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117: How the Oto-Tip Campaign Raised $77,000 to Disrupt the Cotton Swab Industry (Crowdfunding Series Part 2)

117: How the Oto-Tip Campaign Raised $77,000 to Disrupt the Cotton Swab Industry (Crowdfunding Series Part 2)

FromThe Foundr Podcast with Nathan Chan


117: How the Oto-Tip Campaign Raised $77,000 to Disrupt the Cotton Swab Industry (Crowdfunding Series Part 2)

FromThe Foundr Podcast with Nathan Chan

ratings:
Length:
33 minutes
Released:
Nov 9, 2016
Format:
Podcast episode

Description

A team of doctors and engineers wanted a safer alternative to Q-Tips, so they created it. By understanding where potential users were coming from and staying on point with the idea that their product could alleviate those pains, the Oto-Tip gained the funding it needed to go big. The lesson from Oto-Tip is, before you start any crowdfunding campaign, you must know how your project will improve people’s lives, and you must explain it in a way that resonates emotionally with potential backers. In this week's episode, Lily Truong, co-founder of Oto-Tip and manager of its crowdfunding campaign, explains how they did it. “My key question I wanted to ask myself was … ‘Why would someone need this? Why would backers resonate with the story? What pain point are you really solving?’” Crowdfunding campaigns can reach their goals when they offer a clear way to deal with common struggles people experience. In the case of Truong’s campaign, Q-tips, cotton swabs, ear sticks, they all shove wax deeper into your ear, make you itch, and can even puncture your eardrum. The Oto-Tip offers another, far less irritating approach to earwax. It all goes back to that pitch: Look, there’s a problem, but here’s a way to fix it. Find out how your own campaign can tap into people’s emotions and offer a solution. In this episode you will learn: The importance of getting feedback before you even entertain the thought of crowdfunding something How to figure out the best media platforms to reach your audience Why you need a strong story and how to create one that works for you The good, the bad, and the ugly when working with PR firms Awesome hacks you can do with LinkedIn to boost your Kickstarter campaign & much more!
Released:
Nov 9, 2016
Format:
Podcast episode

Titles in the series (100)

We interview hard to reach entrepreneurs. (Mark Cuban, Seth Godin, Tim Ferriss, Tony Robbins, Barbara Corcoran, Daymond John & many more). Unlike most podcast interview series Nathan Chan literally started from knowing nothing. He was just an average guy working in a 9-5 job he utterly hated. He knew nothing about entrepreneurship, nothing about startups, nothing about marketing, and nothing about online or how to build a business. So from launching Foundr Magazine he's gone out and spoken to some of the most successful entrepreneurs and founders in the world in the world to find out exactly what it takes to become a successful entrepreneur, so YOU can learn from them. Why this podcast? Because we're asking the same questions you want to know as an entrepreneur on their journey to building an extremely successful business. We're on the front-lines facing the daily battles you are. How do I get more customers? How do I scale my business? I want to start a business, but just don't know where to start? How did this person get millions of customers and make millions of dollars and have a such a massive impact on the world? Some of these entrepreneurs are very well known, and some not known at all and that’s the cool part! Here we will share with you our best interviews from Foundr magazine showcasing this persons processes, failures, critical lessons learnt and actionable strategies showing YOU how to build a successful business. This is NOT your AVERAGE everyday entrepreneurship podcast.