116: How Eskil Nordhaug Raised $123,000 to Change Mobile Video (Crowdfunding Series Part 1)

The Foundr Podcast with Nathan Chan

The problem Eskil Nordhaug wanted to solve for people was simple. Videos taken with smartphones or small cameras are notoriously shaky.

So he simply looked at the needs. He asked himself what it would take to build a company selling a mechanical video stabilizer that exceeded expectations—the kind of product consumers needed, the amount of money he would need, the coverage help press outlets needed, the info his project page would need.

The result was StayblCam, and it was precisely this needs-focused approach that led to a smash-hit Kickstarter campaign and the successful company that followed.

Nordhaug says that the same principle can guide the way for any great crowdfunding campaign. “The most successful ones, generally speaking, are the ones that, there’s a need for it,” he says. “It solves a problem. It’s not just some fancy, weird thing that’s made for the sake of being made.”

Crowdfunding appeals to ordinary people with limited funds, so they can’t back every project that breezes by. When people see your product, you don’t want them to shrug and think it’s neat. You want them to whip out their credit card and ask, “When can I get one?” If your product solves a problem that’s long-pestered people, they’re likely to do that.

Don’t make something that people will want in on—make something that people need in on. Nordhaug shared with Foundr this golden piece of advice, and so many more related to running a successful fundraising campaign.

“It’s about creating value for users,” Nordhaug says.

In this episode you will learn:

• Why you need to start working on your campaign months before you even launch
• The correct way to figure out what funding goal you should aim for
• The best way to contact press outlets and start getting media mentions
• Paids ads. How and why you should use them
• What a great Kickstarter landing page looks like
• & much more!