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Do my project format for college students do my capstone quarters condos for sale travel expense report u world step 3 [Music] I'm Danny and I'm the founder of go far and go far is basically like a Fitbit but for your car this is what the package looks like three parts to the product there's the mobile application there the display that sits on your car's dashboard and gives you up on feedback and then there's a little puppet with all the smarts in it that plugs into your car's diagnostic sports goats I started out as a carbon reduction effort the idea was that if we could measure carbon emissions and we could show people the emissions that they were making but they would feel more obligated or they would have more of a desire to do things like offsetting to clean up after themselves but through that project realized that the same car could have a 30% different fuel consumption just by the way it's driven so there's potentially a big saving to be made on on fuel consumption as it turns out fish and driving style is also a safer driving style you're also less likely to get into a crash and this insurance implications there so connecting this thing with insurance discounts is something that we're really excited about so we ran the go far kickstarter crowdfunding campaign from May to June and 2015 and we mentioned to raise around 225,000 Australian dollars over a period of four weeks and we sold our product to over 30 countries in the world we pre-sold 1,300 of our devices I definitely recommend crowdfunding for product businesses it's a great tool for validating your idea for refining your message getting PR and finally for funding the number one reason that we went down the crowdfunding mode is for validation so we did a lot of market research around the demand for the product that we were looking to build but you don't know if they will pay for it until actually do right so you need to give them a chance to pull their credit card out and give you money the worst possible thing in the world is that you go to the trouble of develop a product and building on mass production a thousand units and you can't sell them so Kickstarter mitigates that risk or at the end if if you don't want to continue in through the campaigns one reason or another and you can cancel it what embarking on a crowdfunding campaign really forces you to do is to really be very specific about what it is that you're creating one thing you really need to avoid is crowdfunding videos that are very broad in their promises if you're not specific about what it is that you're selling people will fill in the gaps with their own ideas and ultimately they're going to be disappointed because you can never meet their imagination it's one of those difficult things that people other stages often struggle with is just explaining their idea so what you want to do to practice this is give yourself 60 seconds in 60 seconds you need to be able to explain what the idea is you need to be able to explain to people why they would want to buy it or if you're talking to investors why they would want to invest and how it works if you can't get them into 60 seconds you need to keep trying refine the message practice on people this is before you start treating your your Kickstarter video and you're producing the video you want to do many iterations so just start with your phone shoot a video make it rough and raw you'll learn something from it and iterate a lot of times I mean most Kickstarter campaigns that will tell you the rickshaw fare video two three four five times so start small shoot it on an iPhone furs watch it they'll show it to other people make sure that people understand what it is that you're selling and get the idea very clearly and and build from there you need to talk to as many people as you can don't be afraid of people stealing it or taking your idea it's such hard work to get something off the ground that you're the only one if you're passionate about your idea the only one that's really going to make it work you need to have a PR plan that you start ahead of times that reaching out to journalist blogs in the particular area that you're in for us you know we got into Forbes magazine we got into the Financial Review in fact Forbes magazine likened just s flow which was awesome I call this the poor man's Tesla it I'll take that we got voted one of the top ten coolest things in the world in GQ magazine which is pretty special thing for a product in our category and these things wouldn't have happened without that focus on PR that we had during that Kickstarter campaign you need to plan to use the money from the crowdfunding campaign for production don't use it for R&D and development so if you need to hire developers pay yourself salary to get the idea upper ground you need to find that money somewhere else when you're producing the product the first that's that you produce will be the most expensive so what you want to do is get quotes on everything that you can when you're pricing out the product make sure you don't miss anything so consider everything from insurance to packaging everything detail of the production all these things need to be considered get quotes where you can and then add a contingency right so you want to add something like 25% if you have some quotes from most of the parts add 25% your estimates and then add another five or 10% for warranty returns because they will happen if it's early stages and you don't have a lot of firm quotes for a lot of the parts or components to your production multiply by two you need to err on the side of caution it is one of the big mistakes that people make is using the Kickstarter money for development purposes and they find that they run out of onion and one of the key reasons why people people don't deliver so once you've successfully completed the crowdfunding campaign well it's really only the beginning now you've got to deliver the product so one of the things that you must do is communicate regularly we originally planned and promised to deliver our product in December of 2015 but we didn't actually deliver until April 2016 and we communicated regularly the gold standard will be twice a month keep people updated at least once a month be upfront about what's going wrong share the wins as well as the setbacks they're coming along for the journey so as long as you keep people informed and up-to-date they'll be happy you know that's part of what they're really buying when they buy into your campaign we were laid in our delivery but we kept people informed we even offered refunds to certain groups of customers where we knew there would be a particularly long delay like the Android group we found that we were going to be a lot later than expected on delivering that Android app and very few people took us up on that when we shared the bad news and offer refunds we had a lot of support people were more engaged so don't hide from showing the bad news because it will only let me come back to apply to if you do and communicate regularly happy customers are the best and advertising because they'll tell their family they'll tell their friends and you really want to make sure that you have a lot of pleased customers and especially Kickstarter backers you know these least people early adopters they're particularly vocal so if they're happy they they're great if you don't keep them happy they can pull your lot stress so communications can be prepared for a lot of hard work when you embark on a startup it's not easy so you need to be very very passionate about what it is that you're doing if you're passionate about the idea and you're willing to put a lot of hours and a lot of effort in and go through a lot of pain you can succeed [Music] do my capstone editing service Hofstra University.