How to take your DIY Electronics Project for Crowd Funding?

Summary

This Circuit Digest video explores the journey of taking a DIY project to a crowdfunding platform like Kickstarter. The host interviews Prien Par, a successful Indian Kickstarter campaigner, who shares his experience with 3D printing and launching his project, Pet Fusion. The conversation covers the challenges of launching from a non-supported country, the importance of a compelling video and detailed description, and the financial aspects of a campaign. Prien offers advice on making a project Kickstarter-worthy, emphasizing the need for both functionality and appealing design.

Takeaways

• 😀 The video discusses transitioning functional DIY projects into products via crowdfunding platforms like Kickstarter or Indiegogo.
• 🔍 Ashwin from Circuit Digest admits he lacks personal experience in crowdfunding, so he consults with Prien Par, a successful Kickstarter campaigner.
• 🎓 Prien Par is a 3D printing hobbyist and a YouTuber who used the money from his gaming channel to invest in a 3D printer and started his journey in 3D modeling.
• 🛠️ Prien's project, Pet Fusion, started as a basic DIY machine and evolved into a more refined, 3D-printable design.
• 🌏 Despite India not being on Kickstarter's list of supported countries for launching campaigns, Prien found a workaround by registering an LLC in the United States.
• 💰 Prien used Stripe Atlas to register his LLC for $400, a cost-effective method by following a YouTube review link, and registered with the U.S. Treasury Department's FinCEN.
• 🏦 He chose Mercury Bank for a zero balance account with no fees, which is necessary for the Kickstarter campaign.
• 📹 The importance of a high-quality video for the campaign cannot be overstated; it's the most crucial element for attracting backers.
• 📝 A detailed description of the project and an FAQ section are vital for providing potential backers with all the information they need.
• 💸 After a successful campaign, Kickstarter takes a 5% cut, and payment processing fees are around 3%, with the remainder going towards project development and shipping.
• 🔑 For a project to be Kickstarter-worthy, it should solve a problem, have an appealing design, and be both functional and aesthetically pleasing.

Q & A

What is the main topic of the video?

The main topic of the video is about crowdfunding DIY projects, specifically discussing the process of taking a project from a DIY stage to a crowdfunding platform like Kickstarter.

Who is the host of the video?

The host of the video is Ashwin from Circuit Digest.

Why did the host feel the need to discuss crowdfunding in the video?

The host felt the need to discuss crowdfunding because many DIY projects end up collecting dust after creation, and crowdfunding can be a way to turn these projects into funded products.

What is the name of the successful Kickstarter project mentioned in the video?

The successful Kickstarter project mentioned in the video is called Pet Fusion.

Who is the person sharing his experience with crowdfunding in the video?

The person sharing his experience with crowdfunding in the video is Prien Par, a YouTuber and 3D printing hobbyist from India.

What was the initial challenge Prien faced when trying to launch a Kickstarter campaign from India?

The initial challenge Prien faced was that Kickstarter only allows campaigns to be launched from a selected list of countries, and India is not on that list.

How did Prien overcome the challenge of not being able to launch a Kickstarter campaign from India?

Prien overcame the challenge by registering an LLC in the United States using Stripe Atlas and then opening a bank account with Mercury, an online bank.

What is the importance of the video in the crowdfunding process according to the video?

The video is considered the most important aspect of the crowdfunding process because it is the primary way to showcase the product and convince potential backers to support the project.

What advice does Prien give for making a DIY project Kickstarter worthy?

Prien advises that the project should solve a problem and look good, emphasizing the importance of design and making the project both functional and aesthetically pleasing.

What is the role of the description in a Kickstarter campaign according to the video?

The role of the description in a Kickstarter campaign is to provide detailed information and answer potential backers' questions, ensuring they have all the information they need to make an informed decision.

How much money did Prien raise through his Kickstarter campaign for Pet Fusion?

Prien raised over 6 lakh rupees (approximately $7,116) through his Kickstarter campaign for Pet Fusion.

What is the process like for receiving the funds after a successful Kickstarter campaign?

After a successful Kickstarter campaign, there is a process where backers' payments are processed, and any 'drop backers' who could not be charged are removed. The remaining funds, after Kickstarter's fees, are then transferred to the campaign creator's bank account.

What is the significance of registering with FinCEN for non-US residents with an LLC?

Registering with FinCEN is significant for non-US residents with an LLC because it informs the US government about non-resident individuals who have registered a business in the United States, ensuring compliance with regulations.