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  1. #1

    $78,501 in Funding - Indiegogo Interview - Phroogal

    Phroogal
    Total Funded: $78,501 of $75,000 goal. Duration 30 days.
    Project Url: http://www.indiegogo.com/projects/phroogal

    #1 Tell us a little bit about yourself and your project.
    Phroogal is crowd-sourced financial information enabling social collaboration to share knowledge, discover new tools and connect with money-savvy peers and financial experts. Think Google, Quora and Yelp for all things money. We plan to become the place for all things money.

    I'm the founder at Phroogal. I worked in financial services for over 10 years, left Corporate America and backpacked around the world in 2012. Went through 20 countries in 12 months and decided it was time to help people reach their goals through financial access. My co-founder Max Martinez, is a recent Cornell University graduate and football running back.

    #2 Why did you choose Indiegogo out of all the crowdfunding platforms that exist today? Do you think you could have succeeded in funding your project on another crowdfunding platform? If so, which?
    We originally looked at crowd-funding through Kickstarter but with continued changes to who qualifies we decided to use Indiegogo for our campaign. We never got direct support from Indiegogo. We spent a great deal of time using our email list and Facebook connections. It really took two people to get the word out there and it worked.

    #3 What do you feel contributed the most to the success of your project? Where did all these people who funded your project come from?
    Our email list and Facebook connections contributed to 99% of our success rate. We ran the campaign as if it was a get out the vote campaign with daily posts, direct messages, Facebook Invites, personal video blogs and video posts etc.

    #4 What was something that you learned from having a successful Indiegogo project which you did not know prior to going live?
    I learned a few things but it all centers around flexibility and rapid responses. We launched our campaign and had our family and close friends donate in the first couple of days. We realized at this point we weren't attracting many others to donate. We did some research and figured out what was wrong with our campaign. We began tweaking the campaign, adding graphics and changing the video. We also added two additional perks during the 30 day period to attract more eyes. Lesson learned: Do not think you cannot modify your campaign. If it isn't working change it up.

    #5 What mistakes do you think you may have made along the way on your crowdfunding journey?
    We didn't get much media attention prior or during our campaign. We definitely needed to do more outreach to specific media that covers the area of personal finance to help cheer us on.

    #6 If you could give advice to someone thinking about launching a crowdfunding campaign, what would it be?
    Have a plan in place and be ready to execute and change them as the campaign progresses. Determine what works and do more of it and what doesn't and move on from that.
    A plan should include cultivating a community prior to the campaign and prepping them for the launch. Get them excited. Have a plan on marketing such as posts, videos, blogging, etc.

    #7 Now that your project has been fully funded, what issue or unexpected occurrences have you run into, if any?
    We are just a few days away from our successful funding. We are now working on fulfilling the perks and hoping to get more media mentions about our success.

  2. #2
    As an update I've finally published a book available on Amazon.

    It's called Crowdfunding A Bootstrapped Startup > http://amzn.com/B00LV8MCGU

  3. #3
    Member
    Join Date
    Sep 2014
    Location
    San Jose, CA
    Posts
    34
    Quote Originally Posted by ThePhroogalJason View Post
    As an update I've finally published a book available on Amazon.

    It's called Crowdfunding A Bootstrapped Startup > http://amzn.com/B00LV8MCGU
    Congrats on the book Jason.

  4. #4
    Limited time: The SoGo Mini! www.sogomini.com (now on kickstarter) #indiegogo #kickstarter #sogomini

    Hopefully we can be as successful as this project!

    http://kck.st/1zFvaAW

  5. #5
    Senior Member
    Join Date
    Dec 2014
    Posts
    118
    This is one of the most unique ones I found so far.

  6. #6
    Wew, reading your story and knowing that none of indiegogo direct support to help is really horrifying me.

    Most of what I read told me that Kickstarter has a strongest community for crowdfunding base. But I have arranged my proposal for Indiegogo to be launched in March. How come should I change it?

    One thing I learn from you, that we should be proactive when the story and perks don't go well, we should be ready to change it no matter what. I'm inspired. Thank you.

  7. #7
    I also have watched your video, read your story and all about phroogal. Thanks for sharing. I learn a lot.

  8. #8
    Junior Member
    Join Date
    Jul 2015
    Posts
    14
    A bit off topic but where do people get their e-mail lists from?

  9. #9
    Junior Member
    Join Date
    Aug 2015
    Posts
    4
    Good story! Thanks for the advice. I might need to switch up the campaign a little

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