Does anyone have any success stories with crowd funding and more importantly how much did you have to rely on the contacts you already had.
Financing / Crowdfunding : Crowd Funding by Ann C Wolf
Crowd Funding
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My recent campaign for "Psychotica" on Indiegogo was successful at reaching our modest goal of $3500. Off the top of my head I think about 2/3 of the contributors were people we knew, but 2/3 of the funds contributed came from strangers. The majority of the people we didn't know who contributed were people we connected with on twitter. I would advise building as large a following as possible on the social networks before you start. We had a small following at the beginning and found it hard to get any momentum going.
Agreed, I've heard anywhere from 20-30% of your goal should be in the bag before starting a crowdfunding campaign. And as Jim said, Twitter probably the most important connection tool. I couldn't guess at the cut-off, but probably need upwards of 10,000 followers maybe? I tried it with just a few hundred and didn't get a single dollar from people we didn't know. And I committed the cardinal sin of taking contributions off-line so others couldn't see it in our total.