VANCOUVER, British Columbia — Indiegogo founder and chief executive Adam Chapnick shared six secrets of success for raising money at GROW 2012.
And they work, he says, whether you’re crowdsourcing or pitching venture capitalists.
Indiegogo, along with Kickstarter, leads the crowdfunding revolution. Chapnick bills it as the place to “raise money from anyone for anything from anywhere.”
But even though it is one of the few original crowdfunding services, the site is only one of 540 competing services today, according to Chapnick. Even with that competition, Indiegogo is one of only a handful that have raised over $10 million in venture capital.
Chapnick says that the methodologies people used on Indiegogo to raise money for a movie project, a product, or a business are exactly the same methodologies he used to get millions in venture capital.
First, he said, make a big fat business plan — then throw it away. It was important to go through the process of creating a business plan, according to Chapnick. But things change fast, and the plan boiled down to “We’re the eBay of ideas: YouTube on the front, PayPal in the back.” Simple, easy to understand, and quick to convey.