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The Foundr Podcast with Nathan Chan

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

The Foundr Podcast with Nathan Chan

Nathan Chan

Marketing, Business, Entrepreneurship

4.8662 Ratings

🗓️ 9 November 2016

⏱️ 28 minutes

🧾️ Download transcript

Summary

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!

Transcript

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0:00.0

This is episode number 117 with Lily Trong of the Founder Podcast.

0:07.4

What you need is thirst.

0:09.3

You need to be a thirsty human.

0:11.3

Who is intent I'm learning.

0:13.3

It's a really fascinating exploration of human potential.

0:19.0

The Founder Podcast.

0:21.6

Even the greatest entrepreneurs had help.

0:24.6

If you want to learn from the most successful founders on the planet, you are in the right

0:29.6

place.

0:30.6

Branson, Mark Cuban, Tony Robbins, Tim Ferriss, Arianna Huffington, SETCO, Steve Case, Gary V,

0:34.6

Sophia Amorosa, Barbara Corcoran, Damon John.

0:42.2

Learn from the greatest minds in business today with interviews hosted by Nathan Chan.

0:45.4

This is not your average entrepreneur podcast.

0:47.7

The Founder Podcast.

0:59.3

Hey guys, thank you so much for tuning in. Before we start today's episode, I just want to let you know that our goal at founder is to help entrepreneurs succeed however we can by giving

1:04.9

away high quality content in the form of interviews, blog posts, podcasts, YouTube videos,

1:13.1

you name it. We put out so much content to help you. And another interesting project that we're working on right now is partnering

1:17.9

with world-class founders like Damon John, Alexa von Tobel, Greta Van Riel, and so many more to

1:24.3

teach crucial skills like negotiation, finance, e-commerce, and so much more.

1:31.2

So if you'd like to get access to these free trainings with founders like this, which is

1:36.7

100% free, just go to founder.com forward slash free.

1:41.5

Okay, so now let's talk about today's episode.

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