How These 6 Businesses Got Start Up Money
|June 25, 2013||Posted by Guest Author under Online Business Ideas||
Crowdfunding Success Stories – These can work for you too!
People have always had great business ideas, but often lacked the access to the funding necessary to bring those ideas to life. Now with the availability and increasing popularity of crowdfunding, many more ideas have the opportunity to become reality. Be it a music venture, game, or cause, more projects are finding success thanks to the support of the masses. No longer are business ventures at the whims of bank loans, grants or a rich few. Now, utilizing the crowdfunding phenomena, more budding entrepreneurs are realizing their dreams. They’ve figured out how to get start up money! Let’s take a look at some of these success stories and let them inspire you on how to raise money for your business.
What better way to start off a list of crowdfunding success stories than one that is making the latest high tech gadget available to the masses. Three MIT graduates from the MIT Media Lab set the goal of raising $100,000 to create an affordable yet professional 3D printer. Funding blew past the 100K mark before reaching nearly $3 million. Want to build something awesome with a printer? Soon you will be able to.
Not every huge crowdfunding effort requests boatloads of cash. Take Panda, for example. Vincent Ko had an idea to create environmentally friendly sunglasses made from bamboo. He initially asked for only $3000 but ended up with over $19,000 for the project.
Four programming students hoped to raise enough money to keep them going through the summer so they could focus exclusively on writing code for Diaspora, an open source personal web server. They initially hoped to reach a goal of $10,000 but had the dilemma of finding a use for the over $200,000 contributors provided them with.
The beat goes on. Amanda Palmer’s original goal was to raise $100,000 to fund a new album and art book. She reached that goal in a day. A total of just over $1 million will get her new album funded and a tour to boot. She is showing the music industry that there is now an alternative to getting around the blessings of the big music executives.
Games do really well on crowdfunding sites. However, in this case, Ouya’s game console has done exceptionally well. Funding for the original goal of $950,000 was surpassed and eventually ended up around the $8.6 million mark. That comes to a mere $7.6 bonus. Incredibly, they raised $2.6 million in their first day. This just proves that gaming consoles aren’t dead. The game console is priced at an affordable $99 and all the games are free to try.
The adventure game double fine started out with a goal of $400,000. It reached this goal in just eight hours. In total, the game raised over $3.3 million. Along the way Double Fine Productions opened its creative doors to allow its contributors a rare view into the often secretive world of game development.
These are just a couple of the many success stories made possible through crowdfunding. If you have an idea you’d like to see come to life, maybe crowdfunding will work for you as well.
Guest author Janelle Pierce enjoys writing about crowdfunding and answering various small business questions like, what is point of sale software?
Read two other CrowdFunding Success Stories:
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