The Wright Place

Dr. Letitia Wright's Three Quick Tips for Avoiding Crowdfunding Failure

The Things That Matter


Ontario, CA -- (SBWIRE) -- 06/13/2017 -- Dr. Letitia Wright has been teaching business owners how to use crowdfunding for over six years now. As the landscape of crowdfunding has changed over the years, the skill-set needed to be successful has also changed. "Many business owners look the success others have found in crowdfunding and do not realize how much preparation had occurred. No one talks about how long they prepared. I have found that people who raise $100,000 or more have typically planned nine to twelves month before their launch." says Dr. Wright. "Lack of preparation is the biggest cause of crowdfunding failure."

Dr. Wright has taught business crowdfunding for the Small Business Administration in Los Angeles and Las Vegas. She will also be teaching for California State Univerisity in San Bernardino for the MBA program. "People all over the world are interested in crowdfunding. It is considered a financial disruptor. Lack of success in crowdfunding has created a lot of disinterest from small business owners who seek to fund their projects. " says Dr. Wright. "There are several types of crowdfunding models now, and most people are using the wrong model for their business. I frequently see companies raising money like they are a non-profit. It does not work well, their audience is confused and often does not respond." She considers this to be a part of proper preparation before launching. Not making sure that you are using the correct model, creates the risk of failure in your crowdfunding.

"The third most popular reason for crowdfunding failure is to forget about the crowd. You have to bring your crowd." Says, Dr. Wright. She does not believe in using the campaign to attract your crowd. She believes in gathering your crowd ahead of time and then launching to the people who are highly interested. "Then all your time and money is spent on people who will give to your campaign. You will result in greater amounts raised as well as more referrals." Because individuals who refer tend to be 'super-fans' understanding who your super-fans are is the key to raising large amounts of money.

To learn more about crowdfunding and find out about Dr. Wright's upcoming classes visit