CrowdIt, the crowdfunding site for the “New American Dream,” has moved into the eFactory Business Incubator at Missouri State University’s Robert W. Plaster Center for Free Enterprise and Business Development. This new business accelerator for startups provides a range of support services to promote success for emerging businesses within the area. CrowdIt, a local company, recently launched a new approach to crowdfunding that extends beyond funding by incorporating peer review, expert advice and business networking into its offering.
“Crowdfunding is an emerging trend to provide capital to businesses and we are excited to have CrowdIt located at the eFactory,” said Allen Kunkel , associate vice president for economic development at Missouri State University. “The eFactory is a support system for entrepreneurs and big thinkers and we applaud CrowdIt’s vision to help ordinary people fund their dreams through the power of the crowd. The facility is here to help in as many ways as possible and we look forward to CrowdIt’s future successes.”
According to the eFactory’s site, 51 percent of new businesses fail within the first five years which is why the eFactory Business Incubator seeks to provide an environment for fledgling businesses to thrive with support in multiple aspects of business ownership. This state-of-the-art facility is located in the heart of Springfield’s business district and is a component of Missouri State University’s IDEA Commons. The eFactory permits four sectors of business to be housed within its facilities including manufacturing, medical device and health services, logistics and supply chain management, and technology. It is only after a stringent interview process, business plan review and committee review that a business or startup can be accepted into the eFactory. CrowdIt will be one of the first businesses to move in to the new facility.
“We wanted to bring crowdfunding to America’s heartland by opening our first office right here in Springfield,” said Jason Graf , CEO and co-founder of CrowdIt. “It is a tremendous honor to have been accepted into the eFactory. The Incubator is a nucleus of energy and innovation and we will share our walls with some of Missouri’s most creative individuals. I can’t wait to see what big ideas come out of the eFactory over the next few years.”
CrowdIt started receiving crowdfunding project submissions on March 6, and invites “dreamers,” such as entrepreneurs, artists, gamers and inventors, to submit their ideas until June 4, when the site goes live and funding begins. All projects submitted before June 4 will have the opportunity to received $10,000 from CrowdIt by reaching the highest amount of funding.