Featured on Crowdcube’s blog today, this article shares tips from four companies including Monzo on how they successfully crowdfunded:
Monzo Bank (previously known as “Mondo”) completed their raise in 96 seconds. Yes, you read correctly; their offer was finished in under two minutes.
But, if we are being honest, they didn’t raise that money in 96 seconds. It is a nice headline, but Monzo’s campaign started a whole year earlier when they made the conscious decision to deeply involve their potential customers in building Monzo from the ground up.
“We asked our potential customers very, very early on to help us build the bank of the future – the kind of bank that they would be proud to call their own. We very intentionally created a ‘movement’ of people who wanted to be involved with creating something. When we created our prepaid debit cards, for example, we invited people into our offices to pick them up. That way, they could come and see our white boards, meet the design team and product team and actually give their input into what we were building,” explains Monzo CEO Tom Blomfield.
“Then, when crowdfunding came along, it was a very natural progression for these people. They were around us so much, and felt so much a part of what they’d help us build, that they were the ones asking us: ‘When are you raising money?’”
The reason Monzo’s offer was completed in 96 seconds was that they had done such a great job of building their crowd that people were waiting to be asked for their money, and when that opportunity finally came, no one wanted to miss out.
The content of the article has been adapted from Equity Crowdfunding: The Complete Guide For Startups And Growing Companies by Nathan Rose and is available to download free on Amazon for this week only.