As the saying goes, you need money to make money. This is true when referring to start-ups. Entrepreneurs need to have the money to start a business, and those money can come from a loan, family, friends, or an investor. Another way business founders can take, which is considered one of the most innovative ways to fund businesses in the 21st century, is crowdfunding.
Nathaniel MelThe founder and current CEO of a Philadelphia-based ceramic design studio turned to crowdfunding when business funding was needed.Mel did a kickstarter for his company Felt + fat When trying to expand his business by buying equipment to increase his production. Below, Nate delves into crowdfunding and what it can do for your business.
Crowdfunding is a way for entrepreneurs to raise the money they need for their business through small investments from family, friends, and strangers who find crowdfunding campaigns online. Crowdfunding is due to the era of technology that digitized personal solicitation. There are many different online crowdfunding platforms that offer entrepreneurs many options for setting up fundraising campaigns. These platforms include Fundable, Kickstarter, and Indiegogo.Crowdfunding is also for entrepreneurs and developing businesses Community with partners..
Steps to get started
Before starting crowdfunding, entrepreneurs need to consider whether this funding option is appropriate. Crowdfunding ideas include connecting with people in the community and interacting with people who are interested in your mission, business, or campaign. It takes time and patience to run a fundraising campaign, and business owners need to ponder the number of people who want to help a venture that is raising funds.
The three types of businesses that most commonly use and benefit from crowdfunding are startups, established businesses, and nonprofits. Different crowdfunding platforms meet certain types of funding goals, and entrepreneurs need to be able to articulate their funding goals before choosing a crowdfunding platform. If you choose to use crowdfunding to fund your business, it’s important to understand security-based crowdfunding and reward-based crowdfunding. Security-based crowdfunding focuses on debt and equity crowdfunding, while reward-based crowdfunding or donation-based crowdfunding seems to have been done by Felt + Fat during the Kickstarter campaign. In addition, it is an exchange of donations.
Felt + Fat, Mell’s ceramic design and manufacturing organization, has experienced the benefits of crowdfunding through an online platform called Kickstarter. Felt + Fat’s financial goals are clearly stated along with the company’s background and vision. Campaign page.. The company’s campaign on Kickstarter has set a goal of raising $ 20,000. 222 people pledged a total of $ 26,256, well above the target. Felt and fatWe did reward-based crowdfunding. For the donation of the set, Felt + Fat has returned works from its own ceramic collection. For example, if an individual pledges $ 25, Felt + Fat will send him one of a handmade porcelain espresso cup with a sturdy half-moon handle. If an individual pledged more than $ 2,000, Felt + Fat returned a complete custom set that included an additional experience of personal studio visits. Felt + Fat was able to get both customer support and brand exposure from crowdfunding.
About Nathaniel Mel
Nathaniel Mell is the founder and CEO of Felt + Fat., Ceramic design, and a manufacturing studio that serves both professional and home chefs. Natemel founded a Philadelphia-based company in 2014 after graduating from Temple University’s Tyler School of Art and working at the world-famous Philadelphia Clay Studios.
Nathaniel Mell, Successful CEO of Felt+Fat, Talks Crowdfunding’s Potential in Growing Your Business Source link Nathaniel Mell, Successful CEO of Felt+Fat, Talks Crowdfunding’s Potential in Growing Your Business