On Wednesday, I stopped by the ING Cafe (free WiFi and comfortable chairs!) on Yonge to see Karim Kanji of XConnect interview Brian Meece, CEO of RocketHub. Around 70 people attended and the event was very well organized (plus free drinks!). I wanted to attend this because Crowd funding (see Wikipedia definition) has been on my mind of late. I am currently working on a startup web project and am funding it’s development with my freelance work. This is not a long-term solution for when I put my startup web project into BETA and I need to scale for hundreds/thousands of consecutive users (which I hope is what will happen). I have no VC capital and have no desire to shoot straight to getting investors right out of the BETA gate. Angel investors typically ask for 3%-5% control and Venture Capital investors will ask for (I may be off a bit on this) at least 40% to start. The more mature my startup gets and the more employees I hire, the lower the % of control a VC will ask for. This is what I have learned from watching Jay Adelson’s “Ask Jay” series on Revision3 and YouTube. If you are an entrepreneur, I MUST STRESS that you watch this show. Every episode has nuggets of golden information. Jay, if you’re reading this: THANK YOU!
Anyway, back to the event. I am currently of the mind that I should start a crowd funding project so that I can make sure my startup will not crash in it’s first year. RocketHub does just this!
Karim and Brian talked about the beginnings of RocketHub, it’s growth, it’s future, and the political challenges in the US for companies like RocketHub. It was a great talk and I enjoyed the question and answer session the most.
Here are some tweets I’ve selected from the event:
#rockethubto – social funding is going to be massive over the next 5-10 years, bc people are so connected.
— CFC Media Lab (@cfcmedialab) July 25, 2012
Brian loves crowd funding because it makes it easier for minorities that can't get VC funding to get their ideas funded #rockethubto
— Eric Floresca (@clickeric) July 25, 2012
You can see more Tweets (for a limited time) if you do a #RocketHubTO search on Twitter.
Here is the full video from the event:
If you are in the Toronto area and want to attend future events, I’d suggest Liking the XConnect Facebook page to get invites and updates.
Lastly, here are some photos I took with my Samsung Galaxy Note and retouched slightly in Photoshop. Feel free to download, change, repost, etc. Credit is appreciated but not necessary.
As always, I love comments.