Crowdsource Noon Knowledge SBA Session, April 22, 2015
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Have you heard about the new way to raise money? Carl Knoblock with the Small Business Administration presented this session discussing what it is, why businesses and organizations should use it and how you can get started.
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Crowdsource Noon Knowledge SBA Session, April 22, 2015
- 1. Art of Crowdfunding April 22, 2015
- 2. Outline • What is Crowdfunding • Types of Crowdfunding • Art of Crowdfunding
- 4. What Is • $$$ raised in smaller amounts • Numerous people to invest/contribute • Online • May or may not be accountable to investors • For Profit or Non-Profit • Crowdsourcing the same
- 5. Types • Donation Based • Product Based • Equity Based • Services Based
- 6. Donation Based • Raise $$$ - Donations • Offer awards • Donors receive little in return or nothing • Typically <$25,000
- 7. Product Based • Development of Product • Offer awards/product • Donors goal: receive product or help in development
- 8. Patents • America Invents Act • Major Change - First to Invent to First to File System – Date of application versus date of invention – Provisional Patent - Good Idea
- 9. JOBS Act • Jump Start Our Businesses (2012) • Regulated by SEC • SEC slow to implement • www.sec.gov
- 10. JOBS Act - Proposed • Raise up to $1 million/year from anyone without having to do public offering • Ordinary Investors can put up to $10,000 to SB that are not registered with SEC.
- 11. Investors • Commercialization Timeline • Many Investors – Seed $$$ • Venture Capitalists - Future
- 12. Virginia Proposed • House Bill 1360 • Senate Bill 763 • $2 million maximum • $10,000/single investor – Non accredited investor – Accredited investor – larger $$$$$$
- 13. DC Active • Virginia following DC model – Minor differences
- 14. Peer to Peer • Roots international – village • Loan – 0% interest • Pay back to peers to reinvest • $500 - $5000 • www.kivazip.org
- 15. Service Based • Bartering • www.greenapplebarter.com • Low cost (i.e. logo, web design, etc.) • www.fiverr.com
- 16. For Profit • www.kickstarter.com • www.indiegogo.com • www.rockethub.com
- 17. Non-Profit • www.crowdrise.com • www.fundly.com • www.startsomegood.com
- 18. Are You Ready • Its more than an Adventure; It’s a Job! • Idea Shown the $$$ Will Flow-WRONG! • Fees - YES • Possible Penalties
- 19. Are You Ready • Must be 18 years old • Check to see requirements on U.S. Resident • Major Credit Card or Debit Card • May have to establish Amazon Payment Account
- 20. Are You Ready • Research is the KEY • Review past CF site projects • CF Website will determine Yes or No to your project
- 21. Two Ways To Crowdfund • Use existing CF sites • Use your website & network
- 22. Product; Service; Event • Casual observer find interesting • Unique; different or value added • Describe project in 30 seconds
- 23. Finances • Research How Much You Need – Cost of Project – Cost of Rewards Promised – Don’t Forget Payment Fees • Host Website • Amazon
- 24. Finances • Taxes • Person changes mind to fund – Loss Revenue (10-20%) • Other services • Do Financial Projections!
- 25. Who Gives • Friends & Families – NO • Repeat Backers – <20% • Average Pledge $25
- 26. Who Gives • The Host Site is not where revenue grows from • “The Story” – Media – Unique Website for Campaign – Social Media
- 27. Duration • 15-Day • 30-Day Best One • 45-Day • 60-Day
- 28. Duration • Remember – Constant Communication – Reply to email – Create Blog & Update – Respond to Facebook, Twitter, etc. – Getting media coverage – Update on Rewards – Update Video – 168 Hours – Global
- 30. Video • Be Real • Two – Five Minutes • Get to Point in First 30 Seconds • You or Friend Present It – Passion
- 31. Video • Tech/Fab Shops Can Help – 3-D Printing – Rapid Prototyping • Show as much as you can: – Computer Model – Physical Prototype – Functional Prototype • Can Use the 5 Senses
- 32. Video • Avoid Using Copyright Materials • Audio – SoundCloud – Vimeo Music Store – Free Music Archive • Video – www.Archive.org
- 33. Video • Take Your Time • Do It Right • Don’t Forget To Say – How to Donate • Goal:VIRAL • New Videos Throughout Campaign
- 34. Video • Facebook • Twitter • You Tube • Website
- 35. Rewards • Make sense & relate to project • Awards at different payment tiers • Value added or junk • Did you figure into your costs • Logistics
- 36. Rewards • Did fans offer reward ideas • Limited rewards • Personal touch (i.e. Thank You)
- 37. Reminder • Market Research • Finances • “The Story”
- 38. KEEP IT SIMPLE!
- 39. Questions