Crowdfunding

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content from the site's projects. In September 2011, the company raised a $1.5 million Series Seed financing round, led by Metamorphic Ventures, ff Venture Capital, MHS Capital and Steve Schoettler, Zynga's co-founder.[17] In February 2012, President Barack Obama's Startup America partnered with Indiegogo to offer crowdfunding to entrepreneurs in the U.S. In June 2012, Indiegogo raised a $15 million Series A round from Insight Ventures, Khosla Ventures and Steve Schoettler, Zynga's co-founder. In January 2014, a Series B round of funding added $40 million to bring the total venture capital raised to $56.5 million. Crowd Funding In an interview with Film Threat, Rubin said the site is “...all about allowing anybody to raise money for any idea.” Users can create a page for their funding campaign, set up an account with PayPal, make a list of "perks" for different levels of investment, then create a social media– based publicity effort. Users publicize the projects themselves—through Facebook, Twitter and similar platforms. The site levies a 5% fee for successful campaigns. For campaigns that fail to raise their target amount, users have the option of either refunding all money to their contributors at no charge or keeping all money raised minus a 9% fee. Unlike similar sites such as Kickstarter, Indiegogo disburses the funds immediately, when the contributions are collected through the user's PayPal accounts. Indiegogo also offers direct credit card payment acceptance through their own portal. Those funds are disbursed up to two weeks after the conclusion of a campaign.[23] According to The Wall Street Journal, as of January 2014 over 200,000 campaigns have been launched, raising "millions of dollars" to people running crowdfunding campaigns in 70 to 100 countries every week. Already-funded projects also use Indiegogo, to create publicity or find distributors. A few of the successful Indiegogo campaigns include: 1. "Lets Give Karen – The bus monitor – H Klein A Vacation!", which raised $703,833 2. Stick-N-Find, which has raised $861,165, 3. Bug-a-Salt, which raised $577,546, 4. Let's Build a Goddamn Tesla Museum, which raised $1.3 million, 5. The Storm Electric Bike, which as of 19 February 2015 has raised $3.5 million from 6,293 funders. 6. SuperMeat, an Israeli company designing a method to produce a meat-equivalent product without animal slaughter by cultivating tissue samples taken from a chicken and developing them into a market-ready meat product. On 24 July 2013, Canonical Ltd. launched its crowdfunding campaign via Indiegogo to raise $32 million for the Ubuntu Edge smartphone. This is the highest target set for any crowdfunding campaign. However, the campaign only raised $12.8 million, falling short of its target, and no funds were disbursed. In February 2014, Indiegogo launched an unsuccessful funding campaign for the Wikipedia Books Project, which had planned to print the entire English Wikipedia in book form later in the year. Page 66 of 115
In April 2014, after being shown clear evidence of fraud, Indiegogo responded by deleting their anti-fraud guarantee. Top Projects by Funds Raised Five largest successfully completed Indiegogo projects by total funds pledged (only funded projects are listed) Rank Total USD Project name Creator Category % funded Backers Closing date 1 $12,174,187 Flow Hive Honey Flow Technology 17,385 36,653 2015-03-07 2 $5,859,412 Sondors Electric Bike Storm Sondors Technology 6,855 14,646 2015-04-02 3 $5,048,213 Restore King Chapel Now Elise Durham Education 63 282 2015-05-22 4 $5,022,943 An Hour of Code for Every Student Code.org Education 26,570 2,801 2014-12-14 5 $4,511,301 Super Troopers 2 Broken Lizard Industries Film 215 52,532 2015-04-24 Campaign Rules Users between the ages of 13 and 17 may not use the site without a parent or legal guardian's consent. Campaign owners may not create a campaign that tries to raise funds for illegal activities, or that is clearly made up or claiming to do something impossible. If the campaign offers perks, it can't offer any forms of interest in the company or venture, or any financial incentive. The campaign cannot offer alcohol, drugs, weapons or ammunition, or any form of lottery or gambling. A campaign cannot promote ideas or opportunities of hate, personal injury, death, or damage of property, or anything that can be distributed that violates another person's rights. Reception Page 67 of 115
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Page 90 and 91: AN INTRODUCTION TO CROWDFUNDING The
Page 92 and 93: 3 / An Introduction to crowdfunding
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The e-Advocate Newsletter Genesis o
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Extras The NonProfit Advisors Group
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About The Author John C (Jack) John
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