About Me 0100: Making Money Through

The new Republican majority in the House of Representatives has begun the process of repealing the Healthcare law. Some have argued that, because the Senate may not repeal it as well, and the President will likely veto it, the House’s repeal is purely “symbolic.”

Just as the reading of the Constitution on the floor of the House, on Wednesday, was symbolic of a “return to constitutionalism,” as Charles Krauthammer writes, the repeal of the Healthcare law in the House will be symbolic not just of the fact that Republicans have heard the will of the American people, but also that they fully understand that the new law is, only superficially, a jumbled and thoughtless mess of rules about how healthcare should be delivered and paid for in this country. In reality, the Healthcare law is a liberal power grab that is gradually permitting the federal government to control more of our lives, making more people dependent upon the government and continuing the culture of dependency among minority groups who, up until now, have mostly voted liberals into power. The symbolism of the repeal will ring loud and clear.

Liberal Democrats will be launching a big campaign over the next few days, doing what they always accuse Republicans and conservatives of doing- “fear-mongering.” They will be telling their constituents that, according to the Congressional Budget Office, the repeal of the Healthcare law will increase debt, that Republicans don’t want people with pre-existing conditions to have access to health insurance, and that Republicans want to defund Medicare, new chairman of the House Budget Committee, Congressman Paul Ryan, has set out why these claims are wrong.

However, one of the features of the new Healthcare law, already in effect, is the extension of healthcare coverage to adult children (up until 26 years old), a hallmark of the true intention of this law- to make more people dependent, while it raises premiums on private health insurers who need more money to meet this new requirement.

For those who do not have adult children in the 21 to 26 age range, would it surprise you to know that these adult “children,” who are now covered, are not required to even live with their parents to remain on their plans, and that they may even be married and still be covered under their parents’ health plans?

Through the new Healthcare law, liberal Democrats have gradually introduced the concept that adult children should remain dependent on their parents, and when their parents are not around, perhaps the government can take over in that parental role? Of course, this new rule comes at a time when the economic decline made it difficult for young adults to obtain jobs. This is how the gradual creep of dependency begins: introduce a law which creates dependency on the government at a time of crisis, so that uninformed Americans will see it as a caring and positive intervention to help them in their time of need. This is how every entitlement legislation begins, and why none has ever been totally eradicated thus far, mainly because people have come to expect these benefits.

One of the newly elected members of Congress who understands well the liberals’ drive to make more Americans dependent on the government is Colonel Allen West of Florida. Congressman West will be serving in the Congressional Black Caucus and hopes to represent conservative philosophical ideas such as the importance of individual responsibility, creativity, and entrepreneurship.

In addition, as a result of the left’s encouragement of this culture of dependency, those who are truly in need will no longer have to seek voluntary assistance from neighbors and communities. Conversely, neighbors and communities will not be encouraged to voluntarily reach out to others because the knowledge that the government will provide for their friends’ needs may cause them to think twice. As such, dependency on the government creates more distance, and less connectivity, among members of a community.

At this point in time, any resistance to repealing the Healthcare law, and replacing it with commonsense legislation that reflects free market principles, will be almost entirely about continuing the culture of dependency, a hallmark of liberalism, that has taken over this country. We can be sure that liberals from the previous Congress will try hard to keep this culture in place. Their ability to remain powerful depends on it.

What made this project so successful? After all, there are other iPod Nano projects. And it's a wristwatch, which even with the addition of a Nano, might not be the coolest or most necessary of accessories.

Bryce Roberts, the Managing Director of O'Reilly AlphaTech Ventures, points to some reasons he's identified that contributed to the success of the Lunatik/TikTok fundraising endeavor. These lessons that can be seen in other successful Kickstarter projects (such as Diaspora), but they're also applicable in many ways to more "traditional" funding efforts.

Tell a personal story

The Lunatik/TikTok "pitch" wasn't a bulleted list of qualifications or clients. Rather, the members of the team "told personal stories that created a connection to the project that had nothing to do with their professional pedigree." While this sort of storytelling doesn't boost their professional credentials, Roberts argues, it does give the entrepreneurs a certain personal authority and helps to connect them to funders and potential funders in a different way.

Roberts argues that the best fundraising pitches always emphasize this personal aspect. "It's a given," he writes, "that if I chose to invest in you I believe I can make money, but there are the intangibles around personality, perspectives, and life experiences that will make a potential funder more likely to want to believe you."

Tell the product's story

If you watch the TikTok video (below), you'll see the product is featured throughout. This demonstrates what the product can do - and that it can do what the startup promises. The video also demonstrates the larger potential of the product. These might be "small, nice little features" that some investors would dismiss. But with the crowdfunding model, the right storytelling around this seems crucial. "The difference between a nano strapped to a wristband and a premium quality, highly designed, customizable piece of wearable technology is simply a matter of how you tell the story."

But even when you aren't using a site like Kickstarter to raise money, it's crucial that your product be front-and-center in your presentations.

Give rewards and issue progress reports

Investors, by definition, invest in order to make a financial return. Nonetheless, argues Roberts, you should offer more than simply the promise of "making money." These sorts of non-financial rewards can be personal and personalized. By design, Kickstarter tells its users, "the best way to inspire support is to offer people great rewards. Everyone loves limited editions, one-of-a-kinds, and fun experiences (parties, screenings, balloon rides!). Spend some time brainstorming your rewards and people will respond. No one needs another coffee mug."

And as your project and your company are constantly evolving, it's good to keep investors and potential investors up-to-date on your progress. In the case of TikTok, the creators even filmed themselves in China when they traveled to the factory where the watch kits were being made. But the same could be said for all funding relationships; keep your investors apprised of "how you're making progress and how your story is continuing to unfold in a big and important way."

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Monday, January 10, 2011

Making Money Through

Tell a personal story

Tell the product's story

Give rewards and issue progress reports

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