Boston-based Arora Project is a startup company dedicated to helping other startups with the same entrepreneurial spirit.
And it’s succeeding, so far.
The Arora Project has already raised over $1.5 million on Kickstarter and Indiegogo across six projects in 10 months.
Not only have all the Arora Project’s campaigns been fully funded, but one holds the title of highest funded footwear project on Kickstarter, and, another, the highest funded furniture project on Indiegogo.
The company’s CEO, Krishan Arora, a 2014 graduate of the Harvard Division of Continuing Education, said his company has helped these Boston businesses achieve success by “taking all subjectivity out of decision making and evaluating data in real time in a systematic way.’’
“A lot of people today don’t understand marketing,’’ he said. “They just do a bunch of different things, and as long as the numbers are high everyone is happy. But that isn’t meaningful and can’t be replicated.’’
Arora first became seriously interested in crowdsourcing when he helped his brother, who founded the shoe design company Kabaccha, launch a Kickstarter campaign. During that time, Arora worked 70-80 hours a week, consistently monitoring the project and building out what would become the groundwork process for Arora’s future crowdsource consulting. The project raised over $417,000.
This success inspired Arora to leave the corporate business world to start his own for-profit, social enterprise in crowdfunding marketing.
The crowdfunding model isn’t going anywhere either. By 2016 the crowdfunding industry is on track to account for more funding than venture capital, according to Forbes.
The Arora Project, comprised of four employees and an extended network of partnerships, “only works with serious projects with passion and unrelenting determination for success,’’ according to its website.
The methodology is held somewhat under wraps, but Arora said it does involve a substantial amount of A/B testing prior to a campaign’s launch date.
Lynn Birch, from the technology startup Skreens, said the Arora Project helped the company come up with a unified script for their campaign in a timely manner, testing logos, email templates, Facebook ads, and promotional videos all prior to the actual launch of its campaign. The goal: to see what generates the most “clicks’’ and then potential revenue.
“[Arora] has an extensive sense of what needs to be done,’’ she said. “He’s organized, and he’s good at getting through all the details so that takes a lot of the burden off for a company because the campaign is only one of many projects that needs to be done to succeed.’’
Skreen’s campaign raised almost $472,000, hitting its goal in 25 minutes.
The Arora Project’s method stresses the need for major momentum in the first few days of a campaign. The company works to have all its projects almost fully funded with guaranteed backers who will invest their money the first day the campaign launches.
This strategy has already worked with four Boston businesses, including ButcherBox, a Cambridge-based startup that ships grass-fed beef across the country. CEO Mike Salguero’s campaign became the most funded food project ever to come out of Massachusetts on Kickstarter. The project raised over $210,000.
“I believe right now there is an opportunity in crowdsourcing,’’ Salguero said. “If you know how to play by the rules, you can do really well. And most people don’t know how to do that.’’
The Arora Project has already signed on to launch four more Boston-based campaigns in 2016, according to its founder. He said the company also hopes to launch an e-learning course for already established businesses wanting to familiarize themselves with what to expect in a crowdsourcing space, as well as a software tool to help businesses manage their campaigns in a more efficient way.
There is much to do for this growth-hacking company to continue to grow, but Arora couldn’t be happier about it.
“I never want to own an alarm clock. When I wake up in the morning, it’s because I really want to wake up and do my job,’’ Arora said.