Jean publishes a blog called the Enterprise Corner. It features articles on entrepreneurship, local industry trends, manufacturing news and periodic ‘toolbox’ articles showcasing assistance, incentives and other resources for local businesses.
Crowdfunding has become enormously popular over the last couple of years as a way to raise money for a business, project or a non-profit. and we are pleased to line up Greg Paley to teach our workshop. He is an attorney with years of business advisory experience - more recently he has been offering seminars on Crowdfunding around the state. We caught up with Greg recently and asked him what is driving the interest in crowdfunding.
New Vision: What is Crowdfunding and why is it so popular?
Greg: Crowdfunding is a wholly new way of securing funds online to support a business, nonprofit or social cause. Crowdfunding is popular because its easy compared to traditional fundraising. Anyone can do it but it has been hyped in an overly simplistic way. Crowdfunding is not for everyone and it takes work and commitment to run a successful online campaign.
New Vision: What are Crowdfunding's advantages over traditional financing:
Greg: It is a lot easier raise funds. There are no extensive reporting requirements, no limitations on the use of funds, and it is suitable for large and small businesses. You also don't have to be an established business. Additionally crowdfunding provides businesses greater exposure for their idea (think about investors and supporters from around the world).
New Vision: What do people considering Crowdfunding need to know?
Greg: Crowdfunding is not easy! There is work and process involved. The Crowdfunding portals make it easy to start a campaign but they do not teach you how to implement a successful campaign. Only a small fraction of campaigns are successful and there is a methodology for success that I'll share at our upcoming seminar.
New Vision: What else will you be covering at the May 29th workshop in Yakima?
Greg: I typically start by discussing how people can grow and manage their business. Through this lens we will look at Crowdfunding options. We will wade through the rhetoric of crowdfunding and show people how to evaluate crowdfunding options and how to stage successful campaigns.
I will also look at crowdfunding from an investor's perspective. It is important to know how to evaluate crowdfunding campaigns and do adequate due dilagence on potential investments. It is also important for businesses and nonprofits running crowdfunding initiatives to know potential investors, their expectations, and the expertise they might bring to the venture.
See our other related blogs:
What is Crowdfunding: Will it Work for You? l Crowding and Kicking: JOBS Act Provides New Funding Options for Entrepreneurs
Washington State Enters Crowdfunding Arena:
Interested investors and businesses can contact Faith Anderson if they have questions about the new Washington State Crowdfunding initiative.