{"id":3349,"date":"2017-02-24T22:15:31","date_gmt":"2017-02-25T06:15:31","guid":{"rendered":"https:\/\/www.backerkit.com\/blog\/?p=3349"},"modified":"2017-10-11T19:34:29","modified_gmt":"2017-10-12T02:34:29","slug":"its-a-wrap-backerkits-crowdfunding-panel-at-the-archery","status":"publish","type":"post","link":"https:\/\/www.backerkit.com\/blog\/its-a-wrap-backerkits-crowdfunding-panel-at-the-archery\/","title":{"rendered":"It’s a Wrap: BackerKit’s Crowdfunding Panel at The Archery"},"content":{"rendered":"

Last night BackerKit<\/a> and Kickstarter<\/a> held a crowdfunding panel at The Archery<\/a>, a community-centric space in the industrial heart of San Francisco\u2019s Mission District.\u00a0<\/span><\/p>\n

\"\"

Our panelists, from left to right: Clarissa Redwine, Greg Long, Eddie Lee, Rosanna Yau, Emily Nathan, and Zane Lamprey.<\/p><\/div>\n

The Archery is a one-stop shop for creative production. Its members have access to a workspace, prototyping shop, and retail showroom, so makers can devise the concept, ideation, prototype, production and fulfillment of their product in a central hub. There\u2019s also a commercial-grade kitchen, a Kestrel coffee roaster, and a light-filled space for professional photography shoots.\u00a0<\/span>It’s an exquisite, light-filled space \u2014 no Instagram filter necessary!<\/p>\n

\"\"<\/p>\n

\"\"<\/p>\n

The panel discussion focused\u00a0on what happens after you reach your funding goal, and the obstacles project creators face when communicating with backers about delays, producing their product, and shipping it in a timely fashion. Even for crowdfunding veterans, the process can seem like a never-ending learning curve.<\/p>\n

Talking Points<\/b><\/h2>\n

After some mingling over cheese and wine and a tour of the space, the panel began with each member talking about their crowdfunding experiences. Kickstarter\u2019s West Coast tech lead Clarissa Redwine<\/a> moderated proceedings, while GAMAGO<\/a> creative director Greg Long, Podo Labs<\/a> co-founder Eddie Lee, TV travel show host and outdoors apparel-maker Zane Lamprey<\/a>, Tiny Atlas Quarterly<\/a> co-founder Emily Nathan, and BackerKit\u2019s own Rosanna Yau shared their post-funding triumphs, interactions with backers, and fulfillment war stories. After an hour of spirited conversations, the audience jumped in for a dynamic Q&A session.<\/p>\n

<\/a><\/p>\n

If you couldn\u2019t make it, don\u2019t worry \u2014 we\u2019ve curated a selection of insights from the panel for your reading pleasure.<\/span><\/p>\n

Don\u2019t Ghost Your Backers<\/b><\/h2>\n

Zane Lamprey emphasized the importance of reminding backers of their \u201cemotional connection\u201d to the campaign. \u201cIt\u2019s always good to remind people that there\u2019s a person there that they can talk to, rather than just a robot that they can vent their problems to.\u201d<\/p>\n

Ghosting backers is a big no-no in crowdfunding campaigns. All panelists agreed that silence is not golden when it comes to keeping backers happy. \u201cCommunicate often,\u201d Rosanna Yau said. But she also stressed to project creators that angry, vocal backers are usually a minority. \u00a0\u201cFor every one rager, there\u2019s 20\u00a0that love you guys,\u201d Yau said.<\/span><\/p>\n

Receiving complaints from backers can be \u201cmortifying\u201d, Nathan said. \u201cSo much of making a product is about the customer experience.\u201d She said that most crowdfunding campaigns focus on the creator \u2014 the videos and the campaign copy are \u201ca monologue for the creator\u201d \u2014 but it\u2019s important not to lose sight of the customer and community that support your project and what you owe them. Angry backers are often placated by a project creator\u2019s acknowledgement of their situation, which can be easily conveyed in an empathetic email. <\/span><\/p>\n

If there\u2019s one takeaway, Podo Labs\u2019 Eddie Lee said, it\u2019s to \u201cbe prepared to be honest and open and real \u2014 and have a thick skin\u201d. <\/span><\/p>\n

Think of constant communication as a part of brand-building, Redwine said. \u201cIt makes your life easy in the short term because backers are more likely to trust you and give you valuable feedback, and also it makes them remember you in the future. <\/span><\/p>\n

Do the Math<\/b><\/h2>\n

GAMAGO\u2019s Greg Long shared his experience with fulfillment and third-party logistics: do your research early and factor the outlay into your cost structure. Long said third party logistics firms could be \u201cnotoriously opaque with costs\u201d, and that project creators should factor that into their budgets. \u201cIf you\u2019re using 3PL, it\u2019s typically going to cost 12% of your wholesale price,\u201d he said. <\/span><\/p>\n

As a result, fulfillment can wind up taking a significant bite out of a project creator\u2019s gross profit. \u00a0Long mentioned that partnering with 3PL companies in China or Amazon could help project creators save on distribution costs.<\/span><\/p>\n

\u201cEven if you starting small, you should always be thinking \u2014 what happens if I become a larger company? You need to build these fulfillment costs into your budget, because it\u2019s a big concern,\u201d he said.<\/p>\n

Lee suggested that project creators visit different 3PLs in person to fully understand what services were being offered, as well as compare prices, which could be highly variable. <\/span><\/p>\n

Watch Out for Shipping Surprises<\/b><\/h2>\n

Nasty surprises can often surface during the fulfillment phase. Even if you meet all your manufacturing and production deadlines, it\u2019s prudent to \u201cexpect the unexpected\u201d, as Lamprey advised. Having a sizable buffer on shipping costs and delivery \u2014 in terms of finances and time \u2014 gives project creators some breathing room in the event of any unforeseen obstacles. <\/span><\/p>\n

Lee would \u201cnot ship around Christmas\u201d. The first Podo Labs campaign had promised Christmas shipping to its backers, and all looked promising initially \u2014 the company had managed to get all of their packages out the door by the USPS cut-off date. \u00a0As it turned out, \u201cit was a nightmare,\u201d Lee said, \u201cbecause they only really care about their largest clients. Packages arrived late, and backers weren\u2019t happy about it. <\/span><\/p>\n

When prompted to discuss other unexpected problems, Lee shared a story about how his fulfillment company randomly selected a package for a quality assurance check, only to find a rogue orange fruit where a Podo should have been. The Podo Labs team had to briefly delay its delivery date until it could be confirmed that packages contained the correct items.<\/span><\/p>\n

Acknowledgements and thanks<\/h2>\n

BackerKit would like to give a special shout-out to Kickstarter, the team at The Archery, and our engaging and knowledgeable\u00a0panelists: Greg Long, Eddie Lee, Emily Nathan, and Zane Lamprey. Last but not least, we’d like to thank\u00a0everyone who came to the event, networked, and asked questions. We hope to see you again soon!<\/p>\n

<\/p>\n

\"\"<\/p>\n

 <\/p>\n<\/span>","protected":false},"excerpt":{"rendered":"

We teamed up with Kickstarter and The Archery for a night of wine, cheese, and invigorating discussions.<\/p>\n","protected":false},"author":4,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[68,64],"tags":[],"class_list":["post-3349","post","type-post","status-publish","format-standard","hentry","category-convention-coverage","category-events"],"acf":[],"yoast_head":"\nIt's a Wrap: BackerKit's Crowdfunding Panel at The Archery | BackerKit<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.backerkit.com\/blog\/its-a-wrap-backerkits-crowdfunding-panel-at-the-archery\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"It's a Wrap: BackerKit's Crowdfunding Panel at The Archery | 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