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Cash Strapped Entrepreneurs Get Creative
Got a great business idea but no money to finance it? It’s the age old problem faced by would-be entrepreneurs. But a new generation of online funding platforms is taking the pain out of raising capital to get new ventures off the ground.
The platforms cater for everyone from starving artists to tech start-ups. They allow anyone with a business proposition to post an online pitch which goes straight into the offices and homes of potential investors and donors across the world.
When Los Angeles-based design students Jesse Genet, 22, and Stephan Angoulvant, 24, needed to raise $12,000 (£8,000) to launch Lumi Co, a printing and design company, they decided to bypass traditional avenues and cut out the middle men.
They registered with Kickstarter.com, a site aimed at anyone in the creative industries.
The creators of every project must set a cash goal and a time limit, though there is no limit on how much people can raise. If they reach the goal within the time limit they get to keep the pledges. If they don’t, all pledges are returned.
Kickstarter takes 5% commission on all projects which are successfully funded.
Crucially, the owners of all businesses and projects funded through the site keep 100% ownership of their ventures.
Photo by stopnlook
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