INTEL 🧠

And it’s a wrap!

To be honest, we're still sorting through all the memorable moments from our first season. How about you?

This time, we'll let the numbers speak, with an Easter egg tucked away in the bottom right corner.

As always, you can re-watch all the episodes anytime and anywhere.

LEVEL UP ⬆️

Can the crowd fund your startup?

Imagine you've got an idea for the next big thing.

You're buzzing with excitement about launching it.

But there's a problem: money.

You can't do it alone.

What if people from all over could support your idea by pitching in some money?

In return, they get to enjoy your idea once it's real and ready.

That's crowdfunding - gathering a crowd of believers who are just as excited about your vision as you are.

Crowdfunding is a way for startups and projects to raise money by collecting small amounts of funds from a large number of people, usually via the internet.

It's like pitching your idea to a huge crowd and getting a lot of people to chip in a bit to help bring it to life. Instead of relying on a few big investors, you get support from many fans and backers who believe in your vision.

Speaking in numbers, the global crowdfunding market is estimated to grow at a compound annual growth rate (CAGR) of 15.86% between 2022 and 2027, with the market size forecasted to increase by $264.09 billion.

If you're thinking about crowdfunding, here are some other important numbers to keep in mind:

• The average successful crowdfunding campaign is around $7,000

• The average campaign lasts around 9 weeks

• Campaigns that can gain 30% of their goal within the first week are more likely to succeed

When it comes to marketing impact, more links to a crowdfunding campaign are directly linked to its success. Social media plays a crucial role too: for every tenfold increase in Facebook friends, the chances of success rise significantly.

The numbers on demographics show that:

• Individuals between 24-35 years old are much more likely to participate in crowdfunding campaigns

• Men are much more likely to take a risk on an unknown startup compared to women

• The group earning over $100,000 per year is most likely to invest in startups through crowdfunding

Look, crowdfunding isn't a new concept.

Before the internet era, artists and creators sought support from wealthy individuals and the community.

Once the internet entered the scene, Indiegogo was founded in 2008, enabling creators to keep raising funds even if they didn’t meet their goals. Just a year later, Kickstarter launched, becoming the most popular crowdfunding platform and introducing the all-or-nothing funding model.

In the following years, more crowdfunding platforms joined in with greater variety. Plus, the Jumpstart Our Business Startups Act became law in the U.S., making equity crowdfunding more accessible to regular investors. Think GoFundMe, which focuses on charitable donations and personal causes; Patreon for creators; Rendity for real estate; Trine for funding renewable projects; and more.

Still in doubt about crowdfunding?

Let's consider the upsides and downsides of running a crowdfunding campaign for your idea. It can be a powerful tool for startups, but you should think about all aspects.

From historical trends, crowdfunding has been shown to work well for startups creating consumer products and engaging stories. This includes categories like

• Innovative gadgets and/or lifestyle products

• Creative projects like books, movies, music

• Tech innovations especially hardware like VR headsets, smart devices and wearable tech

• Games like board and video or other gaming products often supported by gaming communities

• Food and beverages like unique food products, new restaurants and new beverages

• Social causes and nonprofits

and the list goes on.

Brain candy 1/2 🍬 The most funded project of all time on Kickstarter is The Secret Novels by Brandon Sanderson, which raised $41,754,153 from 185,341 backers. This surpassed the previous record holder, the Pebble Time smartwatch, which raised $20,338,986 from 78,471 backers. The campaign page was a simple letter from Sanderson to backers, focusing on personal connection rather than flashy marketing. Backers received premium hardcover books and monthly swag boxes before the novels were available to everyone.

To wrap this up, if you're considering crowdfunding, make sure to focus on the following details:

✅ Ensure your startup's product has a strong visual appeal.

✅ Clearly define the product/project's value proposition so backers can easily understand and appreciate it.

✅ Develop a compelling narrative that builds community around your mission.

✅ Have a prototype or proof of concept (POC) to enhance credibility and increase the likelihood of success.

Crowdfunding is making it possible for anyone with a great idea to seek help and financial support from people online who believe in the project they're investing in. It's about leveling the playing field for access to capital.

The sense of community and direct engagement between you as a founder and your audience, the supporters, is reshaping how projects are funded and brought to life.

Brain candy 2/2 🍬 On Kickstarter, there are over 36 projects from North Macedonia, mostly about gaming and board games. At the top is Merchants Cove: Master Craft, which got around $702K from over 8,000 backers. On the other hand, Tucker, a cool fashion product from Signori’s team, raised $45,910 from over 1,900 backers and had a successful campaign.

STARTUP NEWS RADAR 📡

_{What’s happening these days?}

• The startup world ended Q2 with a 16% quarter-over-quarter rise, reaching $79 billion. This growth was primarily driven by AI companies, which raised $24 billion in the last quarter, making it the largest quarter of AI funding in 2024 so far. [source]

• OpenAI teams up with Thrive Global to launch Thrive AI Health, a hyper-personalized AI health coach covering areas like nutrition, sleep, physical activity, stress management and social connection. [source]

• Developers, this one is for you: A discussion with backend experts, including CEOs from Laravel, Sentry, Supabase, and Prisma, is taking place on July 16. You can send your questions to these experts and join the discussion here.

• The third consecutive mapping of the IT industry in North Macedonia by IT.MK and DataMasters are finished and the results are in. [source]

• Threads marked its first birthday with an impressive milestone: 175 million active users! But as it grows, what valuable lessons can it learn from the giants of social media? [source]

THE STARTUP VAULT 🗃️

_{Founders take note:}

• Try Caspa to generate product images that increase sales

• Use Dataku for effortless and accurate data extraction with AI

• Build your AI team of finance, sales and more with TeamCreate

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