Crowdfunding has helped a number of entrepreneurs make their business ideas become reality – but what is the secret behind success?

The fundraising method sees entrepreneurs upload a Dragons Den-style pitch to a website and then wait for a series of investors to pledge money. Companies must reach a target amount before their time runs out.

One young businessman who has benefited is George Edwards, 19, who was given the opportunity of a lifetime to launch a start up company under the guidance of Sir Richard Branson.

The Canterbury entrepreneur’s firm Gas Sense developed a tool which allows people to find out how much gas is left in a container.

He received £15,000 from crowdfunding in 30 days and caught the eye of the Virgin founder when he applied for a loan from the group.

He was offered the chance to travel to Detroit with Sir Richard, where he learned about tapping into the US market. He also met Rob Love, chairman of website Crowdfunder on the trip.

The meeting on June 11 aimed to produce a secure plan to move onto the second stage of funding to support his business growth. Virgin StartUp also provided a £19,000 loan to Mr Edwards to help get his venture up and running.

To run a successful campaign, Mr Edwards says there are three vital components – commitment, a strong pitch and good rapport with the audience.

He said: “Make sure research is thoroughly done, really take time to build a social media following and build relationships with relevant bloggers and journalists.

“The pitch is really important. Take plenty of time to plan how to communicate your product and how that fits into your story.

“Think about visuals, making the video good to watch and the page pleasant to read. Really try to fill it all with your brand. Social media will help to connect with the audience, but even after you start, make sure you interact as much as you can and quickly respond to any comments and requests. Frequent updates are key.”

Crowdfunding helps small businesses take off as there isn’t as much as a risk, according to Mr Edwards.

He said: “You can test the water before taking the plunge. It can be very flexible and often allow you to build a community, raise large amounts of cash and not give away equity.”

It’s a lower risk for investors too. The rules of crowdfunding don’t allow for the business to get the pledged funds if it does not reach its target.

However, success is not a given. Some 62% of projects fail to meet their funding goals and the results are very public.

Mr Edwards said: “People love a good story and a great product which is timely and relevant. If you are able to spend two months or so on social media, you will be in a good place. Similarly, several weeks spent filming, writing and testing your campaign pitch page would be time well spent.”

Sir Richard Branson said: “George is a brilliant example of an entrepreneur making real headway in his industry.

“Detroit is a city ripe with start-ups and this is a fantastic opportunity for him to gain business advice and build his understanding of the US market. It was a great trip.”