Health IT

Crowdfunders say a good story, reputable founders are ingredients of a successful campaign

Photo from flickr user Catlinator

Last week’s post on Misfit Wearables, the company that’s raised nearly $500,000 for its new activity tracker from a crowdfunding campaign, is just one illustration of what can happen when a lot of people each give a little bit. Everything from open data to reconstruction bras for breast cancer survivors is now finding early stage funding by tapping into populations of patients, advocates, doctors and researchers, each willing to give a little bit.

Wondering if a project you’re working on is a good fit for crowdfunding? In a Saturday morning Twitter chat, health crowdfunding site MedStartr‘s Alex Fair joined others in sharing observations about successful projects in healthcare. The chat started with the question: Which was more important when deciding whether to contribute to a project, the idea or the founder’s reputation?

Reputable founders are behind numerous recent examples of successful health crowdfunding campaigns, like the ones waged by Misfit Wearables‘ repeat entrepreneurs and patient advocate Regina Holliday.

But even if the project leaders aren’t particularly reputable, they can still win by telling a good story through text, photos and videos.  Take, for example, the Milwaukee family who raised more than $20,000 through Indiegogo for 11-year-old Kaiden’s brain cancer treatment this way.

When it comes to what not to do in a crowdfunding campaign, the chat participants emphasized the need for a clear, focused, not overly technical idea communicated to a specific audience.

And, of course, choosing the right platform to reach that audience is crucial. While Health Tech Hatch and MedStartr host a variety of health-related projects, cureLauncher is more research-based while Indiegogo covers a more mass consumer market.

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