding a good advertising partner is a key in crossing over the $100,000 threshold.
- Adam’s biggest mistake in his business (and you might be surprised!).