117: How Lily Truong Raised $77,000 to Disrupt the Cotton Swab Industry

 ·  10 Nov  ·  2 Comments
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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!
Nathan Chan
nathan@foundrmag.com

Nathan Chan is the Publisher and Editor of Foundr magazine. He is an avid table tennis player and a lover of everything entrepreneurship.

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  • http://Www.workoutchampapp.com Harshit Sekhon

    This is brilliant. Thank you Lily and Nathan for such an insightful discussion. Being in the launch and test phase myself, the point about getting really clear on “who would need it and why” resonated with me. Lily, thanks also for the heads-up on working with PR firms.

  • Tee Leang

    This is really awesome! Thank you L & N for putting this together and offering great insights. I’m no where near my kickstart campaign as I am in the very early stages of realizing I have a potential product. Already intaking great ideas so thank you again!