Munich Startup: You reached your funding goal with Octavi within three hours. How do you explain this success – beyond the great product?
Felix von Plehwe, Octavius: This was, of course, a very pleasant surprise, but it wasn't entirely a coincidence. We followed the widespread belief that, firstly, only a fraction of backers become aware of a product through the actual crowdfunding portal, and secondly, a large part of the marketing must take place before the campaign. Therefore, we strove to generate media attention in advance, built a simple yet appealing landing page, and gathered a four-digit number of newsletter subscribers and Facebook followers before we launched. The percentage of subscribers who actually supported us was over 10 percent. This was significantly higher than expected and led to the goal being reached very quickly.
Octavi: “Success didn’t come entirely by chance”
Munich Startup: How did you specifically prepare for the campaign and where did you find good support?
Felix von Plehwe: We actively used offers, both on-site in Munich and digitally. At the crowdfunding breakfast, we were able to gain a lot of experience that can only be gained through dialogue. We also used other formats (for example, the Innovation Café of the SCE) other startups with crowdfunding experience. However, there is also a lot freely available knowledge about it on the Internet. It's important to use this knowledge in a disciplined manner.
Munich Startup: What went completely wrong?
Felix von Plehwe: Kickstarter has a meager five rules for campaigns. We completely overlooked rule number two – computer renderings of products are not permitted. We had incorporated finely crafted renderings throughout the campaign page and in the video, which we then had to replace shortly before the previously announced campaign launch. That could have backfired – but luckily, an extended night shift saved the day.
Munich Startup: How did you benefit from the crowdfunding support from the City of Munich?
Felix von Plehwe: The City of Munich's crowdfunding support was a huge help. The funding for our creative efforts enabled us to complete a professional video shoot at Schleissheim Airport, including drones (Flybys). This certainly gave potential backers more confidence. Furthermore, the preparations became much more concrete because we documented our project in writing in the funding application for third parties.
Several good ideas for product features from supporters
Munich Startup: What were your experiences during the campaign? What surprised you, positively or negatively?
Felix von Plehwe: We're incredibly excited about our backers. In addition to the highly motivating response to our product, we've also received numerous great ideas for product features and other things we would never have thought of. We were able to get to know our customers and their needs much better than would have been possible through regular sales. This is in addition to the fact that we were able to finance the entire production costs entirely from the campaign. One negative consequence of the overwhelming demand was that the early bird deals sold out in minutes, and we upset some backers. A time limit instead of a quantity limit would have worked better in this case.
Munich Startup: What lasting effects did the campaign have? And what's next for you?
Felix von Plehwe: Very quickly after shipping the product, we realized that we had more than met our customers' expectations. Fortunately, this has also led to significant interest from new customers and organic PR. We receive inquiries daily about when our product will be available for regular purchase. We are working hard to resume shipping as soon as possible. We will be announcing this in our newsletter in the coming weeks!
