Crowd fund Angus: Providing Funding Options for Business
Guest blog by Shelley Hague, Business Manager (Funding, Policy & Projects) – Economic Development, Angus Council
Businesses are still experiencing difficulty in unlocking traditional funding streams, and this difficulty is magnified when considering small or medium sized enterprises due to the potential risk. In 2014 Angus Council began exploring alternative solutions and have since developed Crowdfund Angus.
Crowdfunding is a way for us to support those with unique and innovative ideas slipping through the cracks of eligibility criterias!
The first modern crowdfunding campaign was started by a Scotsman - Fish of the band Marillion. In 1997 the term crowdfunding was yet to be coined and many music fans had only minimal access to the internet, however this didn’t stop the band pioneering a funding method which is currently looking likely to engulf all others. Short of money to put on a planned North American tour the band turned to fans, successfully raising $60,000 (or £39,000) to travel the US.
Crowdfunding is currently worth $34 Billion globally and with the UK offering all 4 types of crowdfunding we are the market leaders. Equity based crowdfunding allows businesses to offer up shares in their business for a cash reward, Debt based crowdfunding allows businesses to offer up their idea to encourage the ‘crowd’ to submit loans for the business. Donations based crowdfunding is already established in daily life with sites like ‘Just giving’ and Rewards based crowdfunding allows businesses to offer rewards (a product, service) for cash to take their idea forward.
Crowdfund Angus is a rewards based site and we launched on 25th August. While we are still waiting to showcase our first business on the site we have already raised over £67,000 for the 7 projects currently on the site.
To get started all you have to do is contact us on the details below! Businesses need to consider what they want to raise funds for, what rewards they could offer and who would star in their video (campaigns with a video are 40% more successful). Business Angus and Crowdfunder can help with the technical elements and to develop your campaign. A key area to consider is your social media, the most successful campaigns have a good knowledge of social media and can engage the ‘crowd’.
Shelley Hague
Business Manager (Funding, Policy & Projects) – Economic Development, Angus Council
For more information or to get started with your Crowdfunding campaign, contact 01307 473222 or email Externalfunding@angus.gov.uk.
You can also view the Crowdfund Angus Twitter at @angusfunding and the Business Angus Twitter at @businessangus.
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