FP020: How Danae Ringelmann and Indiegogo Helped Start a Funding Revolution
You can fund your baby on the Internet. That’s the world we live in. One in which a couple who wanted a child but could not conceive naturally were able to turn to strangers on the web to raise money for in vitro fertilization. A new life, crowdfunded.
The couple’s campaign for a bundle of joy might seem odd — it’s certainly not ordinary — but it is a triumph of technology and humanity. It’s a story made possible through crowdfunding, a method of raising money for ideas online by seeking small contributions from a large numbers of backers, who usually receive perks in return for their support. The couple in question acquired funds to conceive their child by running a crowdfunding campaign on Indiegogo, which, along with the New York-based Kickstarter, is one of the world’s preeminent crowdfunding platforms.
Danae Ringelmann often recounts the couple’s story, because it conveys the extraordinary potential of crowdfunding. Few ideas lie outside the bounds of what can be funded (within the law, that is) — you just need to convince people that an idea has merit. Crowdfunding gives ordinary people, including budding entrepreneurs, a door to financial backing that once stood closed to all but the well connected.
Ringelmann, Co-Founder and Chief Development Officer of Indiegogo, says that the platform’s users have funded “ideas from businesses to urban gardens to schools to medical cures to babies to films and music tours to you name it.”
She has firsthand knowledge of how to succeed with crowdfunding, but also an even more unique insight into the development of Indiegogo and the very advent of crowdfunding itself.
In this interview you will learn:
How crowdfunding started, and how Danae conceptulized the idea of democratizing finance
What it takes to disrupt an industry
Gold advice on crowdfunding and how to get your campaign fully funded
What Danae believes it takes to build a successful business
Tips on bootstrapping
& much more!