Munich Startup: In many crowdfunding campaigns, market testing or marketing are the primary focus, in addition to funding. How was that for you?
Katharina Freundorfer: Our focus was on market testing and finding and motivating the crowd. Crowdfunding was like a great marketing campaign to our idea to make it known in Munich and to find supporters and collect votes.
Munich Startup: What was the most helpful tip you received while preparing the campaign?
Katharina Freundorfer: We really liked Startnext's crowdfunding campaign advice. They had a weekly "Ask Anything" session where you could ask anything. For example, what the best time to start the campaign was, what things could be changed before the end, and what couldn't, and what criteria you needed to use to get to the "recommended projects" page. They also offered a wealth of documents, workshops, videos, and PPTs that explained how to create a campaign and described what to consider when creating a video.
Learning about crowdfunding failures
Munich Startup: What advice would you give to other founders who are considering launching a crowdfunding campaign?
Katharina Freundorfer: I would consider whether a crowdfunding campaign is suitable for my product or whether it's more of a B2B product. It's not likely that you'll reach corporate clients through a crowdfunding campaign. You can also look at comparable campaigns for inspiration (from other cities or with a similar product or service). I also found it very helpful to attend meetups where crowdfunding failures were discussed. And I gathered information from people who have already run a crowdfunding campaign.
Munich Startup: What was the biggest challenge in the campaign?
Katharina Freundorfer: A major challenge was choosing the day to launch the campaign. Since I was doing a bicycle scavenger hunt through Munich, the weather had to be perfect. It was also fascinating to see how people would react to a zero-waste concept during the coronavirus pandemic. I also found it interesting to be satisfied with my own video, as I found it difficult to view myself objectively. Another challenge during the campaign was regularly contacting all social media contacts to repost and promote us, as well as keeping track of everything.
Loyal followers for the opening
Munich Startup: What are you most proud of about the campaign? What experiences did you have during the campaign? What surprised you, positively or negatively?
Katharina Freundorfer: The positive feedback from many supporters was fantastic, some of which I even captured on video for social media. Some immediately purchased a thank-you gift using their mobile phones. It was exciting to make such direct contact and see that our idea was resonating. The pressure to take action, write to all contacts, write a press release, and systematically use the time to achieve the goal was also helpful.
Munich Startup: What lasting effects did the campaign have? And what's next for you?
Katharina Freundorfer: We've built a following that has loyally followed and supported us through the opening. Even at the current soft opening, several customers were there to redeem their vouchers and follow our renovations. The money from the campaign enabled us to raise the deposit for our store, and it has reassured us that the idea will work.
Here there are further information and tips about crowdfunding.
