Why Most Crowdfunding Campaigns Fail (And How Top Issuers Avoid It)

In this episode of Inside Startup Investing, Chris Lustrino sits down with Jason Fishman, founder of Digital Niche Agency (DNA), one of the earliest and most active “capital raising agencies” in equity crowdfunding. (00:00–02:45) |Jason breaks down what actually drives successful Reg CF and Reg A+ campaigns in 2026: setting traffic goals, understanding conversion math (average investment size vs. how many investors you need), and building a multi-channel funnel across Meta, Google, newsletters, retargeting, webinars, events, and organic content. (04:25–10:06) They also unpack the “crowd effect” that causes many campaigns to look flat mid-raise before spiking near the deadline. (10:19–12:30) Finally, they explain why consistent updates and investor relations between rounds can materially influence outcomes—both by improving trust and by strengthening repeat-investor participation over time. (23:04–25:55)