CrowdMap '14 Crowdfunding Conference in Moscow - Keynote Address by Devin Thorpe
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Crowdfunding can empower groups that traditionally lack access to capital like women and minorities. It can level the playing field for ordinary investors and help growth in developing areas. Specifically, crowdfunding allows people to invest small amounts in startups in emerging markets and helps the impoverished raise funds for microenterprises. The document discusses different types of crowdfunding like rewards, donations, and investments. It provides tips for a successful crowdfunding campaign such as assessing networks, ensuring the project has appeal, urgency, and credibility, and engaging communities and media.
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CrowdMap '14 Crowdfunding Conference in Moscow - Keynote Address by Devin Thorpe
- 1. Crowdfunding: Good for the World Devin D. Thorpe October 2, 2014 @devindthorpe
- 2. Good to be Back
- 3. A little about me
- 4. Teton Dam
- 5. Crowdfunding willโฆ โข Empower women and minorities โข Level the playing field for ordinary investors โข Facilitate growth in the developing world โ Enabling the developed world to invest in high growth opportunities in emerging markets โ Allow impoverished individuals to raise small amounts of capital for microenterprises
- 6. Women Receive 5% of VC
- 8. Agenda
- 9. Agenda โข Types of crowdfunding โข Examples of each โข Assessment โข Keys for success
- 10. Types of Crowdfunding Rewards: Mostly campaign-created goods being sold Investments: Debt and equity issues Donations: Nothing but thanks in return
- 11. Donations
- 12. โฝ200+ million
- 13. โฝ1 billion in 1 day!!!
- 15. Coolest Cooler
- 17. Securities Laws Since the Great Depression in the 1930s, securities laws around the world have typically prohibited the sale of speculative investments to ordinary investors.
- 18. Laws Are Catching Up To Technology Many countries in Europe, Canada, Australia and many states in the U.S. now permit investment crowdfunding
- 19. Lots of Platforms Source:
- 20. How Does Crowdfunding Work? ๏ง Someone posts a project on a crowdfunding site like Planeta.ru, Indiegogo or BoomStarter ๏ง Friends and fans give money to support the project
- 21. Where The Money Comes From โข The โCrowdโ is almost as difficult to find as a yeti โข The money will come mostly from your own network (about 75%) โข The most successful campaigns get 75% or more from the โcrowdโ
- 23. Assessing Your Project โข All ideas are not equal โ Appeal โ Urgency โ Credibility โ Community DonkeyHotey / Foter.com/ CC BY
- 24. Appeal โข Cool by comparison โข Competition โข Substitutes โข Not just functional โข Disruptive โข Revolutionary not evolutionary Photo credit: FotoSleuth / Foter.com/ CC BY
- 25. Urgency โข Will the project succeed without funding? โข What happens if the project fails? โข If the project succeeds, what happens? โข How soon can promised goods be fulfilled? Photo credit: RambergMediaImages / Foter.com/ CC BY-SA
- 26. Credibility โข Relevant experience โข Appropriate education โข Specific expertise โข Evidence
- 27. Community โข Is there a community? โข Are you a member? โข Are you a leader? โข Formal or informal โข Does your project match your community โข How well can you communicate with your target community?
- 28. Keys For Success
- 29. Key #1: Start Before You Start @devindthorpe
- 30. Key #2: Play โMano a Manoโ @devindthorpe
- 31. Key #3: Shoot a Good Vid @devindthorpe
- 32. Key #4: Engage the Media @devindthorpe
- 34. Dual Approach Old School New School
- 36. Find Investors One at a Time
- 37. Register on a Platform
- 38. How Angels Invest ๏ง Angels typically invest in groups ๏ง Some groups create pools or funds of money ๏ง Some groups allow members to invest directly ๏ง Over 5,000 angel investors in Moscow listed on AngelList (angel.co)
- 39. What Angels Invest In ๏ง Angel groups often specialize ๏ง Most invest exclusively in early-stage startups, often before sales begin ๏ง Invest in the sorts of things that made them rich ๏ง Popular investments: internet, hi-tech, clean-tech, scalable ๏ง Things that typically donโt work: retail
- 40. Before we Conclude/Q&A Visit devinthorpe.com/crowdall to download these slides.
Editor's Notes
- A few of you may recall when in 1976, the Teton dam in Southeastern Idaho failed, damaging or destroying about 80 percent of the structures in the small town of Rexburg. Living then as I do now in Salt Lake City, my father invited me to join him and a volunteer group to Rexburg where we helped dig mud out of a basement and otherwise work to salvage a home. As an 11-year-old kid that was a lot of fun. The whole trip took about 24 hours, leaving about 2:00 AM, arriving at dawn, working all day, leaving at dark and returning after midnight. Now, Iโm not a big guy. Picture me as an eleven-year-old standing next to a shovelโI wasnโt as tall as the handle and just lifting the empty shovel was a task for me. Iโm sure I was of virtually no real help that day, but the experience has come to define my life. I felt so good helping people that day that I promised then I would never miss an opportunity to .serve. Of course, I have missed many opportunities to help. I was, perhaps, distracted by building a successful finance career, but ever since I was let go from my position as the CFO for a global food and beverage company three years I have focused on channeling the enthusiasm of my youth to do my part to make the world a better place.
- How many of you have children? Do you remember the thrill and excitement of your babyโs birth? When Martha and Grant Griffen of Dallas had their son Barron, they were thrilled to see a healthy baby boy. While they knew the port-wine stain birthmark on his cheek wouldnโt diminish his potential in any way, they worried about how he might feel, how he might be impacted by teasing or might simply be affected by innocent questions about it.
- Martha had an idea to inoculate not only Barron, but all of the children like him, born with a special feature, from unkind or unthinking comments. She wrote a story about โSamโ and his birthmark, commissioned an illustrator and created a wonderful childrenโs book called Samโs Birthmark to empower children like Barron. In order to cover the cost of printing the initial copies of the book and to cover the cost of marketing it, Martha ran a crowdfunding campaign on Kickstarter, raising over $31,000 or more than 1.2 million rubles.
- Eric Migicovsky Inventor raised $500,000 of angel money. No VCs would back the company. Angels wouldnโt put up more money. Tried crowdfunding in desperation. Raised over $10 million. Venture capital rolled in.
- How many people do you know? How many friends on social media? How many of them can reach outside of social media? By email? By phone?