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Crowdfunding and Crowdsourcing Crowdfunding and Crowdsourcing Drew Tulchin July 13, 2016 Training Objec-ves • Understand possibili-es, limitaons of crowdfunding & crowdsourcing • Explore different types of crowdfunding models; when each appropriate • Gain familiarity with some online plaorms • Learn best prac-ces • Check out case studies Have fun! Please ask ques/ons at any /me About UpSpring www.upspringassociates.com Network of seasoned consultants for impact investment and development to help businesses, organizations, foundations and governments "Do well by doing good" • Certified HubZone Small Business • ‘B Corporation’ since 2010, the first in New Mexico • Honors: 2015, ‘14 & ‘11 “One of the Best for the World” One of 119 companies from 20 countries 2012 Honoree NM Sustainable Business of the Year Drew Tulchin, MBA, Managing Partner 16 years experience building start-ups and growing organizaons. Specializing in the 'triple boOom line,’ focus is market driven business success that generates social, community, and environmental value Consul-ng experience with numerous Nave American Tribes and in 40+ countries from A (Afghanistan) to Z (Zambia) Recent capital raises: Ohkay Owingeh Housing Authority in NM, US MFI from the U.S. Dept. of Treasury, Koolkids in Vietnam, Solar and Energy Loan Fund (SELF) in Florida, and Sea2Table in NY 100+ publicaons and presentaons on these topics 100+ strategic and business plans Efforts >$100 mil in socially mo-vated capital Biz plan winner, Global Social Venture Comp; Prisma Microfinance raised venture $1.2 mil Helped raise $2.7 mil for launch of Meow Wolf Art Complex Consul-ng Examples Meow Wolf Art Northern Pueblos Complex, Santa Fe Housing Authority, New Mexico New Mexico Sea to Table, Brooklyn, MoGro, Santa Fe, New York New Mexico Poll QuesNon #2: What is one queson you have? What is one thing you want to learn today? Topics Overview • Introduction to Crowdfunding • Types of Crowdfunding • Donation Crowdfunding in Detail • Activity for Success • JOBS Act, Title III Introduction to Crowdfunding & Crowdsourcing Crowdfunding defined Crowdfunding involves raising money for a project from a large number of people in small amounts, typically via the internet Who has done Crowdfunding? Are you planning to do it? Kickstarter: Housing Other Notable The Future: Airtightness Art Community: Meow Wolf Art Complex Regional: Bay Area Planner Education: Dawnland Documentary Families in need: Give Shelter Art: Repellent Fence Border installation Tradi-onal forms of Capital Poll QuesNon #3: What purposes do you see for crowdfunding? Crowdfunding 1. Small biz seeking small amounts of capital, lacking Who for? easy access 2. Early stage organizations & individuals with specific project or product 3. Opportunity to conduct product pre-sales to finance manufacturing/creation • Capital Raising Why do it? • Media Exposure • Partnership Recruitment • Mindshare, Thought Leadership Benefits of Crowdfunding 1. Expands capital raising universe 2. PR / exposure 3. Engage new partnerships / opportunities 4. Opportunity to pre-sell, test the market Crowdfunding Leverages the Power of Social Networks Types of Crowdfunding Types of Crowdfunding 1. Donaons 2. Equity 3. Peer to Peer Lending 4. Crowdsourcing From Seedinvest.com Donaon Based • 4+ million people pledged $734 • Better for smaller raises, successful million since launch in 2009 campaigns take average of 40 days • Focus on creative projects and • Two-tiered pricing system & non- high tech profit discounts, only major platform to offer “partner pages” • Personal fundraisers, non-profits • Art, business, science and social projects, and social impact fundraising partnered with A & E, Ovation TV • Most raises are between $1-10 K, • Numerous raises between $1-20 K, the limited number reach $100 K largest reach $500 K Donaon Based If people back your project, acknowledge them • Prize levels, typically 3-5 • Memorabilia – special, can’t get elsewhere Example: Meow Wolf - Raised more than their $100K goal $5 Original animated gif $10 Meow Wolf sticker and gif $15+ Exhibit admissions $30+ Meow Wolf shirts and merchandise $500+ Annual Family Passes Kickstarter: Project link Donaon Based Example: Repellent Fence - Raised more than their $10K goal $10 Limited Edition Postcard of land art installation $10 Download of new album $30+ Signed CD/mini-book $150+ Signed vinyl LP of album $500+ Signed limited edition photo print of Repellent Fence installation Kickstarter: Project link Equity Crowdfunding YESTERDAY ACCREDITED Web Portal Investee INVESTOR Charge % of $$ raised Equity stake to investor TODAY “2.0” – May 16 Investee as a EVERYONE Web Portal Group Equity Crowdfunding Crowdfunding for Social Impact • Secure investment plaorm with opportunity for sustainability, educaon, job creaon, healthcare • Purpose-driven investors • Launched 2016 • Searchable online database matching money and partners for community development, social projects • Robust capability and trusted network Peer-to-Peer Lending • Borrowers request loans, amounts vary by site, range $2 K - $25 K • Lenders invest as liOle as $25 • Facilitated by website for fees This is DEBT, must be paid back Peer-to-Peer Lending Intermediaries Lender & Trustees Borrowers • Set interest rates • Reverse auction model • Choose borrowers • Unsecured loans Trustees ensure borrowers are credible Crowdsourcing Online Online Web Portal Community Community Get Answers From the Universe Crowdsourcing Example: Live and Tell www.liveandtell.com • User-generated content site to share and learn native languages • Users create audio-tags for pictures, like Facebook tagging Crowdsourcing Success: In 2007, Oil Spill Recovery Institute partnered with InnoCentive, leader in prize- based open innovation sourcing, to solve environmental issues John Davis, a ‘solver’ in US, awarded $20,000 for winning idea Innocen-ve Link: www.innocen-ve.com Donaon Crowdfunding in Detail Which site is the right fit? • Fees • Campaign Timeframe • Site fit for YOUR effort • Requirements? • Customer Support • Promotion How it works Donaons used to fund specific projects or campaigns, usually in exchange for a perk: a gin, memento or product Creavity in how you cra solicitaon or campaign; connect with a specific audience (target market) is key Compeon with lots of campaigns – you need to stand out AcNvity for Success Ac-vity Read: The Crowdfunding Bible www.crowdfundingguides.com Honest Answers: How good is your idea? What value does it offer? How is it different? Have you done the calculations so you know how much money you need – really? Ac-vity Dig deeper - Reach further 1. What is the hook for your story? 2. Who is your ‘target market’ (your peeps) 3. Leverage your Network? What social media sites? Successful Crowdfunding: 7 Steps 1. Cost it out 2. Do your research: what differentiates successful & NOT? 3. Marketing: get your campaign covered! 4. Set fundraising goal 5. Figure out prizes & levels 6. Be sincere. Find your audience Connect (get commitments b/f launch) 7. More than money – it’s about creating true fans & a market More on Success Stand out Tell a Story Campaigns with videos raised 114% more Get commitments before launch Share lists of backers Culvate Donors 14% of Indiegogo campaigns had single contributor refer more people to the campaign than campaign owner It’s Called Accessing the Crowd CROWDfunding Most give small $$: 85% give less than $50 Successes have ‘angel’ who gives lots Organize ‘raisers’ who hustle for you to their peeps JOBS Act Title III JOBS Act Title III Equity Crowdfunding or Accredited Investor Crowdfunding i How to Decide by Marcia Kaplan © Kaplan & Associates 2016 Used with permission Rules for Title III Crowdfunding Investors In a 12 month period an unaccredited investor can invest: •$2K or 5% of annual inc/net worth (whichever greater) if inc/net worth < $100,000 •10% of annual inc/net worth (whichever greater) if annual inc/net worth > $100,000 •$100,000 max investment any 12 mo period •No resale of investment for 1 year by Marcia Kaplan © Kaplan & Associates 2016 Used with permission Rules for Companies Raising Money <100K 100K-500K >500K Provide ✔ ︎ ✔ ✔ Financial Statements Have Business ✔ ✔ ✔ Plan Independent ✔ ✔ Accountants Audited ✔ Financials Limited to $1 mil ✔ ✔ ✔ In 12 months Regulaons for Intermediaries The regulaons for portals are intricate. The full downloadable list is included in our “Resources” at the end of the presentaon From www.crowdfundingay.com Decision: Title III Equity Crowdfunding • Can you aract sophis-cated investors if you have hundreds of unsophiscated stockholders? (VCs want control, not diluted equity) • Some VCs interested in start-ups that have raised money before; view it as successful seed funding • SEC Compliance costs can be high • Investment is illiquid • Oen limited investor data by Marcia Kaplan © Kaplan & Associates 2016 Used with permission Advantages: Reward vs. Title III Equity Reward Equity • You can raise as much $$ as you • Limit $1 million a year want • Stakeholders expect monetary return; may want input in business • You maintain total control and do decisions not need to pay anyone back • Manage hundreds of investors • Compliance costs can run ~20% of • No compliance costs raise • Limited liquidity for investors to sell by Marcia Kaplan © Kaplan & Associates 2016 Used with permission Case Study: Equity Crowdfunding Oakland Community Market Problem: • West Oakland residents spend > $58 mil a yr on groceries with no full-service groc stores • 70% of groc spending going outside Soluon: • Community Advisory
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