In Victoria, it’s helped fund startup companies filming movies, making food and manufacturing eyeglasses for the developing world. Now Indiegogo has an eye on attracting Victoria's high-tech startups into the world of crowdsourcing.
Though crowdsourcing as a means of financing ventures isn’t new to the local technology scene, Indiegogo’s reach on the Island has tended to stir campaigns in the creative arts rather than tech.
Of the 10 largest Indiegogo funding campaigns on the Island, four were for films and three were for music production. Technology didn’t crack the list.
“We are coming to encourage people [in tech] to run crowdfunding campaigns,” said Indiegogo’s Canadian marketing and community manager Ayah Norris, who will lead an outreach session with the tech industry at the Victoria Advanced Technology Council offices on Monday.
Norris said while tech has been one of the company’s largest growing segments, the Island has seen slower take up of the funding model.
“We know there’s a lot of [venture capital] on the Island and we’re wondering if people are going straight there,” she said, adding there is more to Indiegogo than just money. “We want them to look at the augmented benefits, past just the funding — it’s a phenomenal way to validate an idea and build a community around it.”
Norris said it leads to people becoming true advocates for a product or service, instead of just customers.
She noted the Island is fertile ground for funding via crowdsourcing. “I know there is an incredibly supportive community on the Island, incredible community groups and a passion to keep as much flourishing in Victoria as possible and that community is what crowdfunding and Indiegogo is all about,” she said.
Since its inception in 2008, Indiegogo has launched about 150,000 campaigns around the world.
Companies set up campaigns online (indiegogo.com) with information about their product, service or idea and open themselves to the market setting either a fixed or flexible goal of how much they need to raise.
Indiegogo, which offers free support and educational material, takes a percentage of what campaigns raise — four per cent of funding goals that are reached or exceeded and nine per cent of flexible goals that do not hit their target.
Fixed campaigns that do not reach their target return money to contributors.
Norris said there are three key factors in a successful campaign: tell a compelling story, offer cool perks for contributions and do a lot of outreach to maintain momentum.
“We say the first 25 to 30 per cent of funding comes from your own network, you need to rally them and focus on them out of the gate then look at media, niche bloggers and get the people who have contributed to share within their circles,” she said.
Indiegogo will hold court with the tech sector at VIATeC’s lounge, second floor of 2659 Douglas St., Monday 6-8 p.m..
