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Crowdfunding for the Food Sector 11/05/2017

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What is Crowdfunding?

Crowdfunding is a way of raising finance by asking a large number of people each for a small amount of money. Traditionally, financing a business, project or venture involved asking a few people for large sums of money. Crowdfunding switches this idea around, using the internet to talk to thousands – if not millions – of potential funders. Typically, those seeking funds will set up a profile of their project on a website such as those run by our members. They can then use social media, alongside traditional networks of friends, family and work acquaintances, to raise money. 

Crowdfunding can be a very viable option to fund your business dream. Why?

  • It allows you to take advantage of the biggest global funding resource: people from all over the world.
  • It brings you a large group of believers with a really good chance on loyal customers and avid supporters when your business launches.
  • It shares the risk among many, putting less financial pressure on just a few individuals.
  • It cuts out banks, venture capitalists and professional investors to create a business funding process following your terms.
  • It gives you the possibility to engage with your believers even before your business launches. Exchanging knowledge and challenging each other will make your plan even stronger.

How to Crowdfund

There are a number of sites to use to crowdfund including Crowdfooding and Crowdcube

To find out more about Crowdfunding, come along to our workshop on the 23rd May at Pavillions, Harrogate. 

Success Story - Brass Castle Brewery (Malton)

Brass Castle is a microbrewery based in the centre of Malton, North Yorkshire, with an on-site taphouse which produces a number of beers.

In May 2017, Brass Castle began crowdfunding via Crowdfunder to equip their taphouse with a can-seaming "Crowler" machine so that we can put takeaway beer into a versatile can. This would allow them to send their beer across the UK in the best possible packaging. 

They offered membership to their "Crowler Club" in return for pledges.  They set out a range of rewards, everyone who pledges or donates would instantly become a member of the "Crowler Club", gaining access to other exclusive offers.  

They aimed to raise  £7000.  £6000 for the Crowler machine, and £1000 for a quantity of 32oz cans. 

They raised £7000 with seven days to go, so extended their amount in order to add a publicity campaign to their project. They raised £8790 for the project, which can now begin!

 

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