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RocketHub: A Crowdfunding Resource for MBA Entrepreneurs
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What is Crowdfunding?
Crowdfunding (aka micropatronage) allows entrepreneurs to get capital for their business by allowing individuals to make financial contributions through the Internet. While crowdfunding may sound like a newfangled idea, it harkens back to the renaissance movement. During those times, artistic works, inventions, and scientific research were mainly funded by wealthy donors and not corporations. Crowdfunding is based on the same idea as patronage, but crowdfunded projects receive small amounts of money from many donors, as opposed to lots of money from a single donor.
What is RocketHub?
RocketHub is a site that allows artists, entrepreneurs, scientists, and designers to get funding for their projects. RocketHub has gotten a large following recently due to media coverage. This media exposure has resulted in more activity and funding within the RocketHub community.
Unlike Kickstarter, RocketHub allows you to keep all of the money you raise. If you go above your fundraising goal, you will receive a bonus. While it is free to start a project, RocketHub charges you for a percentage of the money you raise, as well as a 4% transaction fee. This kind price structure is common to most crowdfunding sites.
Each RocketHub project must have a time limit, and a financial goal. Entrepreneurs using RocketHub must also provide rewards to funders.
Crowdfunding Success Stories
Several entrepreneurs have used RocketHub to fund their business. Meghan Sebold is one of them. Inspired by the patterned textiles she saw in Ghana, Sebold decided that she wanted to produce a clothing line featuring that type of cloth. By creating a RocketHub campaign, and reaching out to friends, acquaintances and family, Sebold was able to raise $4,000 in two weeks. She used that money to make her first set of dresses, which sold out both online and in local pop-up stores. In addition, her story was featured in USA Today.
Regan Wann owned a tea shop, but that featured several popular events. As the events became more popular, the shop became more cramped, which is one of the reasons why she decided to look for a new location. RocketHub allowed Wann to raise the $5,000 she needed to move her shop, as well as $900 to attend the World Tea Expo. Wann's story was featured in the Wall Street Journal.
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