"Bringing potential investors to the online pitch is key to success, and we used a mixture of social media to generate excitement about our proposal.
Momentum is also important for crowdfunding, and we never let up telling everyone to invest. Many investors hold back and wait and see how the pitch progresses before investing themselves so don�t be disheartened if interest takes a while to build. We raised the last �60,000 in a few days, so once the pitch has momentum it can close quickly.
Ultimately, we had a very successful pitch for PixelPin, raising the full SEIS amount of �150,000 in record time from 193 investors.
Key factors for our success were:
- The PixelPin solution is simple to understand and solves a pain point that everyone has, i.e. passwords
- We could demonstrate good traction already in the market
- The market is very large i.e. global
- We could back up our pitch with a strong business case
Interestingly many of our crowd investors did turn out to be from the IT and security market, and a number of VCs have been impressed by the speed in which we raised the full amount.
The whole crowdfunding experience was really positive and we�re looking forward to the future with the support of our new investors."
Pixelpin is a cyber-security company that was nominated as one of the most innovative mobile start-ups by UKTI and SMART in January 2013. PixelPin has developed a new approach to online authentication using personal pictures to replace passwords.