Slava Rubin, Co-Founder of Indiegogo explains how crowdfunding works.
Slava Rubin is the Chief Business Officer, co-founder, and former CEO of Indiegogo, a company dedicated to empowering people from all over the world to make their ideas a reality. Slava is responsible for continuing to establish Indiegogo as the go-to funding platform by building innovative products, creating exciting partnerships, and exploring a variety of new initiatives.
Transcript:
What is crowdfunding and how does it work?
So, crowdfunding is a type of crowdsourcing. Crowdsourcing is the idea of getting lots of small bits of something into one aggregate pool. For example, in crowdfunding, it’s small amounts of money from individuals to get a large aggregate pool of cash. So the idea is to be able to raise that money. On Indiegogo, you just set up a project, just like you would on Facebook to have your own profile, eBay to have your own auction. You create a page on Indiegogo and then we help you to reach your own audience, your own friends, and family to help start getting your funds and then we are able to get you, even more, funds on our site and throughout the world. This is usually for some sort of, let’s say, hardware project like a drone. You want to raise $100,000 for the drone to ensure that, it's a good idea and we help you to reach that target. If you don't reach that target, the money will often go back to the people and it's all returned. And if you do hit the target off to manufacturing and soon you’ll be shipping to your customers.
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