Crowdfunding has become a major player in the world of business funding!
To date, providers have seen huge success through their online funding support platforms. For an example of crowdfunding popularity, just look at Kickstarter. The website has seen 187,657 projects successfully funded since 2009 (as of September 2020), and that number continues to grow!
Wellers looked into why it’s a good idea to bring a business advisor on board to help implement your crowdfunding campaign. They asked MarketOrders’ opinion on the matter and our COO, Sukhi Jutla, said:
“You probably would be surprised to hear that 80% of the work is usually done before you go live on your crowdfunding campaign and a huge part of that work actually comes from having clear, accurate and concise financial forecasts.
“It is this financial data that will help to drive and create the narrative to your investors. Working with Wellers, our Business Advisor, Ross, not only was able to help us walk us through our financial projections but he questioned our assumptions and stress-tested them. This was to ensure we had fully thought through every outcome and possibility and also helped us, as founders, to question the validity of our business model and demonstrate how much funds we really needed.
“But numbers on their own only tell half the story. Investors are, after all, human beings, and humans connect best with story and emotions and this is what differentiates Wellers from other advisors.
“They were able to bring the numbers alive by helping us to create a powerful narrative and story about our business, which was backed up by the numbers. This provided people with the confidence to invest in our business. In fact, some of our investors actually messaged us during the campaign to say that they had never seen such detailed yet easy to understand financial statements.
“Working with a business advisor also helped us to better understand our business model and to be better equipped with questions during the campaign so that we could execute it with confidence.”
Read the article here.