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  • Use IndieGoGO To Fund Your Innovation

    Picking the length and goal for your campaign is trickier and more scientific than most people think. The key is to be pragmatic.

    Upstart: Startup/Entrepreneur

    This crowdfunding site is rivaling Kickstarter as a place for entrepreneurs to get a funding boost—and create a built-in fan base.

    When Ian Gaffney and Samantha Abrams were looking to expand their upstate New York organic, raw, and vegan snack food company, they turned to an unlikely source for business advice: Gaffney’s brother’s rock band.

    The band, the Makepeace Brothers, had just successfully paid for the recording of their latest album using IndieGoGo, the crowdfunding site that lets users raise money for projects—and that means anything from a rock album to an art projects to cancer research. Gaffney said the site, which now manages 22,000 campaigns across 159 countries, was a good fit for their small company, Emmy’s Organics.

    “We were kind of like, ‘Wow, we have this big project we want to take on, we don’t have the cash flow to do it.’ We thought we would give this IndieGoGo a shot,” he says.

    Within a month, the campaign raised more than its $15,000 goal, giving Emmy’s the capital to redesign its logo, create new packaging, and launch new branding.

    IndieGoGo is attracting more and more entrepreneurs for its rate structure, which charges only 4 percent for successful campaign, while rival Kickstarter charges 5 percent. And unlike Kickstarter, users get to keep most of the money raised even if they don’t reach the goal (with a 9 percent charge for unsuccessful campaigns).

    Here’s how to best use the service to fund your big innovation—and how to create a built-in fan base you can’t get with traditional venture capital funding.

    Using IndieGoGo to Fund Your Innovation: Be Strategic

    Picking the appropriate length of time and monetary goal for your campaign is trickier and more scientific than most people think, founder and CEO Slava Rubin says. The key is to be pragmatic.

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    Filed Under: Startup/Entrepreneur


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