Yes, you read that right. The queen of underwear. I came across a great article on FastCompany that profiled Joanna Griffiths. Let’s just say that she’s not your typical entrepreneur. While studying for her MBA at INSEAD, she worked tirelessly to create a product that did more than existing options in the marketplace. According to Griffiths, “Thanks to technology, almost everything has evolved, everything but our underwear.” She saw a need gap in the marketplace and created a product with active women in mind: underwear that not only looks good and fits great, but has built in technology to wick away and absorb moisture.
While Griffiths knew she had a great idea, she needed to fund her venture, Knix Wear. She decided that crowdfunding would be the ultimate litmus test. Griffiths knew that people had liked the idea (from her research), but would they give up their hard-earned money for her product?
It turns out, her Indiegogo crowdfunding campaign was a success, surpassing her $40,000 goal by an extra $20,000. During the whole crowdfunding experience, Griffiths learned some crucial lessons:
1. Seek out best practices: Before you start your crowdfunding campaign, study others who’ve had success.
2. Be prepared to hustle: No matter how much experience you have, you need a strategic approach to reach your goal.
3. Adapt quickly to survive: Be dynamic, not set in your ways, to correct mistakes that could cost you.
4. Make your own rules: Crowdfunding is a relatively new phenomena, and the rules are still being defined.
5. Get tactical and practical: Keep the momentum going. Be consistent and hit the ground running.
You can read the full article (via FastCompany) here. What are your thoughts? Have you, or would you, pursue Crowdfunding to fund your business venture?
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