Crowdfunding becoming popular for new and existing businesses

LOGAN – Crowdfunding is a way to raise money for an individual, organization or business venture by collecting donations through family, friends or strangers primarily using social media to help spread awareness. It’s proven to be more successful, at times, than more traditional forms of fundraising.

At the next meeting of Silicon Slopes–Logan the topic will be Running a Successful Crowdfunding Campaign. That will be held this Wednesday afternoon at 1 p.m. at the Vivint Smart Home building, located at 1400 North 635 East in Logan. On KVNU’s For the People program on Monday,  Chase Anderson said it will be a presentation by local businessman Weston Kay.

“A local company he started here in the valley is Rose Anvil. They make everything from jewelry to leather goods. Their most recent product, which is a camera harness for photographers, they crowdfunded and raised about $175,000. And they were an existing company, so I don’t think this is a tool that is just reserved for people who don’t have a business but want to start one,” said Anderson.

A business that successfully used crowdfunding before they opened was Morty’s Café. One of its founders, Preston Parker, joined the program during the hour and talked about his experience using Kickstarter.

“At the time, and we’re talking six years ago, Kickstarter was the most popular and the most well-known, so we chose Kickstarter even though we knew we didn’t need to raise all the funds in order to open the restaurant. We literally just wanted to raise enough funds to kickstart the project, and we told people that,” explained Parker.

He said they set a $10,000 goal with rewards for donors such as food discounts and Morty’s t-shirts, and it worked out. If you would like to learn more at the workshop on Wednesday, you can register at www.siliconslopes.com/logan.

 

AUDIO: Jason Williams talks with Chase Anderson and Preston Parker on FTP

 

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