Advice from our Meet the Drapers Winners: Irrigreen’s Top Equity Crowdfunding Tips
As we’ve emphasized before, equity crowdfunding is one of the best ways to raise funds, promote brand recognition, and generate growth for your startup. On Meet the Drapers, contestants have raised over $12 million from viewers at home solely through this new way of crowd-investing. We had the chance to speak with CEO of Irrigreen Shane Dyer to talk about how crowdfunding helped his startup. Irrigreen is a revolutionary smart water sprinkler system that saves approximately 50% of your outdoor water use while keeping your grass green. In Season 4, Irrigreen won $250K in investment from Tim Draper and raised over half a million in crowdfunding. Presently, Irrigreen has installed over 300 sprinkling systems since its launch and raised over $4.9 million from Silicon Valley’s top angel groups. Here are Shane’s top tips for entrepreneurs who are thinking of starting their own campaign.
Engage With Your Investors
Equity crowdfunding gives entrepreneurs the unique opportunity to connect with hundreds of investors who are not only interested in your idea, but can be potential customers or a community that can spread your vision to a larger platform of partners, investors, and stakeholders. Shane’s first tip is to engage with your crowdfunding investors, especially after they’ve invested. Investors can be a part of spreading your message and marketing your product to those who may seem out of reach. For Shane, his investors spoke with water departments and other community partners on how Irrigreen’s smart sprinkler system could be the solution to water wastage. Equity crowdfunding is a great way to raise funds and broaden your community base.
Strategize & Put Effort Into Your Campaign
While starting an equity crowdfunding campaign online may seem simple, the importance of taking the time to strategize and create content for your campaign is needed. Shane’s second tip is to put in the work and effort to build a campaign that gathers support from your community and entices new customers and potential partners. With millions of startups utilizing crowdfunding as a huge source of funding, creating a targeted marketing and content plan is crucial to stand out.
Take Advantage of Your Campaign’s Momentum
With almost $600K raised in equity crowdfunding, Irrigreen’s campaign was a great launch vehicle to take the company to the next level. Shane’s final tip is to utilize the momentum you gain from your crowdfunding campaign, whether it be expanding your customer base, using feedback to improve your product, or finding new avenues to take over your industry. Maximize the resources your equity crowdfunding campaign provides as it can lead to opportunities you wouldn’t have imagined.