1871, crowdfunding platform Indiegogo announce partnership
1871, Indiegogo announce partnership
Indiegogo partners with 1871 to bring crowdfunding advice to startups
Crowdfunding platform Indiegogo will open a Midwest satellite office in Chicago's 1871, the organizations announced Tuesday, opening the door for quarterly crowdfunding labs, mentorship opportunities and office hours.
The notion of a collaboration emerged late in 2013 as incoming 1871 CEO Howard Tullman began taking the reins at the accelerator-coworking space in the Merchandise Mart.
Tullman is an investor in Indiegogo through his early stage investment firm, G2T3V.
The deal between 1871 and Indiegogo was finalized this summer, according to Indiegogo.
"We're excited to be able to better support our Midwestern campaigners with resources that will enable them to bring their dreams to reality," said Kate Drane, Indiegogo's head of outreach for hardware and tech. "Our team is thrilled to be working with (1871) to connect with and support Chicago's entrepreneurial community on Indiegogo, while bringing ideas to life that may never have been able to exist before."
It's a complicated but exciting time for proponents of crowdfunding, a hallmark of the 2012 Jumpstart Our Business Startups Act, which opened the possibility for small, private businesses to exchange equity in startups for funds solicited online and through social media.
The U.S. Securities and Exchange Commission is still finalizing rules for how to offer equity stakes to everyday investors. When equity is involved, the process currently is limited to "accredited investors," savvy venture capitalists and angel investors.
San Francisco-based Indiegogo also has satellite offices in Los Angeles and New York.
Indiegogo and competing crowdfunding platforms, such as Kickstarter, Crowdfunder, RocketHub and others, help entrepreneurs turn an idea into an effective pitch for money from strangers using clever videos and social media to promote a project.
While in Chicago, Indiegogo staff will work from 1871, the company said. It will host quarterly Indiegogo Labs events for 1871 members to learn crowdfunding basics and provide individual mentorship opportunities for 1871 startups interested in starting crowdfunding campaigns. It will also host a series of mixers to connect successful crowdfunders and first-time campaigners.
