Exciting news in Ohio today as Fundable, a crowd funding source for startups, after seven months of work, and making sure the Jobs Act passed, Fundable is open to the public. They are dubbing themselves the Kickstarter for startups.
If you’re not aware, Kickstarter doesn’t let you fund startups. We’ve tried several project ideas surrounding our “sneaker-strapped nationwide startup road trip” and all were rejected by Kickstarter. We then switched to Indiegogo which we used twice. The first time we raised $300 and the second we didn’t raise a dime. That’s despite the fact that literally hundreds of people looked at the page, showed interest and asked us via email, Twitter, Google+ and Facebook.
After Congress passed the JOBS act it went over the the Securities and Exchange Commission (SEC). The SEC has until July 4th to set the rules up for crowdfunding. Crowdfunding means that the public at large can invest in a “startup” or other company, or product through crowdfunding sources in exchange for equity.
Startups and small businesses can receive up to a million dollars with this form of funding.
Fundable (if approved as a broker by the SEC) will become one of the first startup funding crowdfunding websites. They opened up for business two weeks ago with a “reward” model similar to kickstarter but devoted to startups and businesses.
The Fundable website outlines what kind of businesses they want on the site as it first rolls out. Fundable is targeting startups in the fields of gadgets, technology,apparel food and sports. John’s dry cleaners, or a franchise of pizza hut isn’t going to get approved. At this time they are also not handling charities or a “Clown suit franchise” (damn there goes that idea).
The other great thing about Fundable is it’s not a place for artists, either the painting kind or the musical kind, and it’s not for crafters there are plenty of sites out there for that.
Fundable is a great way to fund a startup and good ideas are going to shine through on the site (we’ve submitted an application for nibletz and hope it’s approved and you’ll support us).
Since their launch, Fundable startups have already raised $40,831 (at the time of this writing). In fact Elevation Training Mask 2.0 is already 115% funded at $11,506.
If you’re a startup with a good idea, you definitely want to consider Fundable.
Get funded with Fundable here
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