What are the best practices to crowdfund your medtech startup? This nifty infographic shares a few ideas to increase chances of success.
Crowdfunding is not the first thing a medtech entrepreneur thinks of when it's time to raise capital. After all, will consumers want to financially support complex devices that may take years to be approved by the FDA? What kind of rewards will the entrepreneur promise to online supporters of the company?
Still, as venture capitalists freeze out device firms in favor of software and other opportunities that are less risky and can bring a faster returns, entrepreneurs must look at unconventional fundraising methods.
If crowdfunding is the avenue chosen - as this medtech company did - it is useful to know what can increase chances of success. The infographic below encapsulates the best practices of raising money from online donors. It is based on 12,052 projects that GoGetFunding reviewed.
For instance, those campaigns that provide daily marketing activities such as a status update on Facebook or adds a new reward for online donors are 180% more successful at raising money online, GoGetFunding found.