funding – Journeys of a Hybrid

There’s a scene at the end of my favorite holiday movie “It’s a Wonderful Life”

250px-It's_A_Wonderful_Life — It's a Wonderful Life

where George Bailey, a character played by Jimmy Stewart is surrounded by his friends as they come to his aid and bail him out of his financial shortcomings, caused by his crazy Uncle Billy. I’ve seen this film at least a dozen times and ok – I admit it – I cry every time George Bailey’s little girl opens a book that mysteriously appears under the Christmas tree with the inscription “No man is a failure who has friends”.

I felt like George Bailey today when I saw the email from Kickstarter telling me that my daughter’s and my film project, Opening Our Eyes had been officially funded. We actually exceeded our goal of $7500 and raised just over $10,000! What a feeling – what a triumph and all possible because of our “friends”. Through crowd funding – our friends had helped us reach our goal and made our film a reality.

This would not have been possible just two years ago. But, Kickstarter and other crowd funding sites like it, provide other options for artists and entrepreneurs who are seeking funds to make their creative ideas come to life. Many times these ideas might not fit within the confines of what a traditional bank would finance, but there are some great ideas that have a chance now of becoming a reality – and we all benefit by that.

Here are some things that I have learned through the process of getting our film funded on Kickstarter.

•    You have to do the work. Once you launch your project page on Kickstarter, you need to let potential backers know about it, using social media or email blasts or word of mouth. Just like getting traffic to your website, you can’t expect people to stumble upon your project and fund it.
•    You have to make it fun. Have fun with the “rewards” that you offer your backers, and on Kickstarter every project must have rewards. People love to give, but they also love to feel like they are part of something or that they have helped to make something happen. If a backer contributed to my project at the $500 reward level, they will receive an Associate Producer credit in the film and on the project’s website, along with DVD’s of the film when it’s completed, as well as a signed print and an e-book from the project’s journey.
•    Keep your financial goal realistic. Look at other projects that are similar to yours and see what the “market will bear”. See what has been successful and ask yourself why. Remember that if you ask for too much money and don’t meet 100% of your goal by the time the funding period is over for your project, then you won’t receive anything. Only projects that are successfully funded at 100%, will receive funds.
•    Use social media and email blasts with common sense – don’t be obnoxious. If you do send emails – don’t send an email again to someone who has already backed your project. Ask people to share your project link on social media but don’t overdo it.
•    Post updates on your project to keep your backers and potential backers informed. Use visuals if you have them, both on your page site as well as in your updates. Photographs and videos really give a project presence and are a must have. You want to stand out from the crowd.
•    There is no such thing as a pledge too small. They say the average pledge on Kickstarter is around $25 and I can attest to that. Out of our 161 backers – 69 had made pledges of $25. It all adds up. And every time someone backs your project there is also the opportunity that they may share it with someone they know who may in turn make a contribution.
•    Be grateful and appreciative. I made it a point to send each and every one of my backers a personal thank you note.
•    Have faith – because anything is truly possible these days.

I have learned from past experience with other personal projects that getting funding for an idea is no easy task. But I have also found that with a lot of careful planning, saving and budgeting I have been able to self fund my projects and have been compensated on many levels later on – after the projects are underway or near completion. As I continue to blog and to talk to people about Opening Our Eyes, the documentary my daughter and I are creating which involves us traveling around the world, I get asked a lot of questions. One question that is asked quite frequently is “who is funding your project?” The short answer is – we are self-funding our trip and our documentary.

I had managed to save up about 330,000 miles with Continental Airlines and another 329,000 points with American Express over the years. I was saving them for something, just didn’t know what until a few months ago when I decided to cash all my points and miles in to subsidize our journey around the world.

So far, I have exhausted all but 4,000 Continental miles in ticketing my Round The World plane ticket as well as getting my daughter and I to, from and around South America. My husband Tom donated his Continental miles to my daughter Erin for her Round The World fare. I will still need to pay for airplane tickets to Iquitos, Peru from Lima as well as for flights to Nepal from Delhi, India. That still leaves picking up the costs of air or train tickets from Istanbul to Warsaw and Moscow. I will use about a third of my Amex points to pay for the flights from Lima to Iquitos, Peru because those tickets are costly.

I’ll use the rest of my American Express points to fund some of our accommodations, along with any hotel points that I have. We’ll be staying at guesthouses, people’s homes and budget hotels whenever possible. We’ll use public transportation for getting us around once we get to our destinations because renting a car isn’t in our budget.

Of course there’s food and miscellaneous expenses on the road like Internet and admission fees. The vaccinations for the two of us have cost more than $1500 and the visa costs may reach $1000. And we’ll both need backpacks and other personal needs for the trip.

My biggest expense will be for photo/video gear but that is the purpose of the trip. I have pretty much figured out the gear that I’ll need: read my blog entry Putting Together a DSLR Video Kit. When all is said and done, including buying an additional laptop as a backup, I’ll have spent about $12,000 on equipment needs.

So, how will I pay for it? When my mother died about six years ago she left me a little money. I never really wanted to spend it and was fortunate that I never had to – so I will use it for this project and this trip. Somehow, I think she would love the idea of what her daughter and granddaughter were doing. And if she were still here she might very well have wanted to join us.

I’ll be reaching out to Canon, Apple and others as potential sponsors. I’m also reaching out to my friends and connections that I have made over the years for donations in kind. If you have any hotel points that you may not be using and would like to donate those points to our trip it would be greatly appreciated. Or any other type of “in kind” donations you may provide.

Please email: gail@kellymooney.com or call 973-543-6868