Crowdfunding

[Myloop]

Ric,

What is your opinion on crowdfunding sources like Kickstarter?

Cheers,

John

[Ric Richardson]

They are really great if your project is small and home based. I would not use them for prototyping funds or a serious project so I have not used them for any of my projects. On the other hand I wanted to help a friend publish his book and suggested crowdfunding for that. It has it's place just not for anything serious. R

[Myloop]

Then again, you look at Collusion that has raised $150,000 on Kickstarter for its tablet pen / cloud app.  It struck me that such a channel could be a good way to get seed funding in order to source serious VC.

[Ric Richardson]

Sure but does it help with the credibility of the company for a 3 year trade sale? I think not... funding strategy is a professional CEOs domain... generally successful CEOs need a higher velocity than bootstrapping operations can handle...

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[Hugh]

'Pebble' got $10M for a bluetooth enabled watch.. hardly unique, but lucky and well marketed. The common theme for those that raise decent amounts of capital are that they're US based, preferably silicon valley. Even those aussies had to relocate...

Take care with the survivorship bias too when looking at these kickstarter projects. There are 1000s of them.. unless you've got something remarkable that can get techcrunch, Scoble, or other members of the 'internet royalty' club to promote you, its little more than buying a lotto ticket... not something you can plan for.

I'm also a bit anxious about how trade practices interacts with KS... it hasn't been tested in AU courts, or US ones for that matter.What happens when a project spends that money and doesn't deliver or can't deliver.. I personally wouldn't want to be a test case...

[Ric Richardson]

This site is for inventors... not entreprenuers or cottage industrialists...

As I said before my mantra is let experts do their expert thing... find a partner to run your business who is a professional CEO. You strick to your knitting ie inventing and building a prototype... all of this fund raising discussion is not pertinent to this forum as I as moderator do not belive in founder run companies... founders should set direction and be represented on the board but everyone from customers to funding people to the eventual buyer of the company will want to deal with a professional CEO... even though they usually love hanging out with the inventor or founders.

R

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