Takeaways from Digital Hollywood
Last week I spoke at The Digital Hollywood Content Summit in Santa Monica. The summit featured creative and crowdfunding talks from top producers around the world. I was on the panel “Nurturing the Creative Spark: The Producer’s Toolkit,” along with Jim Redner who led the Oculus Rift Kickstarter campaign; Kristen Nedopak, founder of The Geekie Awards; and moderator Chris Plaff, a leading new media and technology producer.
The panelists talked about their experiences with crowdfunding, providing tips to the audience, as well as their predictions for where crowdfunding should go next. The key takeaways from the panel:
1. Start planning early- It was unanimously decided that one of the best practices for crowdfunding is to start planning early. This means contacting press and building relationships, establishing a community, creating content, and defining your scope, all before you even launch your campaign!
2. Crowdfunding can enhance and hinder your ultimate goal- You create an audience that not only is a group to market to, but also a group that actively helps you market. You are creating a community around your product. On the downside there are now hundreds of voices that want to give you input, and it’s difficult to please everyone. If you say you’re going to include a particular feature, people hold you accountable to that. Since it’s common to trim scope in projects, it’s sometimes unavoidable when you have to cut features.
3. Crowdfunding is changing- The types of products and services offered have greatly been changing. The early crowdfunding campaigns were primarily for new and innovative tech ideas. Now it has really expanded to include a multitude of products including video games, movies, and even concepts (Graphing the deliciousness of a chicken burrito!). Going forward it will even be going away from just products to include services as well.